topic Re: Paying off someone elses CC debt? in Credit Cards

Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 16:41:47 GMT

My parents have always battled CC debt since as long as I can remember. Shortly after the financial crisis alot of CC companies started reducing lines or even increases set APR's on cards. They had quite a bit on cards but stopped using them and just tried to pay them down. They started aggressively and are down to around $12k. I want to finish the rest of this off for them, I make a good income and I have the means and want to do this. However if they found out I was going to they would not let me because they don't want me to have to deal with it. My question is, what is the best way to pay them off, its going to be 4 cards total, combination of Citi/Discover/Chase. I have access to the mailed statements with the stubs. However I rather not tear the stub so they know. Can I photocopy the stub and send that into the CC companies with a check and the last 4 digit account number on the check? I don't bring this up to question if I should or not or around the whole idea thats "its not good to pay someone elses debt". Its more to ask how I can do it so I don't screw it up. Thanks in advance.

Re: Paying off someone elses CC debt?

thelethargicage — Fri, 05 Dec 2014 16:46:20 GMT

@Anonymous wrote:
My parents have always battled CC debt since as long as I can remember. Shortly after the financial crisis alot of CC companies started reducing lines or even increases set APR's on cards. They had quite a bit on cards but stopped using them and just tried to pay them down. They started aggressively and are down to around $12k. I want to finish the rest of this off for them, I make a good income and I have the means and want to do this. However if they found out I was going to they would not let me because they don't want me to have to deal with it. My question is, what is the best way to pay them off, its going to be 4 cards total, combination of Citi/Discover/Chase. I have access to the mailed statements with the stubs. However I rather not tear the stub so they know. Can I photocopy the stub and send that into the CC companies with a check and the last 4 digit account number on the check? I don't bring this up to question if I should or not or around the whole idea thats "its not good to pay someone elses debt". Its more to ask how I can do it so I don't screw it up. Thanks in advance.

This post seems oddly familiar...

With Chase you can just go to a branch and pay it off. Keep in mind, though, that there will still be a small balance on the next statement because of residual interest, so don't forget to pay that as well when the next statement cuts.

If you're sure they won't be up to their necks again in 6 months, and you won't wipe out your savings to help them, then go for it.

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 17:02:33 GMT

Thanks for the reply. Yes I've thought about it for a while and am confident they won't be using them again. They have hated being tied down by the debt and live very modestly. I'm not too concerned with the remaining that may be on the next statement, the goal is to take care of the bulk of it, they can manage the rest.

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 17:09:27 GMT

It's very nice of you to do this for your parents

Re: Paying off someone elses CC debt?

Creditaddict — Fri, 05 Dec 2014 17:28:05 GMT

you could literally call in and give the account number and the name (they won't verify with you most likely but they could at least tell you you are paying the correct account)

and tell them you would like to pay the balance in full which is xx dollars... would this clear the balance... i think they would confirm that

give your checking account number and boom!

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 17:57:52 GMT

A very simple way is to use your bank's bill pay online (most banks have it). You just add the issuer as a payee and supply the account number. It doesn't matter who is paying it, I do this all the time from bluebird/redbird

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 18:16:57 GMT

You could always leave a suitcase of unmarked bills at their doorstep. And if they have a problem with it, I'll take it off your hands!!!

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 18:19:29 GMT

I think this is a nice gesture for your parents.

You can pay pretty much any credit card via automated phone systems nowadays, all you'll need is their account number and billing zip. I'm not sure about the others, but I know for Chase you can also pay in person at a branch as long as you have the full account number... they won't be able to confirm any account details to you, but if you fill out a payment slip and hand them the cash they'll take it. I don't think there'd be a problem either if you mail in a payment with a copied payment coupon

Re: Paying off someone elses CC debt?

1GaDawg85 — Fri, 05 Dec 2014 18:21:32 GMT

@Anonymous wrote:
You could always leave a suitcase of unmarked bills at their doorstep. And if they have a problem with it, I'll take it off your hands!!!

I like this idea

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 19:38:19 GMT

This is a very nice gesture, but your parents are going to notice that their credit card bills are paid off. I would write them a check and give it to them as a Christmas present. Its better for your relationship with your parents if you don't try to hide something like this.

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 19:56:32 GMT

@Anonymous wrote:
This is a very nice gesture, but your parents are going to notice that their credit card bills are paid off. I would write them a check and give it to them as a Christmas present. Its better for your relationship with your parents if you don't try to hide something like this.

I assume the concern is that they will not take the check. So maybe the idea is to do it, and they may find out and be mad, but at least they are in better shape! Have to let the OP decide what is best for the dynamics.

Re: Paying off someone elses CC debt?

Anonymous — Fri, 05 Dec 2014 20:16:56 GMT

Thanks for the feedback guys. The idea is not to hide it to them, I want the payments to go through because they would likley try to stop it, they feel I help them out enough. I always offer to pay for meals in resutrants, outright checks or any other things but they don't want for me to most of the time. As soon as I get it paid off I will tell them, and they will be shocked. Thanks for the suggestion on the billpay, honestly I've never used bill pay with my bank ever, I have everything set up to auto pay with bills and cc's not directly from my bank. I didn't realize I can just plugin a account number and shoot the payment off. It would be a huge weight lifted off their shoulders, and if I can help get rid of that and have the means why not? The amount I'm paying won't effect me much, but will benefit them 100 fold. Now to get a hold of the account numbers stealthy.

Re: Paying off someone elses CC debt?

SunriseEarth — Fri, 05 Dec 2014 20:27:31 GMT

@Anonymous wrote:
A very simple way is to use your bank's bill pay online (most banks have it). You just add the issuer as a payee and supply the account number. It doesn't matter who is paying it, I do this all the time from bluebird/redbird

+1. OP can add the account numbers directly to BillPay without having to destroy/tear their statements. Just so long as OP has access to the full account numbers (usually these aren't included on the statement)

Re: Paying off someone elses CC debt?

Billybob_TX — Fri, 05 Dec 2014 23:41:46 GMT

My grocery store will take credit card payments at the "business center" if you have the acct #.

Re: Paying off someone elses CC debt?

NRB525 — Sat, 06 Dec 2014 03:24:31 GMT

I don't know. This is all a little wierd. First off, they may complain initially and "not take the money" but perhaps that is just the start of the conversation.

I'd be cautious before sending $12k through the mail, or through some kludged online transfer system, just in case it goes to some Nigerian bank account. Not saying that would happen, but unless you own both ends of the transaction (your bank account and your CC for example) you are always taking a risk by stepping in someone elses credit profile.

If you insist on doing this quietly, you might want to send a test payment of $100 through to see if it works.

You also might want to just keep badgering them about it to do it more directly. This isn't exactly putting a $100 bill into a birthday card, as surprises go.

Finally, I'd be concerned about a bank that lets anyone walk in and "pay a credit card" because one shady purpose of that is if someone wants to verify that the card number is valid, then use it for credit card fraud later. You aren't doing that, but you are competing for the banks attention with those who are. And I would have a problem with any of my banks letting anyone "test" my cards.

Re: Paying off someone elses CC debt?

Anonymous — Sat, 06 Dec 2014 03:32:59 GMT

Call Chase, etc. and be blunt asking what exactly needs to be done? This isn't a James Bond action/spy film. You're family.

Re: Paying off someone elses CC debt?

Anonymous — Sat, 06 Dec 2014 03:33:26 GMT

Also, nice name.

Re: Paying off someone elses CC debt?

Anonymous — Sat, 06 Dec 2014 03:35:10 GMT

@Anonymous wrote:
It's very nice of you to do this for your parents

Re: Paying off someone elses CC debt?

Anonymous — Sat, 06 Dec 2014 03:36:04 GMT

@Anonymous wrote:
@Anonymous wrote:
It's very nice of you to do this for your parents
+1

Re: Paying off someone elses CC debt?

Anonymous — Sat, 06 Dec 2014 06:09:01 GMT

@NRB525 wrote:
I don't know. This is all a little wierd. First off, they may complain initially and "not take the money" but perhaps that is just the start of the conversation.
I'd be cautious before sending $12k through the mail, or through some kludged online transfer system, just in case it goes to some Nigerian bank account. Not saying that would happen, but unless you own both ends of the transaction (your bank account and your CC for example) you are always taking a risk by stepping in someone elses credit profile.

If you insist on doing this quietly, you might want to send a test payment of $100 through to see if it works.

You also might want to just keep badgering them about it to do it more directly. This isn't exactly putting a $100 bill into a birthday card, as surprises go.

Finally, I'd be concerned about a bank that lets anyone walk in and "pay a credit card" because one shady purpose of that is if someone wants to verify that the card number is valid, then use it for credit card fraud later. You aren't doing that, but you are competing for the banks attention with those who are. And I would have a problem with any of my banks letting anyone "test" my cards.

We are tallking about bank ACH transfers (bank billpay) which is the same system used when you pay your credit card either from your bank account or through the credit card site. Not really kludged! But your idea about doing a small payment to make sure you have the account number right is good.

Re your last bit, banks want to make it easy to pay bills. Knowing the account number is enough. It's not usually enough to make a purchase. And random credit card numbers are also easy to generate, it's getting the associated info that is hard.