Paying off someone elses CC debt?

Anonymous · ‎12-05-2014

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.

thelethargicage · ‎12-05-2014

@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.

Anonymous · ‎12-05-2014

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.

Anonymous · ‎12-05-2014

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

Creditaddict · ‎12-05-2014

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!

Anonymous · ‎12-05-2014

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

Anonymous · ‎12-05-2014

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!!!

Anonymous · ‎12-05-2014

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

1GaDawg85 · ‎12-05-2014

@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

FICO 5 ,4, 2 - 10/2023 FICO 8 - 10/2023 FICO 9 - 10/2023 FICO 10 - 10/2023

Anonymous · ‎12-05-2014

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.