Webinar: Consumer Debt Resolution Series: Collecting Decedents' Accounts

Start: 3:00 pm
End: 4:30 pm
Event Days: 07/10/2013 - 07/10/2013

Collecting consumer debt is always a challenge, and it's even more of a challenge after the borrower has passed away. Who can and can't you contact? Do you know what you can and can't say? What recourse do you have? Who is liable for the debt? Aren't the decedent's assets supposed to be used to pay debts? Who can make that happen? What happens to your collateral?

To clarify matters, the FTC issued rules that affect consumer lenders' attempts to collect debts owed by deceased borrowers. However, those rules do not govern all lenders. Whether or not they directly apply to you, violations may still be used against you! The webinar will take a closer look at the FTC rules and other important laws and concepts that affect the way you collect decedents' accounts.

About This Session:     

This webinar will cover the following topics:

  • When may you discuss the debt with someone who did not sign the credit agreement?
  • The difference between formal and informal estate administration; why it matters and how to handle each
  • Options when a decedent's property is not used to pay his/her debts
  • When funds held on deposit may and may not be applied to a decedent's unpaid debt
  • A financial institution's rights regarding property pledged as collateral-particularly if the person who has it won't release it
  • A creditor's rights when a relative or friend of the decedent has (or is living in) the collateral
  • Why some of a deceased borrower's assets are beyond the reach of creditors
  • The CFPB's role
  • TAKE-AWAY TOOLKIT with sample letters, and electronic training log and a staff quiz/answer key

Who Should Participate:

Collection officers, collection support staff, management, loan officers and other lending personnel

About the Presenter:

Eric North, JD, NorthLegal Training and Publications

Eric North has represented the interests of consumer lending institutions as an attorney for more than 25 years. He represents clients in court proceedings and offers counseling regarding dispute resolution, compliance and contractual matters. Prior to becoming an attorney, North worked within the consumer finance industry in management, lending, collections and operations. He regularly provides training to help consumer lending institutions and their attorneys understand and comply with the laws that govern them.