Collecting consumer debt is always a challenge – 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! Join us to learn more about the FTC rules and other important laws and concepts that affect the way you collect decedents’ accounts.
- When may you discuss the debt with someone who did not sign the credit agreement?
- Difference between formal and informal estate administration, why it matters, and how to handle each
- Options when decedents’ property is not used to pay their debts
- When funds held on deposit may and may not be applied to a decedent’s unpaid debt
- The financial institution’s rights regarding property pledged as collateral. What if the person who has it won’t release it?
- The creditor’s rights when a relative or friend of the decedent has (or is living in) your collateral
- Why some of a deceased borrower’s assets are beyond the reach of creditors
- The Consumer Financial Protection Bureau’s role
- TAKE-AWAY TOOLKIT
- Sample letters to assist in collecting decedents’ accounts
- Electronic training log
- Quiz you can administer to measure staff learning and a separate answer key
Who Should Attend?
This informative session is for collection officers, collection support staff, management, loan officers, and other lending personnel. Attendance verification for CE credits provided upon request.
About the Presenter: Eric North, JD, NorthLegal Training and Publications
Eric North has represented the interests of consumer lending institutions as an attorney for over twenty-five years. His practice includes the representation of consumer lending institutions in court proceedings as well as counseling regarding dispute resolution, compliance, and contractual matters to help avoid litigation when possible and prevail in litigation when necessary. He has appeared in cases in federal and state courts – primarily in California, where he is licensed to practice, and before the Ninth Circuit Court of Appeals.
Prior to becoming an attorney, Eric worked within the consumer finance industry in management, lending, collections, and operations. In addition to practicing law, Eric devotes a significant portion of his time providing training to help consumer-lending institutions and their attorneys understand and comply with the laws that govern them.
|Over $75 million
|$25 - 75 million
|Under $25 million