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Deceased Debt

When a consumer passes away owing money, the debt is satisfied in the deceased debt collection or probate process. If the deceased leaves an estate that is valued above the debt, then creditors will typically be paid off. Secured debt is also usually satisfied. But the probate process can become very complicated based on where a consumer was living, where in the collection process certain accounts were at the time of death, and if debts exceed the value of the estate.


Deceased Account Collections Requires A Specialized and Compliance-Based Approach

Having a plan in place for how your company will manage collections of deceased account holders will go a long way toward making sure this delicate situation is handled with extra care. It is important to note that the baby boomer generation is far more credit savvy, and will expect there to be a disciplined process around this inevitable event. Additionally, it is essential that your plan is well thought out, and in compliance with regulations.


CFPB Targets Bank of America Credit Card Services, Debt Complaints

Bank of America is duking it out with the Consumer Financial Protection Bureau over allegations that it deceived customers in the sale of credit card add-on products, specifically a debt cancellation service. The bank advertised that its services could ease consumer payment obligations in case of job loss or other major life changes. Bank of America […]