Sentences with phrase «deceased borrowers»

The Wall Street Journal is reporting that new Federal Trade Commission (FTC) proposals addressing debt collectors attempting to collect on debts of deceased borrowers may backfire by allowing debt collection agencies to pursue surviving relatives and associates of deceased debtors.

Consumer advocates are concerned that the FTC proposal does not provide for legal action or other sanctions against debt collectors that «step over the line» in attempting to collect debts incurred by deceased borrowers.

Update: The New Jersey government has now passed a law to forgive the debt of deceased borrowers.

If this bill is signed into law, the Office of Legislative Services estimated that nearly 70 loans of disabled or deceased borrowers will be forgiven each year.

Debt collectors have harassed bereaved families by sending collection notices indicating that the surviving family or executor «must» pay the deceased borrowers credit card bills and other debts.

The FTC proposal would require debt collectors to inform survivors that they are not obligated to repay a deceased borrower's debts.

AES keeps asking the co-signer for the deceased borrower's contact information.

A reverse mortgage can not be assumed by a deceased borrower's heirs.