Tuesday, October 20, 2009
Credit/Bad Debt and Estate Planning
Post by David Held
Even death may not stop debt collectors
BY CATEY HILL
Remember Benjamin Franklin's famous quote, "'In this world nothing can be said to be certain, except death and taxes"?
Well, if you're in debt, that quote might need to amended to say, "nothing can be said to be certain except death, taxes and debt collection."
Debt collectors are getting so gung-ho these days that for those in debt, even death won't stop the collections.
The New York Times reports the following:
"Dead people are the newest frontier in debt collecting, and one of the healthiest parts of the industry."
How does one collect from a dead person? By collecting from their living relatives, even when that person is not legally obligated to pay.
Take the company DCM, which began as a law firm but now spans into a variety of industries including debt collection. They have many trained agents who coax the next of kin for the departed person to settle that person's debts.