Submission Number: 00008
Received: 11/4/2010 9:31:31 AM
Commenter: Michael Strain
Agency: Federal Trade Commission
Initiative: Statement of Policy Regarding Communications in Connection with Collection of a Decedent’s Debt; Project No. P104806
Attachments: No Attachments
I really hope that I am understanding this release wrong. If i understand correctly what is proposed is a new interpretation of law that allows 3rd party debt collectors to seek collection of debts incurred by deceased persons from other family members and associates who in no way secured the debt. We all know that these collection companies use incredibly deceptive practices and lie threaten and intimidate persons who are not responsible for the debt already. To think that the federal government is considering legitimizing the activity is disturbing to say the least. I believe that if we are going to reinterpret federal law that we should be moving towards better regulation not kowtowing to debt collection lobbyists. I believe that all credit providing agencies should be more judicious in who they lend money to. I understand that lending is part of what drives our economy; however, many of the lending institutions intentionally extend credit to persons whom they know cannot repay the debt in full counting on the revenue of late fees and other fines to generate their revenue. I am of the opinion that if a person will be unable to pay their debt they should not be lent the money. This was the cause of the current financial crisis (because of similar activity in the mortgage industry) and legitimating it is a terrible idea that will lead us down the same road again and again. In conclusion allowing debt collectors to harass persons who did not borrow and did not secure the loan to collect a debt that quite possibly should not have been allowed in the first place is not only down right despicable but also a sign that the government no longer has any of the interests of the people in mind let alone their best interest. The companies should at the very least follow current guidelines and wait for the settlement of the estate to collect as harassing grieving families is just plain wrong.