Submission Number: 00060
Received: 11/22/2010 9:56:00 AM
Commenter: Elizabeth L. Merrifield
State: New Jersey
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 am 87 years old and not dead yet, but I have thought about this problem a lot.
To me the best solution is to draw up a paper at the time of the loan stating the amount of the loan and the conditions of paying it back and whether the indebtedness continues for both parties after one dies and who would be responsible for paying it . Then both parties sign so there is written record of their intentions at the time of the loan. Otherwise things change, memories fade and a loan morphs from an obligation to an imposition.