Legal Question in Credit and Debt Law in New York
if my uncle before his recent death borrowed money from a person are we obligated to pay of the loan? apparently there is no documentation stating the loan, i do know the lender was charging a 10% interest and was cashing a check monthly that my uncle left in the lenders possession. The lender called asking for uncles son to finish paying the loan, is this legal?
1 Answer from Attorneys
No, and this is a violation of the Fair Debt Collection Practices Act. Any checks paid after your bank was notified of uncle's death must be restored by the bank on demand; any other checks cashed after decease but before notice, the estate has to sue for. But Uncle's Son can sue the Lender for up to $1000 plus attorneys fees. And usually, the attorney gets paid more than the victim...but this way, you can get an attorney to represent you without paying money up front.
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