Consumer Financial Services Law

APRIL 22, 2021

Enloe The FDCPA provides a bona fide error defense for debt collectors who can show by a preponderance of the evidence that their violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error. Limited Content Messages.

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Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. household debt reached a record high of $17.3

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Burt and Associates

AUGUST 22, 2019

In the past, the Internal Revenue Service (IRS) has failed to turn their debts over to private debt collectors successfully. In 2017, the Fair Debt Collection Practices Act was passed, trying yet again. There have been many complaints from taxpayers about how those private companies go about collecting debts.

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Collection Industry News

MARCH 19, 2024

Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Titan Consulting

SEPTEMBER 15, 2020

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. A growing stack of bills collects and grows bigger each week. When Should You Consider a Debt Settlement Program ?

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. As of the end of 2021, the DFPI had three pending regulation packages pursuant to the CCFPL: 1) complaint procedures, 2) commercial financing UDAAP, and 3) phase one registration categories. Regulatory Activities. Research and Market Monitoring.

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Troutman Sanders

FEBRUARY 8, 2021

Greenspoon Marder LLP , Judge Vazquez of the District Court for the District of New Jersey granted the defendant’s motion to dismiss the plaintiff’s Fair Debt Collection Practices Act (FDCPA) claim in part and dismissed it in part. The letter was addressed to the “Estate of Isabel Schick.”

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Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. First, was allowing debt collectors to make robocalls, but prohibiting all other types of robocalls, allowed by the First Amendment? American Assn. of Political Consultants, Inc.,

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True Accord

JULY 13, 2023

Student loan holders hoping for financial relief were disappointed in a Supreme Court decision that rejected President Biden’s plan to cancel more than $400 billion in student loan debt for millions of borrowers. There were also a couple of notable court decisions impacting debt collectors last quarter. NPAS, Inc., 9%) to $17.05

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Troutman Sanders

NOVEMBER 16, 2020

For debt collectors, the most notable exemption in the NPRM is allowing commercial calls made to a residence that do not involve telemarketing and use an artificial or pre-recorded voice. The FCC is proposing to create two categories of calls – informational calls and transactional calls. The comment period has since closed.

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Consumer Financial Services Law

JANUARY 22, 2021

Enloe On December 18, 2020, the CFPB published the remainder of its Final Debt Collection Rule (the “Rule”) highlighting its crown jewel - the provisions centering around debt validation notices. Aside from Debt Validation, What’s Included in Part 2 of the Rule? Section 1006.2(c) This definition dovetails with 1006.6

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National Service Bureau

JUNE 18, 2015

The Fair Debt Collection Practices Act was passed in 1977 to outline the ways in which consumers can be contacted by collection agencies. First, who is a debt collector? First, who is a debt collector? Who is NOT a debt collector? Who falls into this category according to §803? “(A)

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Debt Recoveries

APRIL 28, 2020

If the usual debt collection efforts have failed, the next step can be legal action. Here at Debt Recoveries Australia, we will generally only recommend legal action if the amount owing is above $5,000.00 and we know the debtor or company have assets to satisfy the debt. Usually, the debts involve goods or services.

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Debt Recoveries

MAY 29, 2022

If traditional debt collection methods fail, legal action may be necessary. Only if the debt is greater than $5,000.00 and the debtor or company has assets to satisfy the debt would Debt Recoveries Australia propose legal action. The debts are usually for goods or services. Write a letter of demand.

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Consumer Financial Services Law

FEBRUARY 27, 2018

Merriam Webster Dictionar y The Third Circuit has refined its position as to whether collection of time-barred debt may violate the FDCPA where the communication involves an offer to settle. 12, 2018), the debt collector sent a letter that read “[The creditor] is willing to accept payment in the amount of $128.99

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Debt Free Colorado

MARCH 3, 2023

Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? What Debts are Discharged in Bankruptcy? Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently. What Can’t Bankruptcy Do?

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Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. They also offered perceptive tips for dealing with what they dubbed the “debt tsunami.”. Here were the five most popular posts in this category last year: #1. 8 Success Tips For Debt Collection In The Pandemic.

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National Service Bureau

APRIL 15, 2015

Last week we wrote about 2014 CFPB complaints against debt collection agencies. Now for the top three: #3: Disclosure verification of debt. Of these, 1,346 related to credit card collections and 1,057 had to do with healthcare collections. Credit card collections again led the way with 1,660 complaints.

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True Accord

FEBRUARY 3, 2022

We sat down with TrueAccord’s Chief Growth Officer, Sheila Monroe , who has held numerous executive-level positions at TrueAccord on top of a multi-decade career in collections, to learn more about the economics of collections and what new lending players should look for when considering a collections solution.

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National Service Bureau

JUNE 23, 2015

The Federal Reserve Bank of New York recently released a Household Debt and Credit Report. These trends are relevant to debt collectors and collection agencies as well , so we’ll explore the relevant pieces in this blog post. trillion of auto loan debt in fourth quarter 2013, rising to $0.95 Auto loans: $0.95

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National Service Bureau

JUNE 10, 2015

Debt collectors sometimes have a bad rap, but the truth is that they provide an important service to society so long as their practices are ethical in nature (i.e. Choosing the right debt collection agency is an important decision that can have both positive and negative repercussions for your business.

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FDCPA Defense

MAY 6, 2014

The CFPB does not want debt collectors to tell consumers that paying their debts might help them to improve their credit score. Nor does the CFPB want collectors to encourage consumers to pay by informing them that their failure to do so might harm their credit. Not really.

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FDCPA Defense

NOVEMBER 11, 2014

Section 1692g of the FDCPA says collectors must provide notice to consumers within five days of the initial communication regarding the debt, stating the amount of the debt, the name of the current creditor, and explaining the consumer’s right to dispute the debt and to obtain verification. Law Office of Mandy L.

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Troutman Sanders

DECEMBER 19, 2023

For example, the whitepaper discusses how the quality of a stablecoin issuer’s reserve asset composition, and its ability to meet redemption requests, will determine whether a particular stablecoin meets the conditions to be included in the Group 1b category and be subjected to existing bank capital requirements.

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Direct Recovery

JUNE 24, 2020

With an unprecedented number of Americans filing for unemployment, debt collection has been harder than ever for collectors who are attempting to work from home, and business isn’t going to get any better on account of those $1,200 stimulus checks, especially here in California. Money Collected Must Be Returned.

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Troutman Sanders

SEPTEMBER 25, 2023

On September 18, AG James obtained a court order requiring three cash advance companies to cancel debt owed by several small businesses nationwide and repay all interest and overcharges collected. The bill protects patients from certain debt collection practices for medical debt.

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Fico Collections

JULY 6, 2020

Across EMEA, most countries have now moved past the peaks of the COVID-19 driven lockdowns and restrictions, but the challenges of debt collection in the pandemic remain. Collections departments have, for some time, been bracing themselves for a "debt tsunami" of people unable to meet their financial commitments.

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Consumer Financial Services Law

JANUARY 3, 2017

The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state.

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Troutman Sanders

MAY 3, 2021

The rule requires debt collectors seeking to evict tenants for nonpayment of rent to provide written notice to tenants of their rights under the Centers for Disease Control and Prevention (CDC) order. 248, a bill revising provisions for collecting medical debt. Privacy and Cybersecurity Activities.

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Troutman Sanders

AUGUST 17, 2020

The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points, and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes. The revised pricing will ensure the MLF continues to provide an effective backstop to assist U.S.

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Troutman Sanders

MAY 2, 2023

The bill additionally leaves room for assets that don’t fit neatly into either category. Brown argued that medical debt “correlates with illness,” not with credit risk. While prompted by activity in the mortgage space, the CFPB noted that the prohibition applies to all time-barred debt. For more information, click here.

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