Collection Industry News

JULY 20, 2020

The momentum has reached the federal government. The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. The educational motivations of public-minded debt collectors notwithstanding, consumer advocates aren’t convinced.

Garnishment 40

Garnishment Collections Debt collector Accounts Receivables Management 40

Payment Savvy

NOVEMBER 30, 2021

Lost or garnished wages. The activities of debt collectors are governed by these federal regulations, with an effective date of November 30, 2021. Several associations, such as the ACA International , have a wide array of educational resources surrounding Regulation F. Physical or emotional distress damages.

Debt collector 52

Debt collector Debtor Fair Debt Collection Garnishment 52

National Service Bureau

JULY 30, 2015

Federal loans come from the United States national government and are controlled by the Department of Education, while non-federal loans may come from a variety of sources to include state or local governments, the school itself, or a private organization of some sort. Two of the most common are the William D.

Student loans 40

Student loans Student Loans Education Loans 40

Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. That said, filers cannot discharge all of their debts through Chapter 13.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debtor 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

Troutman Sanders

APRIL 5, 2021

Department of Education announced an expansion of the moratorium on federal student loan interest and collections on all defaulted loans under the Federal Family Education Loan program. On March 24, New York Attorney General Letitia James released guidance regarding exemption of American Rescue Plan Act stimulus funds from garnishment.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. On August 3, Federal Reserve Board announced that it will extend the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service until September 9.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Consumer Financial Services Law

OCTOBER 16, 2017

11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. Key to the court’s decision was a review of the policies and procedures implemented and followed by Van Ru representatives during live telephone calls with consumers.

Debt collector 40

Debt collector Education Student loans Student Loans 40

Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. On July 23, 2020, the Senate unanimously passed S.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Credit Corp

OCTOBER 31, 2021

You may qualify for forgiveness through the Public Service Loan Forgiveness program if you are employed by a federal, state, local, or tribal government or not-for-profit organization. This program was designed to encourage people to enter the education field. Public Service Loan Forgiveness Program. Teacher Loan Forgiveness Program.

Student loans 98

Student loans Student Loans Loans Garnishment 98

Debt Free Colorado

NOVEMBER 13, 2017

government agency that makes sure banks, lenders, and other financial companies treat you fairly”, Freedom Debt Relief’s offers actually were too-good-to-be-true. Providers cannot stop collection activity, including collection calls, wage garnishment, judgments, and litigation.

Debt settlement 40

Debt settlement Creditors Debt Management Debt Consolidation 40

Sawin & Shea

OCTOBER 5, 2022

According to the Education Data Initiative , 7.8% Federal loans charge high-interest rates, and if you default, the government could sell your loan to a collection agency. When you default on a federal student loan, the government can garnish up to 15% of your wages or social security income without a court order.

Student loans 93

Student loans Student Loans Loans Garnishment 93

Troutman Sanders

JANUARY 19, 2021

Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic. Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. State Activities. Privacy and Cybersecurity Activities.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Troutman Sanders

MARCH 4, 2024

The OAG also found that the debt collection law firm illegally continued to pursue consumers for debts that were already paid or partially paid, and sometimes garnished wages for judgments that were completed. For more information, click here.

Financial services 52

Financial services Law Firms Acquisition Debt collector 52

Troutman Sanders

APRIL 18, 2022

In the post, the CFPB argues that certain private education loans can be discharged in bankruptcy. The act demonstrates state government tensions of grappling with addressing traditional health care concerns, while simultaneously addressing the lasting impacts of the pandemic. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Take your Debtor Education Course – Within 45 days of the 341 Meeting. Debts Discharged – No sooner than 60 days after your 341 meeting, but not until the debtor education certificate is filed and court filing fees are paid.

Chapter 7 bankruptcy 40

Chapter 7 bankruptcy Bankruptcy Student loans Student Loans 40

Troutman Sanders

MARCH 15, 2021

The American Rescue Plan provides $1,400 direct payments to individuals making up to $75,000 annually, $350 billion in aid to state and local governments, and $14 billion for vaccine distribution. The FTC reminds consumers that the government will never ask them to pay anything upfront in any form to obtain stimulus money.

Financial services 52

Financial services Financial Institution Foreclosure Government 52

Collection Industry News

MARCH 2, 2021

Democratic senators have reintroduced legislation to prevent health care providers from actions such as wage garnishment in connection with medical debts. wage garnishment, bank account seizure) during the covered period (i.e. wage garnishment, bank account seizure) during the covered period (i.e. Chris Van Hollen, D-Md.,

Garnishment 40

Garnishment Debt collector Government Collections 40

Collection Industry News

AUGUST 23, 2022

Department of Education is giving federal student loan borrowers who’ve fallen behind on their debt a chance to get into current standing. There will be borrower communications and the Education Department’s website will be updated,” Buchanan said, as to when borrowers can begin the process. Annie Nova, August 19 2022. also qualify.

Student loans 40

Student loans Student Loans Education Loans 40

Troutman Sanders

JULY 26, 2021

PSLF is a federal student loan program through which certain borrowers can apply to have their federal student loans forgiven after working as a full-time employee for government entities or 501(c)(3) nonprofit organizations for 10 years or more. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

Credit Corp

JULY 30, 2020

As COVID-19 and related shutdowns caused economic issues across the nation, the federal government passed the CARES Act , which included some stimulus relief for student loan holders. Wage garnishments for defaulted student loans were also paused. Find out more about stimulus help for student loans below.

Student loans 94

Student loans Student Loans Loans Garnishment 94