Collection Industry News

MARCH 17, 2024

The governor said: Plans to Outlaw Unfair and Abusive Collection Tactics Concerned with predatory business practices bilking people out of their hard-earned money, the government will focus on looking for bad actors. The government will look to stop these exploitative tactics and more. Over 700,000 New Yorkers have medical debt.

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Debt RR

AUGUST 3, 2020

This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Can Debt Collectors Garnish Bank Accounts in Texas?

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. The government will look to stop these exploitative tactics and more. In New York, retirement income from Social Security and other sources are exempt from garnishment.

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Sawin & Shea

APRIL 3, 2024

Types of loan and debt defaults that may affect your professional license include: Child support Student loans Alimony Can My Bankruptcy Filing Affect My Employment? It is against the law for an employer to fire you on the basis of your bankruptcy, and this includes both government and private employers.

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Debt Free Colorado

APRIL 9, 2020

While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. Student Loans. You should call your student loan servicers about forbearance, which will temporarily stop or reduce your payments.

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Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans.

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Sawin & Shea

SEPTEMBER 28, 2022

For example, if you have been having your wages garnished to pay back a persistent creditor, your employer would be aware that this is no longer necessary since you are in the process of Chapter 7 or Chapter 13 bankruptcy. In rare cases, your repayment plan in Chapter 13 bankruptcy may require your wages to be garnished.

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Katabat

DECEMBER 7, 2021

The report also notes that auto debt increased by $28 billion in the third quarter and student loan balances grew by $14 billion. Student Loan Borrowers Beware: Government Collection Activities Resume Next Year.”. Total debt balances are now $1.1 trillion above where they were at the end of 2019, the report showed.”

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Katabat

DECEMBER 7, 2021

The report also notes that auto debt increased by $28 billion in the third quarter and student loan balances grew by $14 billion. Student Loan Borrowers Beware: Government Collection Activities Resume Next Year.”. Total debt balances are now $1.1 trillion above where they were at the end of 2019, the report showed.”

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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. For more information, click here. Check with the real agency.”

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Credit Corp

MAY 30, 2023

This is known as wage garnishment. The Consumer Credit Protection Act caps these types of garnishments. Nonwage garnishment. If you’re retired, unemployed, or self-employed, your bank account may be garnished instead. Veterans payments, social security, and disability benefits are not eligible for nonwage garnishment.

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Sawin & Shea

JANUARY 18, 2023

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. Additionally, your creditors will not be allowed to contact you.

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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. Income-share agreements are a type of student loan, where the borrower receives a loan and then pays a percentage of his/her income after graduation.

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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. The CARES Act offers relief for those with federal student loans.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. Governments and regulatory bodies continually strive to strike a balance between consumer protection and enabling efficient debt recovery.

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Troutman Sanders

JULY 26, 2021

On July 23, the Biden administration initiated a request for information — the formal process of inviting public comment — to address issues with the Public Service Loan Forgiveness (PSLF) program. Any attempt to garnish or otherwise seize these funds to collect or attempt to collect a debt violates the AG’s Debt Collection Regulations.”

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Burr Forman

DECEMBER 4, 2020

With new and impending changes in both the economic and political landscape, financial institutions have had to adapt to ever-changing policies governing consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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Troutman Sanders

APRIL 19, 2021

Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 30. Additionally, the company is alleged to have falsely promised consumers student loan forgiveness when only the federal government can forgive federal student loans.

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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. Consumers should be able to stop automatic payments. No interest or fees should be assessed for failure to pay debts during this time.

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National Service Bureau

JULY 30, 2015

Student loans generally fall into two categories: federal student loans and non-federal student loans. Forgiveness, Cancellation, and Discharge: On occasion, there are certain uncommon circumstances where you may no longer have to pay back a student loan.

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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. For more information, click here.

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Troutman Sanders

DECEMBER 20, 2022

d/b/a Premier Student Loan Center, a student-loan debt-relief company. Proposition 209 has been touted as a way to protect Arizonans with medical debt from bankruptcy, has set new exemption limits on property subject to debt collection, and has decreased the portion of a judgment debtor’s income subject to garnishment.

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Collection Industry News

OCTOBER 6, 2020

It primarily had the CARES Act to thank: The bill delivered hundreds of billions of dollars worth of stimulus checks and bulked-up unemployment benefits to Americans, while easing pressures on them by halting foreclosures, evictions and student loan payments. The company said it had stopped seeking orders to garnish bank accounts.

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National Service Bureau

APRIL 6, 2015

Of these, 239 involved medical collections and another 240 involved student loans. Debt collection companies who deal in healthcare collections are governed by the Health Insurance Portability and Accountability Act and its “privacy rule” for Protected Health Information (PHI). Government. Did you know that.

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Debt Free Colorado

MARCH 3, 2023

Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged. Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged.

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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.

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Better Credit Blog

AUGUST 31, 2020

Consumer debts: The FDCPA applies to all consumer debts, like credit cards, student loans, and medical bills, but it does not apply to commercial debts. So if your business defaults on a loan or payments, without a personal guarantee, it is not protected by the FDCPA. Threatening to garnish wages without a court order.

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Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Certain taxes, student loans, child or spousal support, fees owed the government, and other debts aren’t affected. Sign and File – Generally about 2 – 4 weeks after paperwork is turned in and fees paid.

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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. ” Organizations and governments are working on vaccine passports in an effort to reopen day-to-day operations.

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Better Credit Blog

SEPTEMBER 8, 2020

Northland Group collects for businesses in a few industries, such as: Auto loans. Government. Student loans. They might even threaten to garnish your wages, depending on where you live. Today Northland has merged with Radius Global Solutions LLC , so you could see that name on your credit report as well.

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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. The court also detailed Van Ru’s training procedures that all representatives must undergo before contacting consumers.

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