Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. Performance of Collection Agencies during Covid-19 Pandemic. Economic downturns create a huge opportunity for the debt collection industry.

Collections 130

Collections Collection Agencies Collections Agency Construction 130

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., In the Branham v.

Financial Institution 65

Financial Institution Student loans Student Loans Loans 65

Collection Industry News

AUGUST 11, 2020

Applying traditional severability principles, seven Justices concluded that, rather than invalidate the entire TCPA, the 2015 government-debt exception must be severed from the remainder of the statute. The bottom line: the government-debt exception is gone; the rest of the TCPA remains. at *6 (citing Reed v.

Collections 40

Collections Government Judgment Bankruptcy 40

Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt. OCC Acting Comptroller Michael J.

Financial services 52

Financial services Credit Card Debt Retail Banks 52

Collection Industry News

JULY 20, 2020

Applying traditional severability principles, seven Justices concluded that, rather than invalidate the entire TCPA, the 2015 government-debt exception must be severed from the remainder of the statute. The bottom line: the government-debt exception is gone; the rest of the TCPA remains. at *6 (citing Reed v.

Collections 40

Collections Government Judgment 40

Troutman Sanders

MARCH 11, 2024

Drawing on expertise from key governmental bodies, the proposed legislation seeks to establish a comprehensive framework for stablecoin governance. toward the plaintiff’s litigation expenses and will publish a new Federal Register notice for proposed information collection. Additionally, the DOE agreed to pay $2,199.45

Financial services 52

Financial services Garnishment Lender Banks 52

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.

Collections 98

Collections Loans Lender Government 98

Fico Collections

JANUARY 26, 2022

2021 saw debt collection and recovery professionals grappling with new regulations while they developed better ways to monitor and handle vulnerable customers during the pandemic. Collection strategies and apportioning of related costs are therefore concentrated on the appropriate customer level cases.

Collections 52

Collections Student loans Student Loans Government 52

Troutman Sanders

DECEMBER 19, 2023

According to the statement issued by SEC Commissioner Gary Gensler, “the existing securities regime appropriately governs crypto asset securities.” The bill will add a new article, Article 49-A, Medical Debt Reporting, to the state’s Public Health Law. For more information, click here and here. For more information, click here.

Financial services 52

Financial services Banks Debt collector Government 52

UK debt collections

MARCH 18, 2021

Today- even with many government support measures still in place – we are seeing roughly three times that amount: 135,000.”. Tony Smith from Debt Collection Agency Comparison site Best4DebtCollection.co.uk Listed Business (PLC) Data. Data on 01 March 2021. Data on 01 January 2020. Company Health (100 being the best). 10 or less.

Manufacturing 87

Manufacturing Construction Retail Collection Agencies 87

Collection Industry News

AUGUST 17, 2023

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows a slight uptick in total household debt in the second quarter of 2023, increasing by $16 billion (0.1%) to $17.06 Student Loans Outstanding student loan debt stood at $1.57

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Foreclosure 40

Collection Industry News

JULY 12, 2022

President Joe Biden’s new rules would broaden eligibility for student loan debt relief for borrowers who were defrauded by their institutions, borrowers whose institutions closed, permanently disabled borrowers, and borrowers who take “public service” jobs after graduation. This increases the size of the debt and future interest payments.

Student loans 40

Student loans Student Loans Education Loans 40

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.

Garnishment 52

Garnishment Debt collector Debtor Judgment 52

True Accord

MARCH 31, 2022

It’s the end of the quarter and, as always, we at TrueAccord are looking at consumer debt trends that will impact our industry and beyond. Add these all together and the financial outlook for consumers, especially those in debt, is scary. unsecured personal loans, with a large presence in the mortgage and auto loan categories.

Lender 58

Lender Personal loans Foreclosure Loans 58

Fico Collections

NOVEMBER 23, 2021

He has successfully used data to solve complex business problems across the credit life cycle including customer engagement, origination journeys, line management and optimisation of collections strategy. Sibulelo Ncamani, head of operational risk and governance at Absa Bank (previous winner). by Nikhil Behl.

Manufacturing 52

Manufacturing Banks Financial services Debt Management 52

Troutman Sanders

MAY 2, 2023

The bill additionally leaves room for assets that don’t fit neatly into either category. Khan appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss its FY 2024 budget request and the agency’s ongoing work. Government Money Market Fund.” For more information, click here.

Financial services 52

Financial services Trade Consumer Credit Government 52

Fico Collections

JANUARY 28, 2022

This year we have 11 winners across 8 award categories representing companies from every corner of the globe. Debt Management – Ceska. Senthil Erulappan , director, product engineering for merchant, risk and collections at FIS. Sibulelo Ncamani , head of operational risk and governance at Absa Bank (previous winner).

Debt Management 52

Debt Management Banks Government Collections 52

Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

Judgment 40

Judgment Acquisition Law Firms Financial Institution 40

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 ?

Credit Card Debt 84

Credit Card Debt Debt settlement Debt collector Creditors 84

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.”. of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.”. of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.”. of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

Katabat

JANUARY 5, 2022

Bloomberg estimates that that more than 20% of the Russell 3000 fit into the zombie category, while also noting: “The average credit rating of companies has been declining, according to Moody’s—an early warning that some of them could run into problems with paying what they owe if debt service costs rise.” of after-tax income.

Credit Management 52

Credit Management Government Banks Collections 52

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.

Collection Agencies 40

Collection Agencies Collections Agency Collections Credit Card Collections 40

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?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt Free Colorado

DECEMBER 9, 2021

If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Chapter 7 is a disaster when it comes to secured debt. .

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Fico Collections

JUNE 14, 2021

Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage. The figures include a 12 percent rise in card spend and more customers exceeding their card limit.

Retail 52

Retail Government Credit Card Debt Lender 52

Collection Industry News

DECEMBER 10, 2023

. “We expect the increase in number of consumer and commercial filers seeking bankruptcy protection to continue in 2024 given the runoff of pandemic stimulus, increased cost of funds, higher interest rates, rising delinquency rates, and near historic levels of household debt.” In our view this is not a negative development.

Bankruptcy 40

Bankruptcy Banks Trade Lender 40

True Accord

OCTOBER 5, 2022

Delivering communications to your customers has always been a compliance challenge with the plethora of laws, regulations, court decisions, and regulatory guidance in the debt collection space. That has really influenced our industry and how we think about communications in debt collection. This blog is not legal advice.

Collections 84

Collections Collection Agencies Collections Agency Education 84

Collection Industry News

JULY 12, 2021

trillion in outstanding debt in April 2021, and reflects a sharp increase from $4.186 trillion in the fourth quarter of 2020. This excludes mortgage loans, which make up the largest debt category. If you have credit card debt, transferring it to this top balance transfer card can allow you to pay 0% interest into 2023!

Consumer Credit 40

Consumer Credit Credit Card Debt Loans Government 40

Collection Industry News

SEPTEMBER 28, 2021

In the past, older households were more likely to retire debt free with a paid-off mortgage. Student loan debt for older adults, their children, and their grandchildren has been rising for decades. Student Loan Debt Is the Fastest Growing Type of Debt for Older Americans. Low-Income Elders Hurt Worse By Student Debt.

Student loans 40

Student loans Student Loans Education Loans 40

Fico Collections

JANUARY 11, 2023

The promise of AI and FICO Platform dominated the top posts of 2022 in the Decision Management category. Data scientists are a new breed of analytical experts, responsible for collecting, analysing, and interpreting extremely large amounts of data. How is the existing governance committee of analytic leaders structured? .

Government 52

Government Banks Financial Institution Construction 52

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. The debt relief is broken down into the following categories: $1.7 Borrowers enrolled in SAVE who are eligible for early forgiveness will have their debts canceled immediately starting next month, with no action on their part.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

National Service Bureau

JUNE 23, 2015

The Federal Reserve Bank of New York recently released a Household Debt and Credit Report. The report aims to help community groups, small businesses, state and local governments and the public to better understand, monitor and respond to trends in borrowing and indebtedness at the household level. For comparison, there was $0.86

Student loans 40

Student loans Student Loans Credit Card Debt Collection Agencies 40

Troutman Sanders

AUGUST 14, 2023

Analisa Torres ruled that three out of four categories of XRP token sales did not constitute an investment contract. Government Accountability Office (GAO) updated its priority open recommendations to the OCC, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. For more information, click here. 1139 and S.

Financial services 52

Financial services Foreclosure Banks Loans 52

Collection Industry News

DECEMBER 21, 2022

News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000 of credit card debt. have credit card debt of $10,000 or more. A majority, 51.2%, have seen an increase in credit card debt in 2022.

Credit Card Debt 40

Credit Card Debt Personal loans Banks Loans 40

National Service Bureau

JULY 30, 2015

Student loans generally fall into two categories: federal student loans and non-federal student loans. Federal loans for students: Federal loans fall under one of several categories. Education is incredibly important, but student debt can add up over time. Education is incredibly important, but student debt can add up over time.

Student loans 40

Student loans Student Loans Education Loans 40