Collection Industry News

JULY 20, 2020

DEBT COLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.

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Credit Corp

JUNE 3, 2020

The company, creditor or collection agency has legal ways to pursue payment. The judgment creditor can then use that court judgment to try to collect money from you. Common methods include wage garnishment , property attachments and property liens. This is known as wage garnishment. Nonwage garnishment.

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Sawin & Shea

AUGUST 24, 2020

Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits. Debt collection agencies can be thoroughly unpleasant. Stay educated about what debt collectors can and can’t do and state your rights if they step over the line. What does each one mean?

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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. State Activities: On January 13, the Colorado legislature introduced a bill extending the moratorium on certain collection actions filed in the state until June 1, 2021. State Activities.

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Troutman Sanders

NOVEMBER 8, 2022

Department of Education released final regulations that streamline and improve the rules for major targeted debt relief programs. House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. For more information, click here. On October 31, the U.S. For more information, click here.

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Payment Savvy

NOVEMBER 30, 2021

In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). Suppose your company works in the field of debt collecting, such as third-party debt collection firms , collection attorneys, debt buyers, or defaulted mortgage servicers.

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Better Credit Blog

AUGUST 17, 2020

The agency also uses aggressive tactics to collect on debts, which can add stress to an already nerve-wracking situation. Instead, it’s an agency that purchases debts from companies, for pennies on the dollar, then collects payments from debtors. Cavalry SPV is one of the largest debt collection agencies in the nation.

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Troutman Sanders

MARCH 22, 2021

Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds. For more information, click here.

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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. Other circumstances can be found on the Department of Education website.

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Sawin & Shea

MARCH 27, 2024

When you file a Chapter 7 petition, you’ll receive an automatic stay protecting you from lawsuits and other collection efforts. This bankruptcy protection will prohibit a collection agency or another creditor from recovering debt or taking action against you.

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Troutman Sanders

MAY 23, 2023

State Activities: On May 19, the Massachusetts Division of Banks and Educational Computer Systems, Inc. The bill also establishes the procedures a depository institution must follow upon receipt of a writ of garnishment or other levy or attachment under certain circumstances. For more information, click here.

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Troutman Sanders

MARCH 15, 2021

On March 9, state regulators from California, Colorado, Connecticut, Illinois, Maine, Massachusetts, New Jersey, Rhode Island, Washington, and Wisconsin signed a letter directed to the Department of Education asking for a reversal of policies implemented during President Trump’s administration. For more information click here.

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