Collection Industry News

JUNE 1, 2023

This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks. Economic Factors: Economic conditions directly impact the debt collection industry. As businesses expand globally, debt collection agencies can extend their services across borders.

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The Kaplan Group

OCTOBER 19, 2020

The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. The law does not apply to collecting from businesses. You can learn more about FDCPA in our advice to consumer debtors. Garnishment.

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Sawin & Shea

JULY 20, 2022

Have you ever been incessantly contacted by a debt collection agency trying to get money from you? It can be difficult to understand just what exactly these agencies are legally allowed to do, and what crosses the line. The majority of debt collectors work for reputable collection companies. That’s why we’re here to help.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do? Automatic Stay Violations.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. An automatic stay is a fundamental part of bankruptcy that protects debtors from creditor actions. What Does an Automatic Stay Do? Automatic Stay Violations.

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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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Payment Savvy

NOVEMBER 30, 2021

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. Regulation F affects everything from debtor communication to multi-state compliance. Lost or garnished wages. Civil Responsibility.

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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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National Service Bureau

APRIL 6, 2015

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. Government. Did you know that.

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Better Credit Blog

AUGUST 31, 2020

What Is the Fair Debt Collection Practices Act (FDCPA)? The Fair Debt Collection Practices Act is the federal law that sets rules for how debt collectors can contact debtors, protecting consumers from unethical or inaccurate collection attempts. Collection agencies may speak exclusively with your attorney if you choose.

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National Service Bureau

AUGUST 19, 2015

There are those organizations who are licensed, professional, effective, and ethical, and then there are those who would take advantage of specialized knowledge or the opportunity to take money unlawfully from debtors. Let’s take a look at some of the miscreants in the debt collection industry. Or no legitimate debt buyer?

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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. Unending debt collection calls amid shelter-in-place orders only add to the level of tension in homes across the country.

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The McHughes Law Firm

AUGUST 29, 2016

Whether the debts are a few hundred dollars or tens of thousands, new business debt collection processes help countless companies recover debt in a timely manner. Myth No 3: If I Can Not Collect the Debt Myself, the Debtor Will Not Pay. It is certainly prudent to try to collect debt on your own for a period of time.

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Collection Industry News

SEPTEMBER 8, 2020

These are examples of false statements: a) Implying that they are attorneys or government representatives when they are not. h) They will seize, garnish, attach, or sell property or wages, unless the collection agency or creditor intends to do so, and it is legal to do so. He cannot use any false or misleading statements.

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