Sawin & Shea

OCTOBER 5, 2022

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. They can even intercept your federal tax refund.

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Student loans Student Loans Loans Garnishment 93

Sawin & Shea

JUNE 9, 2021

You may feel as if no one is on your side, but you do have some protection from collection agencies. The FTC (Federal Trade Commission) is an arm of the United States government that enforces consumer protection and antitrust laws. There are approximately 7,000 collection agencies in the U.S. Call before 8:00 a.m.

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Debt Free Colorado

FEBRUARY 21, 2022

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. The Fair Debt Collection Practices Act (FDCPA) does not apply to original creditors or cover company obligations.

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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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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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Taurus Collect

MAY 11, 2023

Overview of The Credit Card Debt Collection Process Credit card debt collection can be a stressful experience for both the debtor and the creditor. The creditor then hires a debt collection agency to start the collection process. About Us Taurus Collections (UK) Ltd.

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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

JANUARY 19, 2021

Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. On January 12, the Washington State Collection Agency Board approved a permanent rule allowing employees of licensed collection agencies to work remotely. residents.

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Financial services Garnishment Foreclosure Government 52

The Kaplan Group

OCTOBER 19, 2020

FDCPA ( Fair Debt Collection Practices Act). 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. Garnishment.

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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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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. During an automatic stay, all parties or entities mentioned above are prohibited from collecting on debts you incurred before filing for bankruptcy.

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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. During an automatic stay, all parties or entities mentioned above are prohibited from collecting on debts you incurred before filing for bankruptcy.

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Taurus Collect

AUGUST 15, 2023

Identify the Key Advantages of Outsourcing Debt Collection Services When you outsource no win no fee debt collection services, you reap a myriad of benefits that can truly streamline your business operations and improve your cash flow. Failure to adhere to these can lead to lawsuits and damage business reputation.

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Credit Management Company

MAY 17, 2022

Inform the billing department of all collection policies, and train billing staff as necessary. Work with Reliable Third-Party Collection Agencies. Make sure they are acting in accordance with policies determined by the hospital or medical facility's board or governing body.

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Better Credit Blog

AUGUST 31, 2020

It is enforced by the Federal Trade Commission , a federal agency that protects consumers and maintains fair competition in the marketplace, including debt collection attempts. The law specifically limits how and when collections agencies can contact you, and it allows you to dispute debts. What Does the FDCPA Apply to?

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National Service Bureau

APRIL 6, 2015

That is why it is so important for organizations to choose a collection agency that falls on the right side of the fence in what is otherwise a huge grey area. With that in mind, here are the top 4th, 5th, and 6th most prevalent complaints against debt collection agencies in 2014: #6: Taking or threatening to take an illegal action.

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Credit Corp

OCTOBER 25, 2020

The amount your account is overdrawn is a legal debt you owe, which means the bank can sue you and use legal remedies such as wage garnishment to get the money. What Is the Statute of Limitations on Collecting Overdrawn Bank Account Debt? The window for legal action is referred to as the statute of limitations. Wrapping Up.

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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. million new unemployment claims spotlights the need for consumer relief.

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Payment Savvy

NOVEMBER 30, 2021

Any violation of the FDCPA towards a debtor means a potential lawsuit for your collection agency. Lost or garnished wages. The activities of debt collectors are governed by these federal regulations, with an effective date of November 30, 2021. Attorneys’ fees. Physical or emotional distress damages.

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Better Credit Blog

SEPTEMBER 8, 2020

Northland Group collects for businesses in a few industries, such as: Auto loans. Government. collecting on debts that the company buys. If the collection agency cannot verify your debt in a timely manner, it should be omitted from your report promptly. Credit cards. Healthcare. Student loans.

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National Service Bureau

AUGUST 19, 2015

The latter are obviously people and organizations that you would want to avoid should your business need assistance with collecting on delinquent accounts. Let’s take a look at some of the miscreants in the debt collection industry. But what if there was no real debt in the first place? Or no legitimate debt buyer?

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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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Better Credit Blog

APRIL 1, 2022

The credit bureau agencies, Experian, Transunion, and Equifax may lower your credit score by 50 points or more, resulting in higher interest rates for any future lending ventures. Credit Collection Services, known as CCS for short, is one of the largest debt collection agencies in the United States, based in Massachusetts.

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The McHughes Law Firm

AUGUST 29, 2016

Debt collection is governed by the Fair Debt Collection Practices Act , which has specific guidelines for contacting debtors. Correspondence from a collection agency often end up in the trash unread, but a letter from a debt collection attorney is more likely to prompt action by the debtor. or after 9 p.m.

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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.

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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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