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. A national and, at the same time, a global recession has been caused, not by financial crises, but rather by an unexpectedly devastating health issue.

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Collections Collection Agencies Collections Agency Construction 130

Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. Extra costs to comply with these laws would be passed on to businesses /creditors, who are already unwilling to pay the current costs associated with hiring a professional debt collector. New Regulations. Read this: [link].

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Debt Recovery Government Collection Agencies Collections Agency 130

FFGN COLLECT NY

NOVEMBER 4, 2021

There is no state as liberal as New York when it comes to commercial debt collection and the enforcement of judgments against commercial entities. New York Civil Practice and Rules Article 52 grants the judgment creditor many liberties and privileges when it comes to enforcing a judgment. We have the experience that pays.

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Qualco

JANUARY 26, 2024

The EU has undertaken several legislative measures to tackle over-indebtedness and provide relief for over-indebted individuals or entities, prioritising negotiated solutions between debtors and creditors, often involving court supervision or approval.

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Qualco

JANUARY 26, 2024

The EU has undertaken several legislative measures to tackle over-indebtedness and provide relief for over-indebted individuals or entities, prioritising negotiated solutions between debtors and creditors, often involving court supervision or approval.

Financial Institution 52

Financial Institution Debtor Creditors Debt settlement 52

Qualco

DECEMBER 7, 2021

Customers are becoming more sophisticated and the same goes with the solutions they expect from financial institutions. Challenging the status quo for debt collection. Beyond doubt, the old-style debt collections approach has long been outdated. Customer analytics-driven approach for next-generation collections.

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Collections Financial Institution Financial services Lender 92

Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. To navigate through uncertainty, creditors need to adapt their strategy quickly.

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Collections Financial Institution Lender Creditors 88

Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. To navigate through uncertainty, creditors need to adapt their strategy quickly.

Collections 85

Collections Financial Institution Lender Creditors 85

FFGN COLLECT NY

AUGUST 22, 2023

Some people overnight payment to satisfy their debt collection claim. If a thief steals mail from an unsecured post office box, he could come upon a check you’ve written either to a vendor or a creditor. And, you will need to make payment a second time to satisfy the debt collection claim.

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FFGN COLLECT NY

MARCH 15, 2022

It’s important you verify the information contained in a debt collection affidavit before you sign it. An affidavit is sworn testimony used to support your debt collection case. Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure.

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Collections Judgment Financial Institution Foreclosure 98

FFGN COLLECT NY

APRIL 18, 2023

What happens to the money on deposit at the debt collection lawyer’s bank if that bank fails? Recent news could leave you wondering whether monies collected and deposited by your debt collection attorney on your behalf will be safe or at risk. on deposit at each financial institution.

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. Consequently, financial institutions operate within an economy marked by contraction and sustained inflationary pressures.

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Financial Institution Debtor Loans Collateral 90

True Accord

AUGUST 25, 2020

Banks are accelerating their adoption of new digital debt collection tools in anticipation of a “tidal wave of consumer debt issues” when government stimulus programs end and financial institutions stop offering forbearance and loan deferral options. About TrueAccord.

Collections 91

Collections Financial Institution Banks Construction 91

Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.

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Financial Institution Garnishment Collections Foreclosure 52

FFGN COLLECT NY

JUNE 3, 2020

With both consumers and small businesses receiving funds from the Paycheck Protection Program (PPP) and CARES Act, questions have come up as to whether these amounts can be frozen or garnished by debt collectors or creditors. Is garnishing PPP or CARES Act funds an option for satisfying outstanding monies owed to judgment creditors?

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Jimerson Firm

FEBRUARY 10, 2022

At the same time, however, the account owner/debtor is still responsible for the balance, and the lender/creditor can still make an effort to collect what is owed, with obvious exceptions being discharged or dischargeable bankruptcy filings. Collecting Debts After 1099-C Issuance. Charging Off” Uncollectable Debt.

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Qualco

DECEMBER 7, 2021

Customers are becoming more sophisticated and the same goes with the solutions they expect from financial institutions. Challenging the status quo for debt collection. Beyond doubt, the old-style debt collections approach has long been outdated. Customer analytics-driven approach for next-generation collections.

Collections 52

Collections Financial Institution Financial services Lender 52

Jimerson Firm

NOVEMBER 8, 2023

Judgment creditors are often faced with the question of how to collect an out-of-state judgment (also commonly referred to as a foreign judgment) in Florida. Once the foreign judgment is domesticated, the judgment creditor may pursue post-judgment collections efforts in Florida. Notice of registration of foreign judgment.

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Troutman Sanders

JULY 5, 2023

In September 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with more than 900 pages of supplementary material. For financial institutions that originated at least 2,500 covered credit transactions in 2022 and 2023, the compliance date is October 1, 2024.

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Financial Institution Credit Unions Credit Unions Lender 52

Collection Industry News

JUNE 12, 2023

Here are some effective ways to attract clients as a collection agency: 1. Establish connections with individuals and businesses that can refer clients to your agency, such as attorneys, financial institutions, credit bureaus, or other professionals in the debt recovery field.

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Collection Industry News

SEPTEMBER 7, 2021

Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Based on the summary, key aspects of the NPRM include the following: Financial Institutions Covered.

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Financial Institution Collections Lender Trade 40

Troutman Sanders

JULY 25, 2023

One of the aspects of the proposed rule that changed dramatically when the Final Rule was issued was a series of new provisions and sections of the Official Commentary prohibiting small business lenders from discouraging applicants from providing the data required to be collected by the Final Rule.

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Financial Institution Lender Loans Collections 52

Debt Collection Answers

MAY 18, 2023

Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?

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FFGN COLLECT NY

JULY 7, 2022

As such, creditors and their attorneys are in the process of issuing amended income executions to the sheriff or marshal reflecting the decreased rate of interest retroactive to the original date of the judgment. An income execution (also known as a garnishment) is another manner of collecting a money judgment.

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Qualco

DECEMBER 7, 2021

A solution that will enable creditors to quickly do analyses of a vast amount of data from multiple sources; have access to insights about delinquency status, and ways to efficiently manage customers that default. All those requirements can be addressed with ML, which has started to modernise the whole debt collections lifecycle.

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Debt Management Financial Institution Creditors Lender 73

Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States. appeared first on Collection Industry News.

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Nexa Collect

NOVEMBER 1, 2021

Individuals can be legally forced to pay their debts with their cryptocurrency, but the creditor must have a judgment which states that the debtor is obligated to pay off the debt, including any cryptocurrency they own. How do traditional payment methods work to collect payments? government earlier before?

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Debtor Creditors Government Banks 130

Troutman Sanders

SEPTEMBER 5, 2023

On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured Credit Unions, Truck Renting and Leasing Association, and the U.S. CFPB injunction and those that are not covered.

Trade 52

Trade Credit Unions Credit Unions Financial Institution 52

Better Credit Blog

FEBRUARY 18, 2021

Failing to pay your bills will cause the debt to move to collections. This means that your original creditor has officially handed the account over to a collection agency that will hound you for payments. One such debt collector that you may hear from is called FirstPoint Collections. About FirstPoint Collections.

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Collections Debt collector Collection Agencies Collections Agency 94

FFGN COLLECT NY

JUNE 23, 2021

Have you received an information subpoena and restraining notice related to a New York debt collection case? An information subpoena is a type of subpoena used by judgment creditors and their attorneys to reveal more information about the judgment debtor. Another judgment creditor serves a levy to pick up the asset.

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Debt RR

AUGUST 3, 2020

Sometimes, that debt gets out of hand and businesses find themselves on the receiving end of calls from commercial debt collection agencies. Here’s everything businesses need to know about commercial debt collection agencies and how to manage communication without disrupting day-to-day operations. How Long Can a Debt be Pursued?

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Collection Agencies Collections Agency Debt collector Collections 43

FFGN COLLECT NY

JANUARY 20, 2021

Creditors and debtors alike often wonder how debt collection attorneys restrain bank accounts. This prevents the judgment debtor from removing deposits from the bank, brokerage, or other accounts, pending a determination of the creditor’s application. Below we demystify the process and explain how to freeze a bank account.

Banks 40

Banks Financial Institution Judgment Debtor 40

Troutman Sanders

APRIL 27, 2023

District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Lenders that originate at least 500 loans annually must collect data starting April 1, 2025.

Financial Institution 52

Financial Institution Lender Banks Loans 52

Debt Collection Answers

FEBRUARY 21, 2024

Two entities that may send debt consolidation loan mailers are Symple Lending and Secure One Financial. A Pre-Screen Firm Offer of Credit, often referred to as pre-approved credit, is a marketing strategy employed by creditors to identify potential customers for their financial products.

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Debt Consolidation Loans Lender Financial Institution 40

Qualco

MAY 11, 2022

Customer segmentation, the process by which businesses divide their customers based on similar key characteristics, is a powerful tool for financial institutions. This method empowers creditors to reach their accounts receivables in a more targeted way and allocate agents to tasks that have high value for the business.

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Collection Industry News

JULY 22, 2020

From the onset of COVID-19, debt collectors swiftly worked to assist the millions of Americans experiencing financial hardships caused by the pandemic through voluntary forbearance of collection activity and adjustments in response to changes in applicable law and regulations, and creditor customer requirements.

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Collections Debt collector Collection Agencies Collections Agency 40

UK debt collections

APRIL 21, 2022

Investigators uncovered that Junaid Dar legitimately applied for a Bounce Bank Loan after he submitted accurate financial statements and in May 2020, received £13,000. However, Dar also applied for additional loans by applying to two separate financial institutions.

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