Collection Industry News

APRIL 4, 2022

In a new letter, 27 Democratic senators are demanding the administration stop trying to overturn court rulings that help student debtors. Despite Joe Biden’s campaign promise to allow borrowers to discharge their student debts through bankruptcy, the administration has continued to fight debtors in bankruptcy court.

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Nexa Collect

JANUARY 19, 2022

If you think that ignoring written demands and calls from a collection agency will spare you from all the consequences, then you are wrong. Your credit card address, your USPS change of address, address on your most recent bills are collected by data aggregation companies and/or credit reporting agencies.

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Sawin & Shea

JANUARY 18, 2024

As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. Bankruptcy can impact various aspects of your financial life, including existing car loans. Debtors with a steady income create a court-approved repayment plan spanning three to five years.

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Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections.

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Collection Industry News

MAY 3, 2021

Supreme Court to provide a uniform, nationwide standard for what debtors must prove to eliminate student loan debt in bankruptcy. Wiping out student loan debt through bankruptcy is exceedingly difficult. Some courts require a debtor to prove “intolerable difficulties” or a “total incapacity” to ever repay the loans.

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Direct Recovery

MAY 4, 2024

One of the most common misunderstandings about the debt collection industry is that many consumers believe that debt collectors can only come after them if they provide a social security number at the time the debt is incurred. The post Can Debt Collectors Report Collections on My Credit Report Without My Social Security Number?

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Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?”

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Nexa Collect

JUNE 25, 2023

The professional life of a debt collector involves communicating with individuals and businesses to collect payments on overdue bills, loans, or other financial obligations. Communication Skills : Debt collectors need excellent communication skills to effectively convey information and negotiate with debtors.

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Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO. Collecting debt.

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FFGN COLLECT NY

OCTOBER 25, 2023

Can you include the late payment fees as part of your debt collection case or will that violate New York usury law? Normally, in New York, any charged interest amount above 16% is civilly “usurious,” meaning you can be sued if you try to enforce a loan that exceeds 16% interest per year. However, that is not the whole story.

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Qualco

SEPTEMBER 12, 2023

As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. These exposures involve borrowers who have extended their loan terms and are now at risk of facing difficulties meeting their obligations.

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Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Liquidation Methods. 2d 1020 (Fla. 1st DCA 1981).

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Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed. SOP 50 57 ; SOP 50 55.

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Taurus Collect

MARCH 7, 2022

Debt collection is the approach of pursuing payments of debts owed by different entities (individuals or businesses). It occurs when a collection agency or a company attempts to collect past-due debts from borrowers. Debt collection often varies depending on the agency that is collecting the debt.

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Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. See Caplinger v.

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Collection Industry News

DECEMBER 8, 2022

The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors to slide into the DMs of millions of Americans who have loans. The post US creditors can now DM debtors on social media appeared first on Collection Industry News. Advocates say the change is a simple update to rules created in the 1970s.

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Collection Industry News

DECEMBER 1, 2022

The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors to slide into the DMs of millions of Americans who have loans. The post US creditors can now DM debtors on social media appeared first on Collection Industry News. Advocates say the change is a simple update to rules created in the 1970s.

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Roths Child Law

NOVEMBER 7, 2020

Congress needs to enact laws expanding consumer protections against abusive debt collection, the U.S. Tennessee residents may have heard about the case, which involved a class action filed by several people who defaulted on car loans. The act does not apply to parties that are collecting debts they own, like Santander.

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Taurus Collect

JUNE 13, 2022

The debt collection process involves recovering debts from the borrower who has initially failed to repay or recover payments on accounts that are past their due date. When asked about “what collection agencies do?”, most people tend to think of a debt collector trying to contact debtors about some unresolved debts. The Process.

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Nexa Collect

APRIL 27, 2021

Simple Answer: Once the bad debt entry hits the credit report, the fear in the debtor’s mind is gone. You just used the most effective tool in debt recovery before giving enough time to the debtor to settle your unpaid bills. The debtor thinks “ What worse can happen? The fear in the debtor’s mind is gone.

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Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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Student loans Student Loans Bankruptcy Chapter 7 bankruptcy 52

ABI

JANUARY 12, 2022

Generally, student loan debt will not be discharged in a case under title 11 of the United States Code (the “Bankruptcy Code”) unless there is a showing of “undue hardship on the debtor and debtor’s dependents.” 7] The debtor disagreed and filed a cross motion for Summary Judgment. [8]. 1] In Hull v. 2d 395 (2d Cir.

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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.

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Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement.

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FFGN COLLECT NY

JANUARY 31, 2024

That would include pursuing a Debt collection company that acts deceptively and fraudulently. Some Debt collection companies act wrongly and engage in Fraudulent and deceptive behaviors. The debt came from high-interest personal loans, payday loans, credit cards, and other sources.

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Direct Recovery

APRIL 16, 2023

Wage garnishments are the ultimate threat posed by every debt collection scenario, but finding yourself on the wrong end of one doesn’t have to be a financial death sentence. Wage garnishments are put into place to recover unpaid taxes, outstanding child support, student loans, court judgments, or unpaid bills.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Garnishment Collections Debt collector Student loans 40

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

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PBWT

AUGUST 18, 2020

Yet, as has been widely reported, debtors in chapter 11 cases are not allowed to receive PPP loans. [1] It is a section of a larger set of amendments known collectively as the Health, Economic Assistance, Liability Protection and Schools Act (“HEALS Act”). the initial legislation responding to the COVID-19 pandemic).

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Loans Debtor Bankruptcy Education 62

Nexa Collect

JANUARY 16, 2023

Higher mortgage and car loan payments. The more you defer working on your overdue bills, the financial situation of your customers/debtors will deteriorate. Need a collection agency that can quickly work on your outstanding invoices? Most economists believe that a recession is inevitable. Job losses/layoffs. Contact us.

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Taurus Collect

JANUARY 24, 2023

But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection! For many debtors, their primary contact with collectors will be through phone conversations.

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Collection Industry News

JUNE 1, 2023

Introduction: The debt collection industry plays a vital role in the global economy, helping businesses recover outstanding debts and maintain financial stability. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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Collection Industry News

APRIL 11, 2022

Student loan companies will face consequences if they mislead borrowers and collect on private debt that has been discharged by a bankruptcy court , according to a letter sent by the country’s top consumer watchdog to Senator Dick Durbin (D-IL) that was obtained by Yahoo Finance. “I Source- site.

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Student loans Student Loans Bankruptcy Loans 40

Re:Ceeve

JUNE 23, 2020

Non-performing loans (NPLs) continue to put pressure on European banks, playing a critical role in profitability and determining the overall financial health of the banking infrastructure. Banks seem to be lagging with their approach towards collections by relying on phone calls and letters. Outdated operations.

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Loans Banks Acquisition Collections 78

Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections? to 9 p.m.,

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Retrieval Debt collector Collections Collection Agencies 52

Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. SOP 50 57 ; SOP 50 55. SOP 50 57 2; SOP 50 55.

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