Collection Industry News

NOVEMBER 8, 2021

About the author: Sarah Sattelmeyer is the project director for education, opportunity, and mobility in the higher education initiative at New America. But additional, important vehicles for higher education-related reforms are moving forward beyond the headlines (and often behind the scenes). Dreamstime.

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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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Troutman Sanders

SEPTEMBER 19, 2022

The standard courts should use to determine whether an alleged Fair Debt Collection Practices Act (FDCPA) violation is material remains unsettled. Pioneer) to help collect the debt. The packet’s first two pages contained information about the alleged debt and ordered the employer to garnish the plaintiff’s wages.

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Taurus Collect

MARCH 5, 2024

Engaging with a debt collections service is a crucial step towards managing and settling outstanding debts. This article aims to demystify the consequences of overlooking debt collectors and to provide insights into how debt collection services operate within the UK’s legal framework.

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Credit Management Company

MAY 17, 2022

According to a 2022 Consumer Financial Protection Bureau report, 58% of all third-party debt collection is made up of medical debt. Effective financial communication and patient financial education starts before the medical procedure begins. Provide education about out-of-pocket obligations. Adhere to Collection Policies.

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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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Credit Corp

MARCH 9, 2021

However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. If it does, you’ll receive a refund offset notice in the mail in advance of the proposed refund garnishment. To garnish—i.e., To correct errors and make a claim, contact the Department of Education.

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Credit Corp

MAY 30, 2023

This is known as wage garnishment. The Consumer Credit Protection Act caps these types of garnishments. Nonwage garnishment. If you’re retired, unemployed, or self-employed, your bank account may be garnished instead. Veterans payments, social security, and disability benefits are not eligible for nonwage garnishment.

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The Kaplan Group

OCTOBER 19, 2020

Instead, I suggest you do what you can to educate yourself about your options. 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. Garnishment.

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Titan Consulting

JUNE 7, 2020

Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Benefits include the following: Suspension of Monthly Payments : The US Department of Education automatically suspended payments on outstanding federal student loans.

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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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Collection Industry News

APRIL 11, 2022

Lockert : “Though student loans originally were created as part of the National Defense Act, there was this idea that we need to become an educated society and so we can create student loans as part of that. Johnson created the Higher Education Act of student loans in 1965 to make it more accessible to everyone. Later on, Lyndon B.

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Sawin & Shea

JANUARY 25, 2022

However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. Instead, when a debtor fails to pay, the lender must first file a lawsuit in order to collect what is owed. What collection remedies are allowed will vary by state.

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Sawin & Shea

APRIL 26, 2023

If the court rules in their favor, the creditor can file a judgment lien against you, which means that the court has permitted them to forcefully collect that debt from you. If the creditor has your date of birth and social security number, they may be able to garnish your bank account and apply that money toward your debt balance.

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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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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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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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Collection Industry News

FEBRUARY 15, 2021

In the area of debt collection, the CFPB observed, among other things, that some entities reported increases in consumer contacts and payments, which may have been attributable to more consumers being at home, reduced spending, and pandemic-related assistance. insufficient loss mitigation processes.

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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. You’ll also be assigned a trustee to manage your bankruptcy case.

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Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. That said, filers cannot discharge all of their debts through Chapter 13.

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. On July 23, 2020, the Senate unanimously passed S.

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Consumer Financial Services Law

OCTOBER 16, 2017

11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. Key to the court’s decision was a review of the policies and procedures implemented and followed by Van Ru representatives during live telephone calls with consumers.

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Troutman Sanders

APRIL 5, 2021

Department of Education announced an expansion of the moratorium on federal student loan interest and collections on all defaulted loans under the Federal Family Education Loan program. Guidance outlines expectations and priorities, as well as articulates views regarding appropriate practices for a specific subject.

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Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. s emergency debt collection bill. For more information, click here. For more information, click here. For more information, click here. On August 3, the Washington, D.C.

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Debt Free Colorado

NOVEMBER 13, 2017

In fact, Freedom charges consumers its full fee even when creditors simply stop collection efforts in the absence of a negotiated settlement and consumer payment and when it takes no action on a consumer’s account. Providers cannot stop collection activity, including collection calls, wage garnishment, judgments, and litigation.

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Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. ” The toolkit offers small businesses free operational tools and educational resources to help reduce cyber risks.

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Sawin & Shea

OCTOBER 5, 2022

The total collective amount of federal and private student debt is around $1.75 According to the Education Data Initiative , 7.8% Federal loans charge high-interest rates, and if you default, the government could sell your loan to a collection agency. Tragically, many of those student loan borrowers have defaulted.

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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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Troutman Sanders

MARCH 4, 2024

State Activities: On February 28, New York AG Letitia James (D) announced that her office secured more than $650,000 from a debt collection law firm and its subsidiary for filing allegedly frivolous lawsuits and “harming … New Yorkers.” s Municipal Regulations. For more information, click here.

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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

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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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

APRIL 18, 2022

New third-party collections during the pandemic. In the post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Pre-pandemic payment assistance on student loans. Multiple student loan servicers. Delinquencies on other credit products since the start of the pandemic. For more information, click here.

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Troutman Sanders

FEBRUARY 8, 2021

Uejio said he was directing CFPB’s Division of Research, Markets, and Regulations to “explore options for preserving the status quo with respect to [the qualified mortgage rule] and debt collection rules.” The debt collection rule is currently scheduled to go into effect on November 30, 2021. For more information, click here.

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Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Take your Debtor Education Course – Within 45 days of the 341 Meeting. Debts Discharged – No sooner than 60 days after your 341 meeting, but not until the debtor education certificate is filed and court filing fees are paid.

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Collection Industry News

MARCH 2, 2021

Democratic senators have reintroduced legislation to prevent health care providers from actions such as wage garnishment in connection with medical debts. It is among several proposals on medical debt collections introduced at the state and federal level this year. The COVID-19 Medical Debt Collection Relief Act , sponsored by U.S.

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