UK debt collections

FEBRUARY 16, 2021

Plans to create a Nationwide Debt Collection service to recoup unpaid covid Business support loans have hit a brick wall according to latest reports. £45 In total 1.47m loans were issued by Commercial Lenders with a government guarantee. The programme will see recipients start to pay 2.5% interest from May.

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Collection Industry News

DECEMBER 7, 2021

.: Earlier this month, the federal Education Department announced it is canceling another round of student loan payments, adding that those eligible are now being notified via email. The new round will cancel loans worth $2 billion, reported Yahoo Money. Government Writes Off $2 Billion In Student LoansU.S. totaling some $1.8

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Qualco

MARCH 12, 2024

In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.

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Sawin & Shea

OCTOBER 5, 2022

Student loan debt is a serious problem in the United States, and it’s an issue that impacts millions of Americans. As of January 2022, around 45 million people have student loan debt, which is 13.5% The total collective amount of federal and private student debt is around $1.75 Consequences of a Federal Student Loan Default.

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Account Recovery

OCTOBER 20, 2021

Debt collection, student loan debt relief, payday loans, and government impersonators are just a few of the categories highlighted in a Federal Trade Commission report that analyzes the regulator’s effort at addressing fraud and consumer issues that are affecting communities of color, which was released earlier this week.

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Qualco

NOVEMBER 28, 2023

In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. To find out more on how Qualco’s panel and asset management platform can help you optimise collections, contact us. You can view it here. Download it here.

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Collection Industry News

JULY 18, 2022

A bankruptcy judge ordered student loan servicer Navient Corp. to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge. Government-backed…. Source: site. Judge Elizabeth Stong with the U.S.

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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. Image source: [link].

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Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

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Collection Industry News

MARCH 6, 2024

President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.

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UK debt collections

JULY 25, 2022

The move is seen as the Insolvency Service ramping up its actions against deliberate fraud for government backed emergency Covid-19 loan schemes. Last year, government ministers introduced new legislations that gave the Insolvency Service powers to investigate and punish directors that abused the system to escape their creditors.

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Troutman Sanders

FEBRUARY 6, 2024

Recently, Lead Bank and its loan servicer Hyphen, LLC, an online lending platform operating Helix Financial, filed a motion to dismiss a purported class action alleging violations of the Georgia Installment Loan Act (GILA) and Georgia racketeering law arising out of a consumer installment or “payday loan.”

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Nexa Collect

SEPTEMBER 15, 2020

The current COVID-19 pandemic and the drastic measures that governments undertook to slow the disease’s spread have devastated the global economy. Need a Collection Agency – Serving Nationwide? At that point, commercial and multifamily loan delinquencies hadn’t moved much from their resting state of.6%, Contact Us.

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Taurus Collect

APRIL 4, 2023

For businesses that need a little extra financial support to make their operations more efficient or expand, taking out a loan can provide the necessary capital and access to new opportunities. Business loans also come with flexible repayment plans that make it easier to pay back the amount borrowed over some time.

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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 specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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UK debt collections

DECEMBER 8, 2020

The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic. The FCA is preparing new guidance on how they can help businesses that took out emergency loans during the COVID-19 crisis.

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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 specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

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Katabat

AUGUST 29, 2023

We look forward to helping Harmoney improve its collections efficiency, with smarter, more-effective strategies, increase customer satisfaction with personalized treatment strategies, and ultimately, collect more,” said Tim O’Brien, Chief Executive Officer at Finvi. “We © 2023 Finvi.

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Collection Industry News

MARCH 22, 2024

“When I was told I couldn’t universally just change the way in which we dealt with student loans,” Biden said, “I fixed two student loan programs that already existed to reduce the burden of student debt for nearly 4 million Americans, including nurses, firefighters and others in public service.”

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Fico Collections

JANUARY 4, 2021

Within the collection industry in the United States, State and Federal Governments imposed significant constraints because of COVID. In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent.

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Collection Industry News

JANUARY 3, 2022

If the CFPB’s inquiries into “Buy Now Pay Later” credit and pawn loans are a leading indicator, it seems only a matter of time before Mr. Chopra revisits the perpetual progressive irritant—payday loans. A study we recently completed questions the wisdom and legality of the CFPB’s last attempt to regulate payday loans, a rule from 2017.

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Fico Collections

DECEMBER 1, 2020

Unfortunately, 2021 will bring the after-effects, as credit grantors, consumers and governments try to work through a flood of uncollectable debt. When you have loans that are not profitable, and the regulator wants you to take the loss, you will push those loans to the debt resolution space.

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Collection Industry News

JULY 25, 2022

The move is seen as the Insolvency Service ramping up its actions against deliberate fraud for government backed emergency Covid-19 loan schemes. Last year, government ministers introduced new legislations that gave the Insolvency Service powers to investigate and punish directors that abused the system to escape their creditors.

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Collection Industry News

APRIL 22, 2023

The justices declined to intervene over a class-action settlement that could lead to the cancellation of more than 200,000 loans based on claims that colleges misled students. WASHINGTON — A settlement that will allow thousands of student loan debts to be canceled will go into effect after the Supreme Court on Thursday declined to block it.

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Collection Industry News

SEPTEMBER 30, 2023

After a three-and-a-half year pandemic-era pause, US federal student loans start accumulating interest again from Friday, with repayments set to cut the monthly take-home pay of millions of Americans by hundreds, and in some cases thousands, of dollars. But their loan balance remains, and often increases in size as it accumulates interest.

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Collection Industry News

MARCH 19, 2024

Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York, leading to a shift in consumer spending for 2024. million borrowers missed their student loan payment, equating to 40% of loan holders.

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Fico Collections

NOVEMBER 19, 2020

The latest positive scheme to be hijacked by criminals is the UK government's bounce back loan scheme for businesses. Bounce back loan fraud is being forecast at £15-26 billion. And unfortunately, as long as a simple fraud check was performed, the government has 100% liability for these loans, which means the UK taxpayer does.

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Collection Industry News

OCTOBER 22, 2023

Amberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the Missouri Higher Education Loan Authority. She was done with her debt, or so she thought. exceeds $1.7

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UK debt collections

NOVEMBER 9, 2023

Small Business Debt Collection is one of the most efficient ways to boost cash flow, and will help ensure that businesses get paid more quickly. Small Business Debt Collection services help businesses to quickly and efficiently identify debtors, track invoices, and send out automated reminders for overdue accounts.

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Collection Industry News

JANUARY 5, 2023

Student loan borrowers are starting 2023 with a lot of uncertainty. The fate of President Joe Biden’s major student loan forgiveness program lies with the US Supreme Court , and it could be as late as summer before the justices rule on whether the policy can take effect. When will the pandemic pause on payments end?

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Collection Industry News

FEBRUARY 21, 2022

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. Despite one government estimate that 1.3

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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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Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. Debt Collection And Covid-19: What Past Crises Can Teach Us. In particular, we failed to: Identify the customers who would not have been in collections were we not in the situation we are in.

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Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. The Federal Government receives a staggering number of complaints about robocalls—3.7 Second, if not, could the debt collection provision be severed? American Assn. American Assn.

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Collection Industry News

OCTOBER 21, 2022

Livingston County residents and others across the state are reminded to beware of scammers looking to take advantage of the Federal Student Loan Debt Forgiveness Program. Department of Education has made available the application for student loan debt relief announced by the Biden Administration.

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Credit Corp

JANUARY 7, 2022

Christmas came early for millions of federal student loan borrowers courtesy of the federal government. So, for now, federal student loan borrowers may have 99 problems, but repayment isn’t one of them–at least until May 1. . Follow these tips to help create an affordable student loan repayment plan. Consider Refinancing.

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Collection Industry News

APRIL 6, 2023

WASHINGTON — The Supreme Court on Thursday refused to block a class-action settlement that forgave $6 billion in federal loans for students at for-profit schools or vocational programs. A federal law allows the education secretary to cancel federal loans based on misconduct by the borrower’s school. There were no noted dissents.

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