Better Credit Blog

MAY 11, 2022

million people carry some form of student loan debt, with most averaging around $39,000 —although many of us have a lot more. Refinancing your student loans could help lower your monthly payments and reduce your overall repayment amount. But finding a good lender can feel intimidating when you don’t know what to look for.

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Collection Industry News

AUGUST 8, 2022

15 provides the Private Student Loan Collections Reform Act, which is contained in Sections 1788.200 to 1788.211. Section 1788.203 requires all settlement agreements between a private education lender or private education loan collector and a debtor to be documented in open court or otherwise reduced to writing.

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Credit Corp

MARCH 9, 2021

Going through student loan repayments can be a hassle. However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. This means you have more time to find ways to repay your student loans before you have a defaulted loan.

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True Accord

OCTOBER 10, 2023

Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. trillion in student debt under the CARES Act, student loan payments resume this month. And approximately 4.6%

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Collection Industry News

OCTOBER 10, 2022

The CFPB released a special edition of Supervisory Highlights on student loan servicing practices of loan servicers and schools lending to students directly. Servicers also provided borrowers with inaccurate information about their entitlement to progress toward loan forgiveness during the pandemic payment suspension.

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True Accord

MARCH 5, 2024

For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.” And then we add student loans back into consumers’ repayment mix… The Impact of Resumed Student Loan Repayments Millions of people are resuming another financial obligation every month: their student loan payments.

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Consumer Credit Student Loans Student loans Collections 86

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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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 Forbearance is when lenders allow borrowers to pause or reduce payments for a limited time while they build back their finances. In addition to forgiving tens of thousands of loans, Navient will pay $142.5

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Student Loans Student loans Loans Education 52

Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

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Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights , focusing on student loan servicing. It’s time to open up the books on institutional student lending to ensure all students with private student loans are not harmed by illegal practices.”.

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Student Loans Student loans Loans Education 52

Troutman Sanders

APRIL 14, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. The CFPB’s playbook appears to be the same here.

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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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Troutman Sanders

APRIL 2, 2021

The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not acting as “debt collectors.”. On March 25, in Willison v. Nelnet, Inc. , 1692(a), (b), (e). 1692a(6).

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Collection Industry News

APRIL 11, 2022

The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 We often break our pink piggy bank that says student loan on it, in an attempt to pay back our debts. The history of student loans.

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Collection Industry News

MAY 16, 2022

Borrowing federal student loans is about to get more expensive. Federal student loan interest rates are tied to the 10-year Treasury note and determined using a formula set by federal law. The new fixed interest rates will be: 4.99% for direct subsidized and unsubsidized undergraduate loans. Source: site.

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Collection Industry News

APRIL 18, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. The CFPB’s playbook appears to be the same here.

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Debt Guru

JANUARY 27, 2020

But if you can’t pay and remain in delinquency for a certain amount of time (for federal loans, the time frame is typically nine months without making a payment), your lender will declare the loan in default. . And if you’re already having a hard time affording one payment, the full amount would be crushing.

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Credit Corp

MARCH 21, 2023

Currently, individuals with outstanding student loan debt owe as much as $100,000 or more, with more than 40% owing between $20,000 and $99,999. If you’re struggling with student loan debt, you certainly aren’t alone. Understanding your loan is an important first step in creating a viable plan to pay it back.

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Collection Industry News

MARCH 19, 2024

For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.” And then we add student loans back into consumers’ repayment mix… The Impact of Resumed Student Loan Repayments Millions of people are resuming another financial obligation every month: their student loan payments.

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Consumer Credit Student Loans Student loans Collections 40

Troutman Sanders

NOVEMBER 18, 2022

According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately expand access to credit and refinancing. Because student loans are largely administered by the federal government, we know more about them too.

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Troutman Sanders

APRIL 20, 2022

On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post , scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of higher education. Before that, he served as the CFPB’s student loan ombudsman under former Director Richard Cordray.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders.

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Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. In This Piece: What Is Collections Debt?

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Credit Corp

JUNE 14, 2023

How Late Can You Be on Student Loans? Many lenders give borrowers a grace period before they technically consider the payment late. Lenders consider any payment not made within this allotted time frame a late payment. Since each lender has its own terms and conditions, it’s important to read the terms of your auto loan.

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True Accord

MARCH 31, 2022

While student loan payments are still paused through May, the day is quickly approaching when many will see their financial obligations increase yet again, compounding the burden and financial pressure on consumers. And lenders are happy to lend.

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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. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. We have the experience that pays.

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True Accord

OCTOBER 22, 2024

Read on for our take on what’s impacting consumer finances, how consumers are reacting and what else you should be considering as it relates to debt collection today. In September, the bureau issued its annual report on debt collection, which highlighted aggressive and illegal practices in the collection of medical debt and rental debt.

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Student Loans Student loans Debt collector Loans 77

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. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state.

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Garnishment Collections Debt collector Student Loans 40

True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. Read on for our take on what’s impacting consumer finances and our industry, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023.

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Collection Industry News

JUNE 29, 2024

It involves qualifying and applying for a revolving credit line through a lender, usually a bank or other financial institution. Lenders grant a card with a specific credit limit based on a consumer’s credit rating, credit history, financial situation, as well as their relationship with the customer.

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Sawin & Shea

SEPTEMBER 14, 2022

Examples of non consumer debts include: Alimony Child support Traffic tickets Parking tickets Criminal restitution Business loans Personal guarantees Business property mortgages Business-related legal fees Taxes. Are Student Loans Consumer or Non-Consumer Debts?

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What’s Impacting Consumers and the Industry? A ruling is expected sometime in Q2 2023.

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Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Consumer Finance

NOVEMBER 19, 2023

The Consumer Financial Protection Bureau (CFPB) and 11 states announced today that student lender Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers (..)

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True Accord

JANUARY 10, 2024

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations against the economic landscape and accommodating their financial needs and preferences when collecting is critical to your success. million borrowers missed their student loan payment —that’s 40% of loan holders.

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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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Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. Can a debt collector collect after 10 years? Here’s an overview of the timelines for debt collection and what to do if you’re contacted about an old debt.

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