Collection Industry News

NOVEMBER 16, 2021

The total debt balance is now $1.1 The largest component of household debt are mortgage balances, which rose by $230 billion and stood at $10.67 Meanwhile, credit card balances increased $17 billion — the same size increase as the previous quarter. Mortgage originations, including refinances, stood at $1.1

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Credit Corp

MARCH 31, 2021

Those that do will be rewarded with great mortgage rates, lower payments, and a home that provides comfort and security for years to come. As the COVID-19 pandemic wears on, banks worry most about a borrower’s ability to make mortgage payments. With nationwide unemployment around 6% and mortgages in forbearance nearing 2.7

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. three of our top five posts explain, medical conditions or diseases have no impact on a consumer’s FICO® Score, nor do loan forbearances or deferred payment agreements. And as our fourth most popular post explains, the average U.S.

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Sawin & Shea

JANUARY 21, 2021

The COVID-19 crisis left many Hoosiers in a tough spot financially. When eviction and mortgage moratoriums prevented people from losing their homes during the pandemic, it came as a huge relief. Ask your landlord exactly how much you owe and how you might be able to clear out your old, overdue balance.

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Titan Consulting

JUNE 7, 2020

The stimulus package provided direct payments to families, extended unemployment benefits, forbearance provisions for federally backed mortgages, and payment protection loans for small businesses. The Act also included assistance for most student loan borrowers who face financial hardship due to the economic impact of the COVID-19.

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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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Fico Collections

JULY 29, 2020

The hopes of a fairly speedy return to a ‘Covid-normal’ in Australia have been dashed as Victoria has entered a second wave of infections. The ABA has articulated a three-phased approach supporting customers through Covid-19. Is this the time for the banks to rethink hardship or forbearance policies? Source: [link].

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Fico Collections

NOVEMBER 19, 2020

Our latest UK Credit Market Report shows the continuing impact of COVID-19 on household finances even while furlough and payment holidays remained in place during the month. Of particular concern is that average balances on accounts missing two or more payments is higher and growing. Spend on UK Cards Increases Marginally.

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True Accord

MARCH 31, 2022

But that doesn’t tell the whole story: 964,464 mortgages are still seriously delinquent and not in forbearance, with 49% in loss mitigation plans. And don’t forget pandemic-related medical expenses from Covid-19 testing and treatment. And lenders are happy to lend. Fintech companies are delivering. Boiling This All Down.

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Titan Consulting

AUGUST 23, 2020

The process takes less than a year and can eliminate the balance on most unsecured debts. If you think you might need to file bankruptcy, consider these strategies before you begin the process: Mortgage relief: The CARES Act offers payment relief for homeowners with federally owned mortgages.

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Troutman Sanders

JANUARY 20, 2022

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. State Activities. paid to the states.

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Fico Collections

NOVEMBER 30, 2022

Diligent consideration of affordability widens the scope of potential risk to include senior citizens, those on reduced incomes, and those on variable rate mortgages or rentals. It might also be the case that vulnerability - marital changes, new children, expenses for elder care or childcare, medical issues, Covid-19, etc.

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Credit Corp

JUNE 1, 2021

List ongoing monthly expenses in four categories: fixed costs that stay the same every month (such as a mortgage or rent payment); variable expenses that change each month but are “must-buy” items (such as food, gas, and medicine); savings (it’s a mandatory “bill”); and spending money. Will you be traveling (post-COVID-19)?

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CSA

MARCH 4, 2021

Yet the Chancellor has managed to walk the tightrope carefully, without undue ideological bias, balancing the need to offer help through unprecedented times with the requirement to repair public finances over the longer term. The level of forbearance provided by our sector has been phenomenal and creditors have provided over 2.7m

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PDC Flow

JANUARY 12, 2021

Flexible work/life balance and remote work arrangements will remain present in 2021 until the spread of COVID-19 shows signs of slowing. Parents are in a terrible position: Balancing their child's education and their family's income. Anyone who received forbearance due to COVID has had their account status frozen in time.

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