Mass. AG Levies $1M Fine Against Debt Settlement Company
Account Recovery
SEPTEMBER 1, 2021
AG Levies $1M Fine Against Debt Settlement Company appeared first on AccountsRecovery.net. ” A copy … The post Mass. ” A copy … The post Mass.
Debt Settlement Firm to Pay $1.4M in Fines and Redress in Agreement with CFPB
Account Recovery
APRIL 14, 2021
The Consumer Financial Protection Bureau yesterday announced an enforcement action against a debt settlement company that has ties to the very creditors it was trying to help consumers get out of debt from, fining the company $750,000 and ordering it to repay $646,000 back to its customers. The company, Settlet, Inc.,
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Daily Digest – December 2. Judge Denies MTD in FDCPA Case Over Reference to Creditor; CFPB Sues Debt Settlement Company
Account Recovery
DECEMBER 2, 2020
Judge Denies MTD in FDCPA Case Over Reference to Creditor; CFPB Sues Debt Settlement Company appeared first on AccountsRecovery.net.
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Is Debt Settlement Legit?
Titan Consulting
SEPTEMBER 22, 2020
Multiple state and federal agencies strictly regulate the debt settlement industry. All types of debt relief programs come with negative consequences, including non-profit credit counseling and bankruptcy, and will directly or indirectly negatively impact your credit score. State and Federal Regulations for Debt Settlement.
Massachusetts AG Reaches $600K Settlement With Debt Settlement Payment Processor
Troutman Sanders
DECEMBER 27, 2022
The attorney general of Massachusetts reached a settlement with a payment processing company that allegedly assisted a debt settlement company engaged in charging consumers premature and inflated fees. The settlement with the Massachusetts AG resulted in a civil penalty of $1,000,000 and repayment of $5.4
The Three Costs of a Debt Settlement Agreement
Direct Recovery
JANUARY 8, 2021
No matter what type of debt situation you are attempting to resolve, almost every creditor is willing to accept some type of deal to get an outstanding balance off of their books. With that in mind, let’s take a quick look at the three common costs associated with any type of debt settlement agreement.
CFPB Takes Action Against A Debt Settlement Firm For Directing Consumers To High-Cost Loans
Collection Industry News
APRIL 27, 2021
On April 13, the CFPB entered into a preliminary settlement with an online debt-settlement company for allegedly violating the CFPA’s prohibition on abusive acts or practices and failing to clearly and conspicuously disclose total cost under the Telemarketing Sales Rule. Source: site.
Can I Settle My Credit Card Debt Myself?
Titan Consulting
SEPTEMBER 15, 2020
Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. You avoid calls because you don’t want to talk to creditors demanding payment on past due bills.
Does Debt Relief Hurt Your Credit?
Credit Corp
FEBRUARY 9, 2024
Debt relief won’t hurt your credit alone. Debt relief and debt settlement options don’t hurt your credit score on their own. These programs aim to help reduce your debt and if that debt is revolving credit, it can reduce your credit utilization and improve your credit.
CFPB Takes Action Against SettleIt, Inc. for Steering Consumers into High-Cost Loans
Consumer Finance
APRIL 12, 2021
The Consumer Financial Protection Bureau (CFPB) took action today against an online debt-settlement company for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders.
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Decoding Over-Indebtedness in Europe: Managing Procedures with a Unified Tech Solution
Qualco
JANUARY 26, 2024
The EU has undertaken several legislative measures to tackle over-indebtedness and provide relief for over-indebted individuals or entities, prioritising negotiated solutions between debtors and creditors, often involving court supervision or approval.
Decoding Over-Indebtedness in Southern Europe: Managing Procedures with a Unified Tech Solution
Qualco
JANUARY 26, 2024
The EU has undertaken several legislative measures to tackle over-indebtedness and provide relief for over-indebted individuals or entities, prioritising negotiated solutions between debtors and creditors, often involving court supervision or approval.
CFPB Obtains $5.4 Million from Debt-Relief Service that Allegedly Charged Illegal Fees
Troutman Sanders
MAY 18, 2021
On May 17, the Consumer Financial Protection Bureau (CFPB) announced a settlement with DMB Financial LLC, a Massachusetts-based debt-settlement company.
How Does Credit Counseling Work and Is It Right for You?
Credit Corp
AUGUST 24, 2021
This might include options such as budgeting, debt settlement, consolidation loans, or debt management programs. If you work with your credit counselor to set up a debt management plan (DMP), you will make a monthly payment to your credit counselor who will pay your creditors on your behalf. Debt settlement.
Need Debt Relief? Here Are Your Options
Debt Guru
AUGUST 30, 2021
Debt Settlement. Most credible credit counselors warn consumers to stay away from debt settlement because it can further damage your credit score and isn’t even a guaranteed relief from your debt. But during this time, expect to continue getting calls and letters from the creditors.
What is Commercial Debt?
Debt RR
APRIL 5, 2022
Nearly all businesses will accrue some outstanding debt from their inception, and it is inevitable for some of those debt payments to be past due. Due to this, the original creditors will reach out to you to obtain their due payments. There are numerous preventative measures to take prior to a civil lawsuit for commercial debts.
Tips for Credit Debt Relief
Sawin & Shea
NOVEMBER 8, 2023
Many people find there are numerous ways they can cut corners here and there to help them get caught up and pay more than the minimum balance on their credit debt. Informing your creditors of your particular financial situation could make them willing to waive a penalty fee or keep an interest rate at a manageable level.
How To Respond When Your Debt Is Sent To Collections?
Taurus Collect
DECEMBER 30, 2022
However, sometimes we can fail to pay back the amount and end up with hundreds of calls from creditors. Ultimately, they can also hire a debt collection agency to pursue the money you owe to them. Read on to understand how to respond when your debt is sent to collections. Stop and take a breath. Taurus Collections (UK) Ltd.
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You’re in Debt: 9 Terms to Know
The Kaplan Group
OCTOBER 19, 2020
These provisions mean that you may owe interest on unpaid debts. You may also be responsible for paying the costs of the creditor hiring a collection agency or legal costs. Debt Settlement Services. In our opinion, credit counselors generally do a much better job for both clients and their creditors. Garnishment.
Can I Sue a Company for Sending Me to Collections?
Credit Corp
JANUARY 21, 2021
The Fair Debt Collections Practices Act a lso helps ensure creditors are honest when reporting or collecting debts. Additionally, it prohibits collectors from engaging in harassing or abusive behavior to collect a debt, including contacting you excessively or at inappropriate times.
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Should You File for Bankruptcy if a Strong Economy is Just Around the Corner
Titan Consulting
AUGUST 23, 2020
In many cases, you may also lose certain secured assets like homes and cars in a liquidation to pay your creditors some of what you owe. Chapter 13 is a debt reorganization that requires you to repay debts within three to five years. Call creditors as soon as you have a shortfall. Take advantage of payment waivers.
Freedom Debt Relief Sued for Misleading Consumers
Debt Free Colorado
NOVEMBER 13, 2017
Offers for debt settlement and debt repayment plans often sound too-good-to-be-true. government agency that makes sure banks, lenders, and other financial companies treat you fairly”, Freedom Debt Relief’s offers actually were too-good-to-be-true.
What’s a Credit Lawyer, and Do I Need One?
Credit Corp
APRIL 2, 2024
Send a Goodwill Letter Depending on your situation, a credit attorney may be able to send a goodwill letter to the creditors or credit bureaus on your behalf. Your lawyer can submit a goodwill letter to your creditor or the credit agencies explaining your situation. For example, say you lost your job a year ago.
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How Often Do Debt Collection Agencies Take You To Court? 5 Things to Know
Taurus Collect
JUNE 12, 2023
In the UK, cash collection services can take several forms, including phone calls and letters requesting payment, negotiating a payment plan, or even offering debt settlement options. While it’s understandable to feel anxious about dealing with a debt collector, remember that they want to resolve the debt just as much as you do.
FAQs About Debt Management Plans
Debt Guru
JANUARY 27, 2021
A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. Will creditors still contact me? Bankruptcy can be a potential option when you’re totally overwhelmed by your debt.
Court Finds Letter Warning Consumer of Tax Consequences for Debt Forgiveness Does Not Violate the FDCPA
Troutman Sanders
NOVEMBER 1, 2021
28, 2021) , plaintiff Roberta Bordeaux, on behalf of herself and a class of similarly situated persons, asserted that defendant debt collector LTD Financial Services LP (LTD) violated the Fair Debt Collection Practices Act (FDCPA) by sending collection letters, referencing potential tax reporting consequences of accepting a debt settlement.
Dealing With Debt From COVID-19
Debt Free Colorado
APRIL 9, 2020
Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Triage your finances.
Integrating Judicial and Extrajudicial Strategies in Portfolio Management
Qualco
NOVEMBER 7, 2023
To identify the best solution for Non-Performing Loans (NPLs) , stakeholders such as lenders, servicers, and debt collection agencies need to deploy all available tools, starting a thorough appraisal of the NPL portfolio via a dedicated Workout Unit. Assess the feasibility of proposed repayment plans and debt restructuring solutions.
Need to Know About Debt Negotiation and Settlement?
Sawin & Shea
AUGUST 24, 2020
Chapter 7 Bankruptcy: A petition is filed in the Bankruptcy Court seeking a discharge of most types of debts. In exchange of this discharge non-exempt assets are liquidated by a Chapter 7 trustee in order to pay creditors back something. How Does Debt Negotiation Work? What do you need to keep in mind though?
Ethical Considerations in Debt Collection Practices: Insights from New York Attorneys
FFGN COLLECT NY
DECEMBER 11, 2023
Every experienced debt collection attorney must complete this before taking any other legal action. Empathic Communication A business or client hired you as a debt collection attorney to help them collect the debts owed by a creditor. The bedrock of a practical and ethical debt collection process lies in communication.
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What is the Bankruptcy Means Test?
Sawin & Shea
MAY 24, 2023
Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and protects certain assets you may possess. Briefly, unsecured debts are not backed by any collateral. Unlike car and home loans, unsecured debt means that creditors aren’t able to reclaim property if you default.
There are 7,060 collections agencies in the U.S.—here’s what to do you if your credit card debt is sent to one
Collection Industry News
DECEMBER 1, 2022
Select spoke with Shelly-Ann Eweka (CFP, ChFC), a wealth management director at TIAA , who shares everything you need to know about debt collections. The most common types of debt that go to collections are credit card balances and medical bills , but there are many other reasons why people go into debt.
How To Deal with Debt Collectors When You Can’t Pay
Better Credit Blog
APRIL 4, 2022
This letter is allowed by the Fair Debt Collection Practices Act. If the creditor can’t prove you owe the money by providing accurate information, including account numbers, you have a strong case for getting it off your credit report and your credit score could improve significantly. Try To Negotiate On Older Debts.
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The Best Debt Consolidation Loans
Better Credit Blog
AUGUST 9, 2021
Payoff – Best For Paying Off Credit Card Debt. Payoff specializes in debt consolidation loans that can help you pay off credit card debt, and will even send direct payment to your creditors. Offers direct payment to creditors. ” What Are Some Other Options To Debt Consolidation Loans?
The Best Debt Consolidation Loans
Better Credit Blog
AUGUST 9, 2021
Payoff – Best For Paying Off Credit Card Debt. Payoff specializes in debt consolidation loans that can help you pay off credit card debt, and will even send direct payment to your creditors. Offers direct payment to creditors. ” What Are Some Other Options To Debt Consolidation Loans?
5 Best Credit Repair Companies – Updated April 2022
Better Credit Blog
APRIL 6, 2022
Legal experts at credit repair companies spend all day every day negotiating with creditors and seeking resolutions to mistakes. Charge-offs : If a creditor has given up on collecting a debt from you and charged-off the debt, you can expect credit trouble for years without intervention. Debt Settlements.
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National Debt Relief Review
Better Credit Blog
FEBRUARY 11, 2022
Rated the best debt relief company on Trustpilot. A Guide to Debt Settlement Services. If you’re on the brink of bankruptcy, a final option before filing is to try the services of a debt settlement firm. As Experian notes , “Debt settlement is a risky process with no guarantee of success.”.
How to Ensure Financial Security in the Future–in 12 Steps
Credit Corp
JUNE 1, 2021
These include credit card debt, personal loan debt, payday loans, and other bills for non-lasting purchases. If you can pay your debt down on your own, within your budget (check out the avalanche or snowball method), do so. You also can contact creditors to ask about payment plans or other assistance.
Credit Score & Credit Report: File a Dispute to Fix Errors
Nexa Collect
JULY 1, 2020
Experian ’s website indicates that collections of unpaid debt “can stay on your credit report for up to 7 years from the date the debt first became delinquent and was not brought current”. Two well known, and dreaded, causes of a falling credit score are bankruptcy and entering debt relief programs. Improving Your Credit Score.
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How to Remove Capital One Collections From Your Credit Report
Better Credit Blog
APRIL 1, 2022
In other words, has Capital One sold your unpaid credit card debt to another collection agency, or is the debt still with Capital One? You can find out who owns your Capital One debt by getting a current copy of your credit report and taking a look to see who is listed as the creditor on the entry.
Seven Ways to Get Out of Debt in 2022
Better Credit Blog
APRIL 11, 2022
Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability. What is Debt? Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans. Debt Settlement.
How to Get out of a Debt Spiral–11 Easy Things to Do [TODAY]
Credit Corp
MARCH 16, 2021
However, if you can’t control your debts even after following their instructions, then you can enroll in a debt management plan. In this plan, credit counseling agencies negotiate with your creditors for arranging a customized and budget-friendly repayment plan for you. Credit counselors are working in the debt industry.
Freedom Debt Relief Review
Better Credit Blog
JANUARY 20, 2022
The firm’s flagship service involves negotiating with creditors to reduce what you owe in exchange for paying off a certain amount as a lump sum. If you sign up to Freedom Debt Relief’s program, an advisor from the company will: Offer you a free financial evaluation as the first step. About Freedom Debt Relief. Ads by Money.
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Tips For Credit Card Debt Relief
Sawin & Shea
FEBRUARY 2, 2022
Typically, these programs enable you to pay off all of your credit card debt in full, but through a single reduced rate payment. Debt management programs are run by credit counseling agencies that handle negotiations with your creditors to create new terms. Debt Settlement. How Sawin & Shea, LLC Can Help.
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