Account Recovery

JULY 1, 2022

Appeals Court Upholds Ruling Over Suit Filed During Pandemic; Groups Call For Extension of Student Loan Payment Pause appeared first on AccountsRecovery.net.

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Account Recovery

FEBRUARY 17, 2021

Legislators in Colorado are moving forward with a bill aimed at overhauling student loan collection in the state, which, if enacted would create several conflicts with the Colorado Fair Debt Collection Practices Act for debt collectors.

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Student loans Student Loans Loans Fair Debt Collection 130

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 There are now 7.5

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Collection Industry News

NOVEMBER 8, 2021

Department of Education said it is ending its relationship with private collection agencies that had been tasked with recovering payments from federal student loan borrowers in default to improve collections and provide borrowers with more support. Source: site. Photo: John Minchillo/Associated Press.

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Account Recovery

SEPTEMBER 15, 2021

Lawmakers, state Attorneys General, and state regulators — including those that regulate collection agencies — are praising a decision by the Department of Education to undo a Trump-era rule regulating debt collectors and servicers of federal student loans.

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Student loans Student Loans Collection Agencies Collections Agency 245

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.

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Student loans Student Loans Loans Personal loans 82

True Accord

APRIL 12, 2022

The freeze on student loan payments has been a hot topic since the start of the pandemic—not just for borrowers, but for debt collection departments outside of the student loan debt sector. Don’t Forget the Debts that Don’t Have an Indefinite Moratorium. The Freeze Continues Through the Summer.

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Account Recovery

MARCH 29, 2021

A District Court judge in Delaware has dismissed a lawsuit filed by the Consumer Financial Protection Bureau that accused a student loan servicer and the debt collector it hired of engaging in deceptive collection practices, ruling that the regulator did not have the authority to file the lawsuits because it did so at a time … The post Judge (..)

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Student loans Student Loans Collections Debt collector 204

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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Sawin & Shea

FEBRUARY 1, 2023

Who knows how to get debt collectors to stop calling after bankruptcy? How long after filing for bankruptcy do collectors keep calling? How to stop debt collector calls after filing for bankruptcy: Answer the calls. What if my debt cannot be discharged? Why would such a thing even happen? or after 9:00 p.m.

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Collection Industry News

JUNE 1, 2021

The Department of Education under the Biden administration is rescinding a Trump-era policy that restricted states’ access to records and information in policing student loan servicing companies. Congress charges FSA with the duty of running the federal student loan program for a reason.

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Account Recovery

JUNE 4, 2021

Public colleges in 49 states across the country — all but Louisiana — are being called out in a report for placing unpaid debts with private collection agencies to be repaid for tuition, library fees, and parking fines, creating a “spiraling” amount of debt that former students are not able to repay, which keeps them … (..)

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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. ,

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Student loans Student Loans Loans Debt collector 52

Credit Corp

MAY 19, 2021

And can debt collectors actually follow you to another country? It might be tempting to leave all your debts behind. We’ll walk you through the process, as well as some alternatives, so you can make the right choices for tackling your debt. Can Debt Collectors Follow You to Another Country? Probably not.

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Collection Industry News

APRIL 25, 2023

A debt doesn’t generally expire or disappear until its paid, but in many states, there may be a time limit on how long creditors or debt collectors can use legal action to collect a debt. Some debts, though, such as federal student loans don’t have a statute of limitations.

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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. But it’s especially frustrating if your debt is several years old. Can a debt collector collect after 10 years? Get Help Now.

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True Accord

MARCH 5, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Collection Industry News

SEPTEMBER 29, 2020

Yesterday, the New York Department of Financial Services (NYDFS) announced that it filed its first enforcement action against a debt collector under New York’s Debt Collection Regulations. ” “CONSUMER-2 disputed that CONSUMER-2 owed any student loan debt whatsoever, and requested proof of debts owed.

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Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

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Financial services Student loans Student Loans Debt collector 52

Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Consumer Credit Student loans Student Loans Collections 40

National Service Bureau

NOVEMBER 20, 2015

The CFPB found Discover Bank to be in violation of the Consumer Financial Protection Act in three instances and in violation of the Fair Debt Collection Practices Act in one.for a mistake that might catch other debt collectors unaware. You can read the full text of the CFPB ruling here.

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National Service Bureau

SEPTEMBER 9, 2015

It’s no secret that student debt is at an all-time high. According to the US Department of Education, there are more than 40 million student loan borrowers who owe more than $1.2 Unfortunately, this means student loans (unless you have access to scholarships, independent wealth, grants, or other resources).

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Debt collector Student loans Student Loans Collection Agencies 40

Credit Corp

MAY 17, 2021

With so much money on the table, you might wonder: Can debt collectors take your stimulus check. Federal or State Tax Debt: No. That includes tax debt. It also won’t be taken to offset state debts , including tax debt. Federal Student Loan Debt: No. Bankruptcy: Probably Not.

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Credit Card Debt Garnishment Student loans Student Loans 105

Sawin & Shea

SEPTEMBER 27, 2023

If you are a victim of debt collector harassment, it’s important to know the debt collection laws, and consider your options for debt relief. Debt Collection Laws: What Can Debt Collectors Do? Filing for bankruptcy can provide you with a much-needed second chance when it comes to your finances.

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Credit Corp

MAY 9, 2023

The statute of limitations on collections is the amount of time a creditor or debt collector has to file a lawsuit to collect unpaid debt. These statutes vary by state, type of debt and terms of the contract, if there is one. Can a Debt Collector Restart the Clock on My Old Debt? Open-ended credit.

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Collection Industry News

MARCH 17, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. Debt Collection in 2024 The governor mentioned debt collectors and their interactions specifically regarding retired seniors, noting concerns that seniors are giving up retirement income.

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Direct Recovery

NOVEMBER 14, 2021

Debt collectors will also have to provide a statement on when the last payment was made and when a debt became delinquent. They will also be forbidden from sending written statements to consumers unless they have a written contract or some other evidence that a debt is actually owed.

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Student loans Student Loans Collections Fair Debt Collection 52

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. There were also a couple of notable court decisions impacting debt collectors last quarter. 9%) to $17.05 9%) to $17.05 After three years of relief from payments on $1.6

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True Accord

APRIL 5, 2023

Directly impacting creditors and debt collectors, a January ruling from the District Court of Puerto Rico found that sending debt collection communications prior to any knowledge of a debtor’s bankruptcy filing is not a violation of the Fair Debt Collection Practices Act (FDCPA). A ruling is expected sometime in Q2 2023.

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Student loans Student Loans Credit Card Debt Loans 95

FFGN COLLECT NY

JANUARY 10, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. Debt Collection in 2024 The governor mentioned debt collectors and their interactions specifically regarding retired seniors, noting concerns that seniors are giving up retirement income.

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Garnishment Collections Debt collector Student loans 52

Troutman Sanders

SEPTEMBER 19, 2022

the plaintiff defaulted on his student loan payment, and the account was sold to Educational Credit Management Corporation (ECMC), a federal student loan guarantee agency, which then contracted with Pioneer Credit Recovery, Inc. Pioneer) to help collect the debt. In Tavernaro v. Pioneer Credit Recovery, Inc. ,

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Student loans Student Loans Garnishment Fair Debt Collection 52

Credit Corp

JUNE 1, 2023

When you default on a payment, the company you owe may sell your debt to a third-party collection agency. When this happens, it means your debt has gone to collections and debt collectors from the collection agency will now try to contact you for payment. How Long Will Collections Debt Stay on My Credit Report?

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Collections Debt collector Collection Agencies Collections Agency 126

Public Citizen

JULY 9, 2021

Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

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Taurus Collect

JUNE 16, 2022

When you have a debt in collection and receive a call/ notice from a debt collector, it indicates that your original creditor has redirected the debt to a debt collection agency or a third party to collect it. They will call at unofficial hours. to 9 p.m.,

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Taurus Collect

MARCH 7, 2022

It occurs when a collection agency or a company attempts to collect past-due debts from borrowers. Hiring debt collectors are often a cost-effective alternative for businesses as it prevents you from investing your time and resources to manage your debts. How do debt collectors work?

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Collections Debt collector Collection Agencies Collections Agency 52

Katabat

MAY 3, 2021

Student Loan Program Facing a $500 Billion Hole? trillion student loan portfolio could be defaulted on. The article notes that the half trillion dollars of default would exceed what taxpayers lost on the saving-and-loan crisis 30 years ago. “Is the U.S. One Banker Thinks So.”. government’s $1.6

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Student loans Student Loans Debt collector Loans 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. For more information, click here. banking system. For more information, click here.

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