Mon.Feb 21, 2022

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Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices

Account Recovery

An auto lender has agreed to pay $5.6 million as part of a settlement with the Attorney General of Massachusetts over its debt collection practices, the AG’s office announced on Friday, affecting more than 1,000 borrowers throughout the state. A copy of the assurance of discontinuance between the AG and Santander Consumer USA can be … The post Mass.

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What our debt collection team wants you to know

American Profit Recovery

We have assembled a fantastic group of professionals here and we believe we have some of the best debt collectors in the country. And it didn’t happen by accident. We have been able to put together this team for several reasons and because of this, both the businesses we serve and the consumers we speak with every day benefit from this well-trained and dedicated team.

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Daily Digest – February 21. Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices; Appeals Court Vacates Dismissal of FDCPA Suit

Account Recovery

MASS. AG, AUTO LENDER REACH $5.6M SETTLEMENT OVER COLLECTION PRACTICES An auto lender has agreed to pay $5.6 million as part of a settlement with the Attorney General of Massachusetts over its debt collection practices, the AG’s office announced on Friday, affecting more than 1,000 borrowers throughout the state. APPEALS COURT VACATES DISMISSAL OF FDCPA … The post Daily Digest – February 21.

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Dealing with Debt Collectors

Debt Free Colorado

Debt Relief Attorney Serving Colorado. Bankruptcy may appear to be a scary process, but it does not have to be. Dray Legal Office’s attorneys will endeavor to help you obtain a fresh start by eliminating debt and reorganizing your finances. You may be able to apply for one of many different types of bankruptcy, each of which accomplishes various aims, depending on your specific situation.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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CFPB Announces Crackdown on Student Loan Servicers Over PSLF Program

Account Recovery

The Consumer Financial Protection Bureau has launched another flare into the night sky, this time warning student loan servicers about making sure they are not making misrepresentations or making deceptive statements with respect to the Public Service Loan Forgiveness program, which offers individuals the opportunity to have their student loan debts forgiven if they meet … The post CFPB Announces Crackdown on Student Loan Servicers Over PSLF Program appeared first on AccountsRecovery.net.

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Compliance Digest – February 21

Account Recovery

I’m thrilled to announce that Bedard Law Group is the new sponsor for the Compliance Digest. Bedard Law Group, P.C. – Compliance Support – Defense Litigation – Nationwide Complaint Management – Turnkey Speech Analytics. And Our New BLG360 Program – Your Low Monthly Retainer Compliance Solution. Visit www.bedardlawgroup.com, email John H.

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Avoid the Risks of Having Multiple Buy Now, Pay Later Loans

Nerd Wallet

“Buy now, pay later” promises simple payment plans that can make financing your next purchase easy and affordable. These plans typically divide your total purchase into four equal installments with zero interest. The first installment is due at checkout, and the remaining three are due every two weeks until the loan is paid in full. Jackie Veling writes for NerdWallet.

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Appeals Court Vacates Dismissal of FDCPA Case to Give Plaintiff Chance to Replead

Account Recovery

The Second Circuit Court of Appeals has vacated a lower court’s dismissal of a Fair Debt Collection Practices Act case and remanded it back to the District Court to give the plaintiff the opportunity to replead her claims because three days after the original case was dismissed, the Supreme Court issued its ruling in TransUnion … The post Appeals Court Vacates Dismissal of FDCPA Case to Give Plaintiff Chance to Replead appeared first on AccountsRecovery.net.

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How to Book an Airbnb

Nerd Wallet

Staying in an Airbnb can be both liberating and daunting at the same time. The freedom of having your own place, perhaps with its own kitchen and laundry facilities, is excellent. At the same time, there is no on-site staff to assist you should you instantly need something during your stay. Airbnbs have grown in. Ramsey Qubein writes for NerdWallet.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

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NY Times: Navient settlement with the states does not help borrowers who are not in default

Public Citizen

Here. Excerpt: After years of struggling to make payments that hardly put a dent in the loans she took out to attend a now defunct arts school, Victoria Linssen saw a glimmer of hope. A deal last month between 39 states and Navient, a student lending giant accused of unfairly ensnaring borrowers like her, would  wipe away $1.7 billion in private student loans.

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Creditor Voluntary Liquidations double

UK debt collections

The latest figures from the Insolvency Service show that the number of Creditor Voluntary Liquidations have more than doubled for the first month of 2022 when compared with January 2021. In January 2022 there were 1,358 Creditors’ Voluntary Liquidations (CVLs), more than double the number in January 2021, and 34% higher than in January 2020. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were more than twi

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Best Cheap Flights to Vancouver to Book with Points

Nerd Wallet

Are you itching for a mildly damp and gorgeously lush vacation? If so, then Vancouver, Canada, may be a good fit for your next destination. With moderate temperatures year-round and over half a million residents, this modern city is well-connected with flights from the U.S. Best of all, it’s easy to find award flights to. Carissa Rawson writes for NerdWallet.

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Greg Meese and Ed Purcell edit new Land Use Citator

Price Meese

Greg Meese and Edward Purcell co-edited the fifteenth edition of the Land Use Citator, an annual compendium of case law and statutory and regulatory enactments that impact land development and property rights in New Jersey. Published by the New Jersey Institute of Continuing Legal Education, the Land Use Citator is the course material for the annual Land Use Update seminar given to practicing real estate, municipal and land development attorneys in New Jersey.

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ERM Program Fundamentals for Success in the Banking Industry

Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

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The True Cost of Hiring a Commercial Collection Agency

The Kaplan Group

It’s always exciting to land a new client, but when that client does not pay you and the debt adds up, excitement turns into anxiety and disappointment. It may be time to consider hiring a commercial collection agency. We all know managing a business and the cash flow process is a financial pain point. We’ve spent a lot of time on this blog discussing: Turning debt over to a collection agency Choosing the right collection agency for your business Innovative steps for protecting your business now

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Price Meese prevails in Appellate Division

Price Meese

Greg Meese prevailed in an appellate challenge to variance approvals secured on behalf of a developer of a self-storage facility in Glen Rock. The Appellate Division decision, issued on Friday, February 18, 2022, in MSO, INC. and 208 GLEN ROCK ASSOCIATES, LLC, Plaintiffs-Appellants, v. THE PLANNING BOARD OF THE BOROUGH OF GLEN ROCK and. SS GLEN ROCK, LLC, Defendants-Respondents, A-3430-19, affirmed the trial court decision that sustained the decision of the Glen Rock Planning Board.

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5 ways to get your customers to pay on time

Taurus Collect

5 ways to get your customers to pay on time. 1. Send invoices promptly. Don’t wait till the end of the month. As soon as the work is done, send the invoice immediately. 2. Send invoices by email. The no.1 reason for non-payment is that a customer never received a copy of the invoice. If emailed, this is not an excuse! 3. Make sure your invoices are correct.

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Pennsylvania Federal Court Holds Debt Collector’s Communication With Vendor Could Violate FDCPA

Collection Industry News

Source- site. The United States District Court for the Eastern District of Pennsylvania recently held that a debt collector’s communication with a letter vendor could constitute an FDCPA violation. See Khimmat v. Weltman, Weinberg & Reis Co., LPA , 2022 U.S. Dist. LEXIS 21076 (E.D. Pa. Feb. 7, 2022). In the case, the defendant was retained to collect plaintiff’s credit card debt.

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You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.

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Auto Lender Santander Agrees To Pay $5.5M Over Debt Collection

Collection Industry News

Source- site. BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office said Friday. The assurance of discontinuance filed in Suffolk Superior Court alleges Santander Consumer USA failed to give certain consumers sufficient information about the calculation methods for any deficiencies left on the

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CFPB Issues Request For Information Regarding Junk Fees

Collection Industry News

Source- site. On January 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI). In the RFI, the CFPB seeks public feedback regarding fees that are not subject to competitive pricing in order to assist the CFPB in exercising its authority to create fairer, more transparent, and competitive consumer financial markets.

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CFPB Steps Up Scrutiny of Student Loan Servicers That Deceive Borrowers About Public Service Loan Forgiveness

Collection Industry News

Source- site. 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. The bulletin recommends actions servicers should consider taking to ensure they do not misrepresent borrower eligibility or make deceptive statements to borrowers about the PSLF program and the Waiver.

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Credit card debt is surging at a record-high rate

Collection Industry News

Source- site. If you’re just making the minimum payments on your credit cards, it may be worthwhile to consider one of these debt repayment strategies. ( iStock ). Americans are racking up credit card debt at a record-setting pace, according to the Federal Reserve Bank of New York. Credit card balances grew to $856 billion in the fourth quarter of 2021, up $52 billion (6.5%) from the previous quarter.

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The Power of Storytelling in Risk Management

Speaker: Dr. Karen Hardy, CEO and Chief Risk Officer of Strategic Leadership Advisors LLC

Communication is a core component of a resilient organization's risk management framework. However, risk communication involves more than just reporting information and populating dashboards, and we may be limiting our skillset. Storytelling is the ability to express ideas and convey messages to others, including stakeholders. When done effectively, it can help interpret complex risk environments for leaders and inform their decision-making.

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CFPB Reminds Agencies That ‘Name-Only’ Matching Procedures Violate The FCRA

Collection Industry News

Source- site. Although it seems self-evident that the uniqueness of a particular person can be more readily confirmed when many pieces of identifying information about them are considered, consumer reporting agencies (CRAs) like Equifax, Experian, TransUnion and background screening companies have been slow to come to this conclusion. February 18, 2022 at 10:52 AM. 11 minute read.

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