August, 2022

How will I know if a debtor is hiding assets?

Collections Law

Finding the assets that belong to a client who owes you money is a lot like pealing an onion. It is important to go layer by layer to make sure you do not miss any potential assets. You do not have to go through this process on your own.

How Buy Now, Pay Later is Transforming Online Shopping With Gen Z

True Accord

Buy Now, Pay Later (BNPL) plans have taken over as a popular financing option for consumers, partly due to an increase in online shopping demands during the pandemic.

Phone It In: How Do You Get Calls Answered?

NCBA Law Practice Management Blog

Law firms only answer 1 of 3 phones call they receive, on average. Couple that with the fact that 64% of law firm voicemails are not returned, and there isn’t much ‘ service ’ left in law firm ‘customer service’. The good news is that this is all fixable.

Is Your Bank Greenwashing? Here’s How to Check

Nerd Wallet

Your bank plays a role in climate change through its lending and other actions. But is your bank making a positive environmental impact? It can be hard to know.

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Successful Change Management with Enterprise Risk Management

Speaker: William Hord, Vice President of ERM Services

Join us as we discuss the various tangents of data and the change management process that will help you make better risk-based business decisions to save time and money for your organization.

Don’t Wait! Adopt Text and Email Communications, Grow Agency Market Share

PDC Flow

Do you pick up the phone when a stranger calls? Most of your consumers don’t. So why keep trying something that doesn’t work? Three digital technology advocates and ARM industry professionals spoke with AccountsRecovery.net to share why text and email are now more than necessary.

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CVA’s drop 47% after HMRC changes Debt Collection rules

UK debt collections

The latest Data analysed by Mazars shows the number of struggling businesses applying for Company Voluntary Arrangements (CVAs) has fallen by 47%. It is suggested that this large drop is due to a change in the laws in 2020 which made HMRC a preferred creditor when businesses go bust.

What are We Seeing in Consumer Credit Trends Today? A Video Interview with Ohad Samet

True Accord

The financial landscape for both consumers and businesses is particularly uncertain right now. Many new fintechs and neobanks are experiencing their first delinquency surge and others soon to follow.

Average credit scores by age

Kasasa

Have you reviewed your credit report lately? You should — it’s definitely a smart thing to do. More than ever, Americans are actively aware of their credit history and the impact their financial efforts are making in building their credit history. My Finances Debt Management Borrowing

Ariz. Supreme Court Rejects Industry Arguments Attempting to Keep Garnishment Question off Ballot

Account Recovery

How Preparation and Strategy Can Be Used to Fight and Defeat Any Ransomware Attack

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Through a detailed analysis of major attacks and their consequences, Karl Camilleri, Cloud Services Product Manager at phoenixNAP, will discuss the state of ransomware and future predictions, as well as provide best practices for attack prevention and recovery.

How Long Will Chapter 13 Delay Foreclosure?

Sawin & Shea

Declaring bankruptcy can be incredibly daunting, but sometimes it’s the best option for moving forward to financial freedom. This is especially the case if you’re behind on your mortgage payments.

The big 5 contact methods- ranked.

Collect More

When chasing payment, there are generally 5 contact methods used. They are: – The phone. – Personal visit. – SMS. – Letter. – Email. These are the big 5 and whilst there are others like Facebook messaging etc, you will almost always use one or a combination of these. Whilst doing nothing could still you get paid, you’re relying on someone else to remember to do something, so it’s never recommended.

37% increase of Businesses in critical distress

UK debt collections

The number of businesses in critical distress has increased by 37% in the past year. This is according to financial data from insolvency specialists Begbies Traynor.

Got an Extra $11,500? You’ll Need It to Keep Up With 2022 Prices

Nerd Wallet

Rising prices (i.e., inflation) are everywhere you look — on the news, at the pump and in the grocery store.

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Mandatory COVID Vaccination Policy Template

The federal government is developing a rule requiring employers with more than 100 employees ensure their workers are vaccinated or produce a negative COVID test weekly before entering the workplace. So, what can your organization do to prepare? Get Paycor’s COVID Vaccination Policy Template to help communicate important details to your employees.

5 Financial tips for people in their 30s

Kasasa

Quick time travel — do you remember what you were doing ten years ago this month? My Finances Future Planning Debt Management Banking

Appeals Court Rules Gov’t Liable for FCRA Violations

Account Recovery

The Court of Appeals for the Third Circuit has reversed a lower court’s dismissal of a Fair Credit Reporting Act lawsuit, ruling that the federal government does not have sovereign immunity from the statute’s civil liability provisions, widening a split at the Appellate level that seems destined to be resolved by the Supreme Court.

The Dangers of Hiding Assets in a No Asset Bankruptcy

Sawin & Shea

There are two primary types of bankruptcies that a person might file when struggling to pay their debts: Chapter 7 and Chapter 13. In a Chapter 13 bankruptcy , the debtor agrees to a payment plan instead of having their property taken to pay creditors.

Citizens for Better Social Equality Ballot Initiative Struck Down by Detroit Election Commission

Fraser

A ballot initiative aimed at replacing the City of Detroit’s current recreational marijuana ordinance was recently struck down by the Detroit Election Commission after a determination the initiative did not have enough signatures required to secure a ballot spot under the Michigan Regulation and Taxation of Marijuana Act.

10 of the Best B2B Leadership Quotes

Enterprise Recovery

Being a leader in a tough economy means staying positive, no matter what. Inspiration can be hard to come by, but it's necessary to motivate those around you. Allow these quotes to encourage you to push past the tough times and create a wave of possibility.

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Biden Cancels $10K in Student Debt. Here’s Who Gets It

Nerd Wallet

After months of rumor and speculation, President Joe Biden announced the details on a broad vision for student loan debt repayment and debt cancellation on Wednesday. Through an executive order, federal student loan borrowers who meet income requirements will see $10,000 in debt canceled.

Secure Payment Capture Technology Through PDCflow/PIMSWARE Partnership

PDC Flow

Ogden, UT – Payment communication software company PDCflow and call center software company PIMSWARE have teamed up to deliver secure capture payment technology.

Encore CEO Ashish Masih Reappointed to U.S.-India CEO Forum

Account Recovery

SAN DIEGO, Aug. 08, 2022 — Encore Capital Group, Inc. NASDAQ: ECPG), an international specialty finance company, today announced that its President and CEO, Ashish Masih, has been reappointed by U.S. Secretary of Commerce Gina M. Raimondo to the U.S.-India India CEO Forum.

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Can You Convert Chapter 13 to Chapter 7?

Sawin & Shea

No matter who you are, bankruptcy can be an incredibly stressful process—but it doesn’t have to be. We understand what it’s like to be drowning in your finances and are here to help.

Five Stories that Matter in Michigan This Week – August 19, 2022

Fraser

Insurance Agents Who Make a Material Error on Policy Application Now May be Liable after Michigan Court of Appeals Ruling. On August 4, 2022, the Michigan Court of Appeals ruled in Holman v. Farm Bureau Gen. of Michigan, No.

What Does a Demand Letter Do?

Enterprise Recovery

If you're asking the question, you're likely dealing with a scenario of non-payment from a client and would like to avoid litigation. Simply put, a demand letter (or more than one!) is sent to your clients to inform them of your intention to collect what is owed to you.

Just Starting Out? Learn From Our Mistakes

Nerd Wallet

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Corporate Profit Margins Widen Despite Inflation

NACM

corporate profit margins grew in Q2 to the widest in 72 years, according to Wells Fargo. They found that nominal profits for GDP rose 6.1% (not annualized) during the quarter on a pre-tax basis, "the fastest pace in a year."

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Judge Grants Motion to Remand FDCPA Class Action Back to State Court, Orders Defendant to Pay Attorneys’ Fees

Account Recovery

I don’t know if the dance that defendants in Fair Debt Collection Practices Act cases have to do around the issue of standing is a tap dance or more of a soft-shoe number, but there is definitely some graceful movements that are required.

Study Shows Medical Debt Can Affect Your Health

Sawin & Shea

Most people have noticed that when one thing goes wrong, several other things invariably follow. There’s even a common expression describing the experience: “When it rains, it pours.” Unfortunately, medical debt is no exception.