August, 2022

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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.

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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.

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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.

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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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The Power of Storytelling in Risk Management

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

Join this exclusive webinar with Dr. Karen Hardy, where she will explore the power of storytelling in risk communication as a core component of a resilient organization's management framework!

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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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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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Can I Hire Multiple Collection Agencies at One Time?

Nexa Collect

You can legally hire more than one collection agency at a time, provided you do not assign the same account to multiple collection agencies. If one debtor starts getting contacted by different agencies, you can be sued for harassment. .

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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.

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The Big 5 Contact Methods- analysed. Number 1: The phone

Collect More

First up today we have our gold medal winner, undefeated and the best by far- ladies and gentleman give it up for: The Telephone! The phone is your best friend folks. The single best way to get paid is by picking it up, calling your customer and asking for your money. Seems so simple I know but you would be shocked at how many people are scared of the phone. And this is totally understandable especially if you’re the only one in the business.

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How to Attract Multiple Generations to Open New Accounts and Apply for Loans

The experiences of every generation are characterized by their behaviors involving finances. Understanding these attitudes and using them to inform marketing messages enables community banks, regional banks and credit unions to better serve their customers.

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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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Compliance Digest – August 29

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.

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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.

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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.

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Everything You Need to Know About Crypto

Speaker: Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy

This exclusive webinar with Ryan McInerny will teach you all about cryptocurrency and NFTs! Register to learn more about identifying crypto transactions, crypto asset market trends, managing risk and compliance, and supporting customers and partners using crypto-based payments.

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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.

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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.

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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

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Collector Sued for Not Identifying Current Creditor in MVN

Account Recovery

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit.

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Effortless. Efficient. Enjoyable. Collection Software Built for Collectors.

Looking for a cloud-based collection platform that keeps track of accounts across teams, providing customizable workflows to keep collectors in sync with their collection strategy?

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Debunking The Fear of Using B2B Debt Collections

Enterprise Recovery

As a business owner or accounts receivable specialist, you may have some fear around sending an account to a debt collections company. For one thing, you're entrusting a third party with your client relationship and your money and facing potentially unexpected costs.

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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.

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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.

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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.

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Exploring the Overlap: Cost Optimization and Digital Transformation

Speaker: Alex Jiménez, Managing Principal, Financial Service Consulting for EPAM

The largest banks have increased reserves for protection against deteriorating economic conditions. Should banks delay their digital transformation investments and focus on cost reductions? In this webinar, Alex Jiménez will walk us through that question and examine the prudent course of action.

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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

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Rising Utility Debts Causing More Problems for Consumers

Account Recovery

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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.

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Should You Ask for a Refund on Student Loan Payments?

Nerd Wallet

Hundreds of thousands of borrowers made payments on their federal student loans since forbearance began in March 2020, taking advantage of the opportunity to pay down their balances.

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The Anti-Money Laundering Act of 2020: Initial Catalysts, Current Implications, and Future Impacts

Speaker: Elizabeth "Paige" Baumann, Founder and CEO of Paige Baumann Advisory, LLC

In this session, Elizabeth “Paige” Baumann will cover the Anti-Money Laundering Act of 2020, which also includes the Corporate Transparency Act. She'll take a deep dive into the catalysts that brought on the act, the current implications of the act, and what impacts the act has on the future of banking and finance.