January, 2021

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Bankruptcy and Tax Refund Strategies

Sawin & Shea

As tax time approaches, it’s the perfect time to think about how you can make good financial decisions. For someone who’s pursuing Chapter 7 bankruptcy , this is especially important. Chapter 7 bankruptcies are liquidation bankruptcies, meaning non-exempt assets can be liquidated to pay your creditors back something. One of the most common assets that bankruptcy trustees seize is your tax refund.

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4 Signs You’re About to Get a Tax Surprise

Nerd Wallet

At tax time, it’s often hard to predict how much you’ll owe or receive in a tax refund without actually doing your taxes. But there are some telltale red flags that can mean an unwelcome tax surprise is headed your way, tax pros say. Here’s how to spot the signs — and how to keep. Tina Orem writes for NerdWallet. Email: torem@nerdwallet.com. The article 4 Signs You’re About to Get a Tax Surprise originally appeared on NerdWallet.

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Daily Digest – January 29. CFPB Acting Director Lays Out New Priorities; Judge Partially Denies MTD in FDCPA Class Action

Account Recovery

CFPB ACTING DIRECTOR PLEDGES ‘AGGRESSIVE ACTION’ TO ENSURE COMPANIES ‘MEET THEIR OBLIGATIONS’ DURING PANDEMIC In his first public remarks, Dave Uejio, the acting director of the Consumer Financial Protection Bureau yesterday shared a statement he had sent to all the agency’s employees, pledging to take “aggressive action” to ensure companies regulated by the CFPB “follow … The post Daily Digest – January 29.

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Top B2B Debt Collections Blogs and What to Expect in 2021

Enterprise Recovery

As we move into the new year and look back on 2020, we are able to get a clearer picture of what topics to cover in 2021. The mission of this blog is to inform our readers, whether they're our clients or not. It's important for us to help tech entrepreneurs, startup businesses, small businesses, freelancers, independent consultants, manufacturers and other business-to-business organizations build better relationships with their clients.

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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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Business survival tips for the next several months

American Profit Recovery

The year 2020 has been a long and stressful road for so many in business. We are sad to see what this past year has done to so many businesses that appeared to be thriving at the beginning of 2020. While many businesses can understand and prepare for the ups and downs of the economy, we have yet to find anybody that had a plan in place for what a pandemic could do to business.

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Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Releases Its Report

Consumer Finance

On January 5, 2021, the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace.

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More Americans Are Saving Than Ever Before, Though in Unequal Amounts

Nerd Wallet

Families across the U.S. are financially diverse — and so is how they save. But across the board, more are saving now than ever before, whether it’s for emergency expenses or retirement. The recently released 2019 Survey of Consumer Finances from the Federal Reserve Board allows a 30-year look-back on family finances to see how. Elizabeth Renter writes for NerdWallet.

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OCC Hits Pause Button on New Fair Access Rule

Account Recovery

Just two weeks after it announced it, the Office of the Comptroller of the Currency yesterday said it was hitting the pause button on a rule intended to ensure that banks to provide fair access to services and capital — a response to Operation Choke Point — so that whomever is confirmed to be the … The post OCC Hits Pause Button on New Fair Access Rule appeared first on AccountsRecovery.net.

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How to Reduce Churn Among SaaS Customers

Enterprise Recovery

If you're in sales, and we all are, you've heard the expression that it's cheaper to retain a customer than to get a new one. Sales and marketing is expensive and retention is easier because the relationship has already been established. Instead of losing customers, especially SaaS customers that have been working with you for months or years, let's try to understand why they're leaving.

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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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Covid-19 continues to increase Business late payment

UK debt collections

The coronavirus pandemic has exacerbated Business late payments for UK businesses, new figures from the Institute of Directors reveal. Over a third of company directors were polled by the IoD. They said they had faced an increase in late payments during the pandemic. Almost one in ten directors reported that they had experienced significantly more problems than usual.

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Can I Sue a Company for Sending Me to Collections?

Credit Corp

It happens. A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Can you sue a company for sending you to collections for money you didn’t owe? Find out more about what the law says about your rights when it comes to protecting your credit history.

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Millennials Must Plan For Their Digital Legacy

Price Meese

Millennials Must Plan For Their Digital Legacy. Scenes of overwhelmed intensive care units again dominate our newsfeeds as the next wave of the coronavirus surges throughout the country. Although the initial distributions of the Pfizer and Moderna vaccines provide us with hope that the pandemic’s end is near, we must sadly continue the battle against COVID-19 well into 2021.

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How to Budget When You Hate to Budget

Nerd Wallet

Budgeting is a pain. But what’s more painful is a bill you can’t easily pay, debt that costs a fortune or not having enough money to retire. Fortunately, you can have a useful, working budget without watching every penny. Automation, technology and a few simple guidelines can keep you on track. The following approach works. Liz Weston writes for NerdWallet.

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10 Ways to Improve Payment Collections with Salesforce

For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.

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Daily Digest – January 28. Getting to Know Jamie Welsh of Harvest Strategy Group; How to Build Challenges that Improve Performance

Account Recovery

GETTING TO KNOW JAMIE WELSH OF HARVEST STRATEGY GROUP Reading his answers to the questions below, it is easy to see how much Jamie Welsh cares about the important things in his life. And while one of them might be the New York Yankees, those of us in the ARM industry are fortunate that working … The post Daily Digest – January 28. Getting to Know Jamie Welsh of Harvest Strategy Group; How to Build Challenges that Improve Performance appeared first on AccountsRecovery.net.

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The Do’s and Don’ts of Lis Pendens in Florida

Jimerson Firm

A lis pendens is a common tool used in Florida to put third parties on notice of a pending lawsuit against real estate. If filed properly, a lis pendens protects the plaintiff in a lawsuit from any intervening liens on the property filed after the lis pendens. However, property owners may not be able to sell, obtain financing, or obtain title insurance until the lis pendens is removed.

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Millions of pounds going unpaid in rent arrears

UK debt collections

is is now estimated that over Half a million private renters in the UK are behind on their rent. This information is according to new analysis by Citizens Advice. With a temporary ban on evictions due to expire this weekend, the news comes as the country enters another period of national lockdown. The new lockdown is causing further economic hardship the charity reports.

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What Is Going on with GameStop? How to Protect Yourself When Making Risky Investments

Credit Corp

GameStop stock has risen exponentially, but is this risky investment strategy right for you? The internet has been ablaze as GameStop’s stock price ($GME) has rocketed from $19.95 on January 12, 2021, to a high of $483.00 on January 28, 2021. To make a long story short, this happened because some clever Redditors discovered that 140% of the available shares had been shorted (how this is possible is a story for another day).

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

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Meet The 2021 FICO Decisions Awards Winners!

Fico Collections

Today it gives me great pleasure to announce the winners of the 2021 FICO® Decisions Awards. . This year we received a bumper crop of entries from more than 30 different companies across the globe from banking and finance, retail, telecommunications, automotive, FMCG and healthcare. It was clear from the submissions that digital transformation was the name of the game, with more than a few companies declaring they had accelerated their plans due to the global pandemic.

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A Pandemic Shift in Finances: Simplifying and Saving

Nerd Wallet

The pandemic has caused many people to reassess their priorities. There is talk of moving out of the city, simplifying life and saving more money. “I’m not going to spend money like that anymore,” my millennial daughter told me recently, talking about past shopping sprees on handbags, jewelry, and yes, lattes. “Financial security is fun. Hal M. Bundrick, CFP writes for NerdWallet.

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CFPB Experiment Illustrates How Much of Their Savings People are Willing to Use to Pay Down Debt

Account Recovery

If you had $5,000 in credit card debt, and a random amount of savings between $1,000 and $10,000, how much of that savings would you use to pay down that debt? That was the hypothetical question that researchers at the Consumer Financial Protection Bureau put to consumers recently, seeking to understand the extent to which … The post CFPB Experiment Illustrates How Much of Their Savings People are Willing to Use to Pay Down Debt appeared first on AccountsRecovery.net.

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How to Get a Deficiency Judgment After a Foreclosure Sale

Jimerson Firm

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to satisfy the full amount of debt owed. In this event, Florida law permits a lender to get a deficiency judgment against the borrower for the amount of the final judgment of foreclosure minus the

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Successful Change Management with Enterprise Risk Management

Speaker: William Hord, Vice President of ERM Services

A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.

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Insurance Claims Recoveries – Why is it Important?

Debt Recoveries

Insurance claims recoveries, in this instance, refer to claiming back the cost of repairs for the insured’s loss from the at-fault party. Insurance claims recoveries seem to be the very last process completed in the insurance claims process, however, I believe it should be the first. In the never-ending quest to keep the insured and other parties happy, we process the claims and settle the cost of repairs.

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5 Savvy Money Moves to Make This Year

Credit Corp

The following is a guest post from The Savvy Couple. As much as we don’t like to admit it, money is a very important tool that can be used to better our lives. So why don’t we take better care of managing it? Luckily, there are some savvy money moves that you can make this year to improve your finances and feel more financial peace. This year can be a great one, and you can use your money to help make it happen.

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Customer Identity Management Is NOT the Same as Access Control

Fico Collections

Customer identity management is a term that is subject to a number of definitions. I will define it here for financial services and regulated companies as the business strategy and processes by which an organization establishes who a customer is and ensures that activity on their accounts is carried out by them. The goal of CIM is to meet regulatory rules and legislation, prevent fraud and financial crime, and manage risk—all while making it simple for customers to transact.

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How a Travel Agent Can Help Your COVID-Era Travel Plans

Nerd Wallet

It’s no secret that 2020 was one of the worst years to work in travel, with an estimated 100 million direct tourism jobs at risk worldwide, according to an August 2020 policy brief from the United Nations. But there’s one tourism job that has become more relevant than ever: the travel agent. Before coronavirus, it. Sally French writes for NerdWallet.

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

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.