Sat.Jan 07, 2023 - Fri.Jan 13, 2023

article thumbnail

Court Finds Letter to Debtor is Not a Debt-Collection Communication Under the FDCPA

Troutman Sanders

Recently, in Velez v. Absolute Resolutions Investments., LLC , the district court for the Northern District of Illinois confirmed the long-standing principle that not all communications sent from a debt collector to a debtor are governed by the Fair Debt Collection Practices Act (FDCPA). Instead, the communications must be in connection with the collection of a debt to fall within the statute’s purview.

Debtor 52
article thumbnail

What Kinds of Businesses Use Debt Collection Agencies?

JMA

Debt collection agencies are companies that specialise in recovering outstanding debts on behalf of businesses and organisations. We’re typically hired when a business has been unable to collect payment on its own, either due to the size of the debt, the age of the debt, or the difficulty in collecting payment. Some debt collectors specialise. Read more » The post What Kinds of Businesses Use Debt Collection Agencies?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Ways to Set Financial Boundaries

Nerd Wallet

Tiffany Curtis writes for NerdWallet. Email: tcurtis@nerdwallet.com. The article 6 Ways to Set Financial Boundaries originally appeared on NerdWallet.

111
111
article thumbnail

Disbarred Attorney Secretly Running Debt Resolution Firm, Not Paying Investors, Suit Alleges

Account Recovery

An investment company has filed a lawsuit against a disbarred California attorney, accusing him of operating a law firm that represents consumers in lawsuits against debt collectors that has now started diverting revenue in order to “expropriate the lion’s share of proceeds” from a “lucrative debt resolution business.” A copy of the complaint in the … The post Disbarred Attorney Secretly Running Debt Resolution Firm, Not Paying Investors, Suit Alleges first ap

Law Firms 246
article thumbnail

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.

article thumbnail

6 Risky Clients that May Not Pay On Time

Enterprise Recovery

As a business that works with other businesses, the expectation is that they'll pay for the goods and services you're providing. Unfortunately, delinquency and debt in business relationships is a very real, all-to-common problem. If you pay attention, there are glaring red flags that could provide clues that some clients could be problematic. Here are six types of risky B2B client behaviors that might indicate they won't pay on time.

More Trending

article thumbnail

Small-Business Trends: 6 Predictions for 2023

Nerd Wallet

Randa Kriss writes for NerdWallet. Email: rkriss@nerdwallet.com. The article Small-Business Trends: 6 Predictions for 2023 originally appeared on NerdWallet.

139
139
article thumbnail

More Consumers Falling Behind, Relying on Credit to Make Ends Meet

Account Recovery

It’s a recipe for economic disaster that consumers are whipping up, according to recently released reports. They are charging more money on their credit cards and fewer people are paying the balances off in full every month. While this likely means more accounts and work for companies in the accounts receivable management industry, the question … The post More Consumers Falling Behind, Relying on Credit to Make Ends Meet first appeared on AccountsRecovery.net.

article thumbnail

Downgrading Credit Card

Payment Savvy

If you are one of the ten million-plus American businesses with a merchant processing credit card account, the chances are you are aware of an industry term known as interchange. As with many aspects of banking and merchant processing among credit card issuers, the term represents something slightly confusing (at best) and incredibly bewildering (at worse), with lots of banking jargon and terminology thrown into the language to confuse you a little further.

Banks 98
article thumbnail

New York Enacts Law Protecting Individuals from Discrimination Based on Citizenship or Immigration Status

Troutman Sanders

On December 23, New York Governor Hochul signed into law Assembly Bill A6328A amending New York Executive Law § 292, known as the New York State Human Rights Law, to add citizenship and immigration status to the list of covered protected characteristics. Among other things, the new law expressly prohibits discrimination against any applicants for credit based on their citizenship or immigration status.

article thumbnail

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.

article thumbnail

5 Tactics to Pay Off Buy Now, Pay Later Debt

Nerd Wallet

Melissa Lambarena writes for NerdWallet. Email: mlambarena@nerdwallet.com. Twitter: @LissaLambarena. The article 5 Tactics to Pay Off Buy Now, Pay Later Debt originally appeared on NerdWallet.

111
111
article thumbnail

Daily Digest – January 13. Class Action Accuses Collector of Using Inaccurate Creditor Name; State Court Judge Dismisses Suit for Lack of Standing

Account Recovery

CLASS ACTION ACCUSES COLLECTOR OF USING INACCURATE NAME OF ORIGINAL CREDITOR A class-action complaint has been filed in federal court in Utah against a collection law firm for allegedly violating the Fair Debt Collection Practices Act with its Model Validation Notice, which was not dated, but also because the debt was allegedly purchased before the … The post Daily Digest – January 13.

Creditors 246
article thumbnail

CFPB Takes Action to Halt Debt Collection Mill From Bombarding Consumers with Junk Lawsuits

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) has reached a settlement in its lawsuit against law firm Forster & Garbus, LLP for illegal debt-collection practices.

article thumbnail

A Divided Orlando: A Look at the City’s Racial Wealth Gap

Prosperity Now

Orlando is one of the most populous cities in the state of Florida, with people of color making up the

105
105
article thumbnail

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.

article thumbnail

4 Ways to Improve Your Odds of Meeting New Year’s Money Goals

Nerd Wallet

Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com. Twitter: @sarakrathner. The article 4 Ways to Improve Your Odds of Meeting New Year’s Money Goals originally appeared on NerdWallet.

105
105
article thumbnail

Getting to Know Rebecca Garland of VeriFacts

Account Recovery

The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Rebecca Garland

article thumbnail

FTC Proposes Rules Banning Non-Compete Agreements for Workers

Fraser

On January 5, 2023, the Federal Trade Commission (FTC) published a proposed rule that would effectively ban the use of non-compete clauses in most employment agreements. The FTC’s guidance in proposing the rule says that 1-in-5 American workers are bound by some form of non-compete clause or agreement. While the rulemaking may be a new step for the FTC, its purpose is in step with the Agency’s recent decisions; an example of which is included in the press release announcing the rulemaking, “This

article thumbnail

Deputy Director Martinez’s Prepared Remarks at the National Fair Housing Alliance Event Previewing “Our America: Lowballed”

Consumer Finance

Deputy Director Martinez delivered prepared remarks at an event hosted by the National Fair Housing Alliance and the Brookings Institution in Washington, DC.

78
article thumbnail

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?

article thumbnail

Smart Money: Retirement Changes You May Have Missed

Nerd Wallet

Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com. Twitter: @AnnaHelhoski. Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles. The article Smart Money: Retirement Changes You May Have Missed originally appeared on NerdWallet.

100
100
article thumbnail

Appeals Court Affirms Ruling for Defendant in FDCPA Case

Account Recovery

The Court of Appeals for the Third Circuit has upheld a lower court’s summary judgment ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act when it attempted to collect on a judgment that was later vacated. A copy of the ruling in the case of Lowe v. … The post Appeals Court Affirms Ruling for Defendant in FDCPA Case first appeared on AccountsRecovery.net.

article thumbnail

Personal debt in the UK rose by a third in 2022

UK debt collections

Personal debt in the UK has increased massively over 2022 suggests new research. This is mainly due to the cost of living crisis and monthly bills. Unsurprisingly 68% of people reported as feeling ‘stressed’ about finances. Monthly bills are the main cause of increased personal debt and stress for half of the adults living in the UK, with 46% of 25-34-year-olds taking out an additional credit card or loan to cover the increasing cost of living.

article thumbnail

Second Circuit Affirms Dismissal of TCPA Case for Failure to Plead Use of an ATDS

Troutman Sanders

On January 9, the district court for the Eastern District of New York dismissed a pro se plaintiff’s TCPA lawsuit for failure to properly allege that the defendants used an automatic telephone dialing system (ATDS) when placing calls to the plaintiff. In Kannon v. Warranty Protection Services , the plaintiff alleged that the auto warranty defendants placed a sales call from a spoofed phone number to his cell phone using an ATDS.

Banks 52
article thumbnail

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?

article thumbnail

Sneaky Ways Inflation Affects Your Money in 2023

Nerd Wallet

Liz Weston, CFP® writes for NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. The article Sneaky Ways Inflation Affects Your Money in 2023 originally appeared on NerdWallet.

98
article thumbnail

Daily Digest – January 11. Judge Dismisses FDCPA Class Action; DoE Announces Student Loan Repayment Proposal

Account Recovery

JUDGE DISMISSES FDCPA CLAIM FOR LACK OF STANDING RELATED TO SOL DISCLOSURE A District Court judge in New York has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class-action lawsuit, ruling the plaintiff lacked standing to sue after arguing that a violation of state law cause the alleged FDCPA infraction.More details … The post Daily Digest – January 11.

article thumbnail

Luxury Candle maker goes bust with huge unpaid business debts

UK debt collections

A luxury candle and diffuser maker who supplied the likes of Harrods has gone bust due unpaid business debts. The luxury candles were sold in high-end stores but despite this, the firm has gone bust with debts of more than £1m. This has occurred after cash-strapped consumers fell out of love with candles. Plymouth based Luxus Home Fragrance Ltd made products sold in John Lewis, Marks and Spencer and London’s Harrods and had five years of success and a turnover of £1.8m in 2021.

article thumbnail

A Sneak Peek in the Consumer Financial Services Year in Review and a Look Ahead

Troutman Sanders

Please join Consumer Financial Services Partner Chris Willis and his colleague Consumer Financial Services Partner David Anthony as they discuss the firm’s seventh annual edition of the Consumer Financial Services Year in Review and a Look Ahead , which offers a 2022 review of regulatory and legal developments in the consumer financial services industry.

article thumbnail

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.