Sat.Jan 28, 2023 - Fri.Feb 03, 2023

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Is a Recession Good for Debt Collection?

FFGN COLLECT NY

Many people believe a recession would be good for the debt collection industry. They think more debt leads to more collectible debt, more collections, higher returns to clients, and increased fees to debt collection firms. Despite popular opinion, a recession does not benefit the debt collection industry or an individual business’s debt collection efforts.

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Late Payments: Reasons and Remedies

AGA

Recognizing Why You Are Being Paid Past Due Is Key to Changing Customer Behavior As published in The Virtual Credit Manager There are any number of reasons a business may pay beyond your terms of sale. Some of the reasons for paying slow are more serious than others, but they all impact your cash flow and your collection efforts. There are several keys to effective past due collections and they start with your order-to-cash process.

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Turning Roadblocks into Better Recovery Opportunities

True Accord

Businesses and consumers are buckling up for a bumpy economic road in 2023, but your company doesn’t have to accept that these recovery roadblocks spell inevitable losses. With the right digital communication strategy you can turn challenges into opportunities and engagement into recovered revenue. Let’s look at the roadblocks—and uncover the opportunities.

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Smart Money: Overcoming Structural Challenges

Nerd Wallet

Elizabeth Ayoola writes for NerdWallet. Email: eayoola@nerdwallet.com. Sean Pyles writes for NerdWallet. Email: spyles@nerdwallet.com. Twitter: @SeanPyles. The article Smart Money: Overcoming Structural Challenges originally appeared on NerdWallet.

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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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My Massachusetts debtor’s check bounced. How do I collect now?

Collections Law

When a check bounces, you can sometimes get paid by simply following up with the person who wrote the check. It might have been a blip and they may be willing to pay. When that doesn’t happen, Massachusetts law may allow you to sue that person and the company named on the check. That’s because, by law, anyone in Massachusetts who writes a bad check may be personally liable for its payment, along with a relatively small amount in damages.

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Are You Taking Too Long to Collect on Receivables?

Enterprise Recovery

When your business has a late-paying client, follow-up calls must be handled quickly and with conviction. Late or non-paying clients cause your business to write receivables off as bad debt, and they could cause the deterioration of your business relationships. Or you could escalate to a professional B2B collections agency that values your business relationships and your cash flow.

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CFPB Proposes Rule to Rein in Excessive Credit Card Late Fees

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off a junk fee protected by an immunity provision that allows issuers to escape scrutiny of otherwise illegal late fees.

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Student Loans: 5 Biggest Winners of Biden’s New IDR Plan

Nerd Wallet

Eliza Haverstock writes for NerdWallet. Email: ehaverstock@nerdwallet.com. Twitter: @elizahaverstock. The article Student Loans: 5 Biggest Winners of Biden’s New IDR Plan originally appeared on NerdWallet.

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Judge Denies MSJ Motions from Plaintiff, Defendant in FDCPA Case over Dispute Removal Request

Account Recovery

A District Court judge in Michigan has denied a plaintiff’s motion for summary judgment, while also denying the defendant’s motion to dismiss or, in the alternative, for summary judgment in a Fair Debt Collection Practices Act case involving the alleged failure of a credit reporting agency to remove a dispute flag from the plaintiff’s account … The post Judge Denies MSJ Motions from Plaintiff, Defendant in FDCPA Case over Dispute Removal Request first appeared on Accounts

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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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Survey: 1 in 4 File Taxes Late. Here’s Why You Shouldn’t Wait to File

Credit Corp

According to the National Retail Federation, almost half of all consumers say they expect to file their taxes in February. Those who are expecting refunds often want to get their returns in early to maximize the chances of a quicker refund. If you know you’ll owe taxes, you might push off filing your refund until April so you have more time before you pay it, but what happens if you file your taxes late?

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PDCflow Releases Card Verify for Credit Card Transaction Authentication

PDC Flow

Validating credit card information before a transaction is submitted can eliminate failed payments. To help merchants ensure card data is accurate before a transaction is processed, PDCflow announces the new Card Verify feature. Card Verify Benefits Companies with too many failed credit card payments lose out on revenue and waste staff time contacting customers for alternative card numbers.

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Beyoncé Is Going on Tour, and a Citi Card Can Help You Get a Ticket

Nerd Wallet

Jae Bratton writes for NerdWallet. Email: jbratton@nerdwallet.com. Jaime Hanson writes for NerdWallet. Email: jhanson@nerdwallet.com. The article Beyoncé Is Going on Tour, and a Citi Card Can Help You Get a Ticket originally appeared on NerdWallet.

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Minn. Dept. of Commerce Fines Two Agencies for Unlicensed Collection Activity

Account Recovery

A pair of collection operations have waived their rights to a hearing before the Minnesota Department of Commerce and agreed to fines — one for $10,000 and one for $7,000 — for engaging in unlicensed collection activity in the state. RSI Enterprises has been fined $10,000 and Advanced Portfolio Group has been fined $10,000 — … The post Minn.

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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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Bankruptcy Court Issues Ruling on Ownership of Celsius Account Assets

PBWT

The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. Defined by section 541 of the Bankruptcy Code, “property of the estate” broadly encompasses the debtor’s interests in property, with certain additions and exceptions provided for in the Code.

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How to Get Debt Collectors to Stop Calling after Bankruptcy

Sawin & Shea

The time period leading up to filing for bankruptcy is extremely stressful, as you know. You probably heaved a sigh of relief once you received your case number and were assured that an automatic stay was in effect. Fielding constant phone calls from creditors can be unnerving and stressful – and stress can have a cumulative effect on your physical health as well as your emotional well-being.

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What to Expect From the First FOMC Meeting of 2023

Nerd Wallet

Sam Taube writes for NerdWallet. Email: staube@nerdwallet.com. Twitter: @samuel_taube. The article What to Expect From the First FOMC Meeting of 2023 originally appeared on NerdWallet.

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U.K. Collection Agency in Hot Water After Being Caught Breaking into Homes

Account Recovery

I can’t speak for you, but I am fascinated by the differences from one city to the next, one state to the next, and one country to the next. Whether you call it pop, soda, or Coke, use your thumb to point instead of your index finger, or spit on the bride at a wedding, … The post U.K. Collection Agency in Hot Water After Being Caught Breaking into Homes first appeared on AccountsRecovery.net.

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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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A Primer on Avoidance Actions in the Context of Crypto Bankruptcies

PBWT

In 2022, there were several high-profile crypto bankruptcy filings. A big question in these cases is whether there will be any money to satisfy unsecured creditor claims. If there are funds to distribute, then the creditors’ claims will become more valuable, and the cases will become even more interesting. Because crypto companies do not have much physical inventory, real estate or other tangible assets to liquidate, it can be hard to imagine what assets will be available to help satisfy c

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Recent Changes to Florida’s 25% Roof Replacement Rule

Jimerson Firm

Many homeowners in Florida are no stranger to experiencing damage to their roof during hurricane season. Before May 26, 2022, the rule in Florida was that, if more than 25% of a roof needed to be repaired or replaced, then the entire roof system was required to be replaced to bring the entire roof up to code (the “25% Roof Replacement Rule”). However, on May 26, 2022, SB 4-D took effect, which eliminated Florida’s 25% Roof Replacement Rule.

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February Mortgage Rates on the Downslope by End of Month

Nerd Wallet

Holden Lewis writes for NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL. The article February Mortgage Rates on the Downslope by End of Month originally appeared on NerdWallet.

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Daily Digest – February 3. Complaint Alleges Confusion; Agencies Fined for Unlicensed Activities

Account Recovery

COMPLAINT ALLEGES CONFUSION BETWEEN WHO OWNED DEBT AND TO WHOM DEBT WAS OWED The issues related to making sure a consumer recognizes the debt being referenced in a collection letter (or notice) while also making sure to identify the current creditor to whom the debt is owed is not an easy needle to thread. Leave … The post Daily Digest – February 3.

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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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MP’s family firm chased SME’s for unpaid commercial rent during covid

UK debt collections

Government Minister Nadhim Zahawi has come under criticism for chasing unpaid commercial rent during the pandemic. His firm Zahawi and Zahawi Ltd owns a number of Commercial properties in Birmingham. A barber said he was forced to liquidate his business after being hounded by under-fire minister Nadhim Zahawi’s family firm. Jafar Jahromi, 57, was among small businesses chased for unpaid rent during the pandemic by Zahawi and Zahawi Ltd.

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New York Federal Court Grants Summary Judgment in FDCPA Letter Case Due to Absence of Standing

Troutman Sanders

In Snyder v. LVNV Funding LLC, et al. , the plaintiff filed a putative class action lawsuit against LVNV Funding LLC (LVNV) and Sequium Asset Solutions, LLC (SAS), alleging a letter from SAS offering a settlement of her debt violated sections 1692e(2)(A) and 1692g(a)(1) of the Federal Debt Collection Practices Act (FDCPA). The court held that the plaintiff could not establish a concrete injury and granted the defendants’ motion for summary judgment.

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Why Do So Many Older Adults Choose Medicare Advantage?

Nerd Wallet

Kate Ashford, CSA® writes for NerdWallet. Email: kashford@nerdwallet.com. Twitter: @kateashford. The article Why Do So Many Older Adults Choose Medicare Advantage? originally appeared on NerdWallet.

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Complaint Alleges Confusion Between Who Owned Debt and To Whom Debt was Owed

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. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call … The post Complaint Alleges Confusion Between Who Owned Debt and To Whom Debt was Owed first appeared on AccountsRecovery.net.

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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.