Sat.May 18, 2024 - Fri.May 24, 2024

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Overcoming common debt collection challenges for your small business

American Profit Recovery

Every size business, whether a small business or a larger organization will have to manage late and non-paying customers. It’s just a reality of being in business and part of the accounts receivable process. Not every customer is going to pay their bills on time. That would be nice, but it just doesn’t happen for a wide range of reasons.

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Why could out-of-network medical bills lead to bankruptcy?

Roths Child Law

Bankruptcy and medical debt go hand-in-hand. One of the top reasons that people file for bankruptcy is because their medical bills have become overwhelming. They’re unable to pay what they owe, so they’re looking for a fresh start. One reason why this happens is because people will get out-of-network services. They may not know that this is what they’re doing at the time, but a later analysis of the medical services rendered will show that they were out of the network approved by the health insu

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Nailing Debt Collection: A Guide for Business Owners

Burt and Associates

Table of Contents: Introduction Streamlining Your Collection Process Utilizing Automation Tools Offering Convenient Payment Options Communicating Clearly and Promptly Providing Incentives for Early Payment Focusing on Customer Retention Training Your Collection Team Monitoring and Tracking Progress Seeking Feedback and Adapting Staying Compliant with Regulations Conclusion Introduction: In today’s fast-paced business environment, effective debt collection is crucial for maintaining healthy

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What are the most common myths about debt collectors?

American Profit Recovery

There are countless myths about debt collectors and the debt collection industry as a whole. Debt collections in many circumstances can be a complex situation for both the business trying to recover money and the consumer trying to navigate financial difficulty. If we go back to the nightly news programs of past, many of us remember the segments that only focused on some negative behavior of a chosen few working in the industry.

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How Collection Agencies Minimize Effort and Maximize Results with the Right Software

Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.

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Insurance Costs on the Rise: What Can Community Associations Do?

Jimerson Firm

by A. Hunter Faulkner and Maxwell A. Salain With a major hurricane making landfall somewhere in Florida on nearly an annual basis over the past several years, Florida’s property insurance market is in turmoil. Many carriers have left the state and those carriers still willing to write policies in the state have drastically increased the cost of their annual premiums.

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Judge Grants MSJ For Defendant in FDCPA Bona Fide Error Case

Account Recovery

A Magistrate Court judge in Colorado has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case on the grounds that it was entitled to the “bona fide error” defense after it was accused of misrepresenting the debt that the plaintiff owed.

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CFPB Takes Action to Ensure Consumers Can Dispute Charges and Obtain Refunds on Buy Now, Pay Later Loans

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

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SEIS & EIS Loss Relief For Insolvent Companies: Our Guide

Hudson Weir

In this guide we’ll explain how SEIS and EIS loss relief works if a company you invest in becomes insolvent or enters liquidation. In the tax year 2021-22, there was record interest in the EIS scheme. Nearly 5,000 firms raised a total of £2.3bn in funds under the EIS scheme, according to government statistics. There are several tax incentives that appeal to investors with these two schemes – for example, EIS deferral relief and SEIS tax relief.

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Proposed Amendments to the Florida Rules of Civil Procedure: A Brief Guide to Possible Changes in 2025

Jimerson Firm

In a significant move aimed at enhancing the efficiency and effectiveness of civil litigation, the Florida Supreme Court has issued two [1] separate [2] per curiam opinions introducing substantial amendments to the Florida Rules of Civil Procedure (the “Rules”). Set to take effect on January 1, 2025, these changes are designed to streamline case management, encourage cooperation among parties, and, ultimately, expedite the resolution of civil disputes.

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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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Daily Digest – May 24. Collector Sued for Not Believing Debt Was Paid; Judge Grants MSJ For Defendant in FDCPA Bona Fide Error Case

Account Recovery

Collector Sued for Not Believing Debt Was Paid Judge Grants MSJ For Defendant in FDCPA Bona Fide Error Case Minnesota Governor Signs Medical Debt Fairness Act Into Law Agency Receives Temporary C&D For Collecting in Connecticut Without License WORTH NOTING: Expect more traffic and bad weather if you are hitting the roads for Memorial Day […]

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CFPB Takes Action Against Western Benefits for Swindling Student Loan Borrowers

Consumer Finance

The CFPB took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans.

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Greg Meese elected President of the New Jersey Wireless Association. 

Price Meese

Price Meese Shulman & D’Arminio, P.C. is proud to announce that founding partner, Greg Meese, has been elected President of the New Jersey Wireless Association (NJWA). NJWA is a non-profit professional organization dedicated to making the public and elected officials aware of the positive social and economic benefits of the wireless communications industry.

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The United States Supreme Court Requires Courts to Stay Rather Than Dismiss Actions Subject to Arbitration

Burr Forman

In Smith v. Spizzirri , 2024 WL 2193872 (U.S. May 16, 2024), the United States Supreme Court issued a ruling holding that courts must stay, rather than dismiss, cases that are subject to arbitration. The unanimous decision resolves a circuit split on the issue and has far-reaching implications on the continued role of courts in cases subject to arbitration.

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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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Daily Digest – May 23. Getting to Know Patricia Quezada of Progressive Management Systems; Judge Denies MTD in FDCPA Case Over Unlawful Subpoena

Account Recovery

Getting to Know Patricia Quezada of Progressive Management Systems Judge Denies MTD in FDCPA Case Over Unlawful Subpoena CFPB Issues Rule to Treat BNPL Like Credit Cards Truecaller to Allow Customers to Have AI Answer Calls in Their Own Voice WORTH NOTING: The number of kids being diagnosed with ADHD is on the rise … […]

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Prepared Remarks of CFPB Director Rohit Chopra on the Buy Now, Pay Later Press Call

Consumer Finance

CFPB Director Rohit Chopra delivered prepared remarks on an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

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Partner Thomas Martin attends Transportation Lawyers Association Annual Conference

Price Meese

Price Meese partner, Thomas C. Martin, Esq., a member of the Executive Committee of the Transportation Lawyers Association, recently attended its Annual Conference which addressed a multitude of transportation-related topics such as freight cargo damage, casualty claims, insurance, technology and the growing impact of AI in the transportation field.

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What is Factoring in Finance? Definition, Examples, Benefits

Qualco

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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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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CFPB Issues Rule to Treat BNPL Like Credit Cards

Account Recovery

The Consumer Financial Protection Bureau yesterday issued an interpretive rule to ensure that Buy Now, Pay Later lenders adhere to the same consumer protections as traditional credit card issuers. This significant move mandates that BNPL lenders provide key protections, including the ability for consumers to dispute charges and receive refunds.

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CFPB Toma Acciones Contra Western Benefits por Engañar a Prestatarios de Préstamos Estudiantiles

Consumer Finance

La CFPB tomó acciones contra Western Benefits Group por cobrar tarifas por adelantado ilegales y por mentirles a los consumidores diciéndoles que esas tarifas irían hacia el pago de sus préstamos.

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May 2024 Newsletter – The Power of Motivation in the Workplace

Jimerson Firm

Featured in the May 2024 Issue: Partner’s Perspective: The Power of Motivation in the Workplace High performance and personal satisfaction. In a utopian workplace, those factors are completely aligned—one feeding the other—as high achievers derive great satisfaction in a job well done, the fulfilled achiever continues to seek greatness for its own sake.

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Private Student Loan Rates: May 21, 2024—Loan Rates Rise

Collection Industry News

Last week, the average interest rate on 10-year fixed-rate private student loans increased. Overall, rates remain fairly low, making private student loan a worthwhile option for borrowers looking to make up a gap in college funding. From May 13 to May 18, the average fixed interest rate on a 10-year private student loan was 8.57% for borrowers with a credit score of 720 or higher who prequalified on Credible.com’s student loan marketplace.

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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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Truecaller to Allow Customers to Have AI Answer Calls in Their Own Voice

Account Recovery

Truecaller, which bills itself as the world’s best Caller ID and Spam Blocking app has announced that its customers can now use an AI-powered voice assistant to answer calls in their own voice.

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La CFPB Actúa para Asegurarse de que los Consumidores Puedan Disputar Cargos y Recibir Reembolsos en Préstamos Compre Ahora y Pague Luego

Consumer Finance

La CFPB emitió una interpretación de normativa que confirma que los prestamistas Compre Hoy y Pague Luego son emisores de tarjetas de crédito.

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The United States Supreme Court Rejects Challenge to the Consumer Financial Protection Bureau’s Funding Mechanism

Burr Forman

Last Thursday, the Supreme Court upheld the Congressional funding mechanism used to fund the Consumer Financial Protection Bureau (CFPB), overruling a Fifth Circuit decision that found the funding mechanism violated the Constitution’s Appropriations Clause. Cons. Fin. Prot. Bureau et al. v. Cmty. Fin. Servs. Ass. of Am., Ltd., 601 U. S. _ (2024).

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Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt Types

Collection Industry News

NEW YORK — The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.

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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?