Sat.May 11, 2024 - Fri.May 17, 2024

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8 Key Components of an Ethical Debt Collection Strategy

Taurus Collect

In the realm of debt recovery, the “ no collection no fee ” debt collection strategy stands out as a beacon for ethical practice. This approach ensures fairness and integrity, positioning itself as a vital component within the industry. Employing a strategy where fees are contingent not only aligns the interests of collectors with those of their clients but also fosters a culture of responsibility and respect.

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The Impact of Debt Collection Services on Customer Relationships

JMA

When it comes to debt collection, many small to medium-sized business owners worry about the potential negative impact on customer relationships. The perception of aggressive tactics and relentless pursuit can create a cloud of apprehension. However, understanding the realities and best practices of reputable debt collection agencies can not only alleviate these concerns but also.

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Are the Dominos About to Start Falling?

Account Recovery

I came across a trio of articles recently that seem to overlap and connect with one another. The articles paint a picture for the economy and the accounts receivable management industry while also providing context about a hot-button topic — credit reporting.

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Understanding realities-why consumers struggle to pay on time

American Profit Recovery

There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties. As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why. However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.

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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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6 Debt Collection Industry Trends to Watch for in 2024

Taurus Collect

In the rapidly evolving landscape of the debt collection industry, staying ahead of emerging trends is crucial for success. 2024 promises to bring significant changes, with the “ no collection no fee ” debt collection model standing out as a key player. This approach is reshaping strategies across the board. It offers a risk-free solution to creditors, ensuring that agencies are rewarded only upon the successful retrieval of outstanding debts.

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Supreme Court Says CFPB Funding Structure is Constitutional

Account Recovery

The Supreme Court ruled today that the funding structure of the Consumer Financial Protection Bureau is constitutional and does not need to change. Had the ruling gone the other way, there was the possibility that the CFPB could have been de-funded.

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How consumers can have a positive experience with a debt collector

American Profit Recovery

If you are a consumer, struggling with debt, you should know that not only can debt collectors help you navigate a challenging financial situation, but you can also have a positive experience and favorable outcome. Gone are the days when collectors just got on the phone and demanded full payment. That’s not the way debt collections work. A professionally trained collector listens to consumers, seeks to understand unique situations, and creates an environment where two people can reach a so

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Statement on Supreme Court Decision in CFPB v. CFSA

Consumer Finance

The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America.

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What you should know about Chapter 7 bankruptcy in Tennessee

Roths Child Law

A decision to file for bankruptcy is one that’s usually not made without considerable thought. It’s often the result of a realization that there won’t ever be enough money to cover one’s debts unless something dramatic can be done. Many consumers file for Chapter 7, which is known as the liquidation bankruptcy, or Chapter 13, which is known as the wage-earner’s bankruptcy.

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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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Connecticut Governor Signs Medical Debt Credit Reporting Bill Into Law

Account Recovery

Connecticut Gov. Ned Lamont last week signed a bill into law that will prohibit healthcare providers from reporting medical debt to credit agencies and void debt that is reported to credit bureaus. The bill is scheduled to go into effect on July 1.

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TV Soap legend being chased for £100k debt

UK debt collections

Former Coronation Street legend Beverley Callard is currently under investigation after her acting firm failed to settle a £100,000 tax bill. The Liz McDonald star, 67, is under investigation by the HMRC after failing to pay £215,000 in debts, according to The Mirror. Beverley and her husband Jon McEwan launched the company in 2020 when she left top soap Coronation Street to supplement their income.

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CFPB Sues SoLo Funds for Deceiving Borrowers and Illegally Extracting Fees

Consumer Finance

The CFPB sued SoLo Funds, which runs a peer-to-peer lending platform, for lying to borrowers and deceiving them about the total cost of loans.

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5 Tips for Drafting Representations and Warranties for M&A Deals

Jimerson Firm

Representations and warranties are more than just legal formalities in business mergers and acquisitions (M&A) and deserve careful attention when drafting and negotiating these terms. Representations and warranties are essentially statements made by each party (most importantly, Sellers) about the general state of affairs, including statements about the party’s financial health, assets, and legal compliance.

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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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Appeals Court Affirms Ruling in FDCPA Case Over SOL for Filing Suit

Account Recovery

The Court of Appeals for the Second Circuit has affirmed the ruling of a lower court granting summary judgment to the defendants in a Fair Debt Collection Practices Act case, ruling the plaintiff’s claims were time-barred because they were made more than one year from the alleged violation, and dismissed the plaintiff’s arguments why the […]

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Solicitor fined due to Invoice late payment

UK debt collections

A solicitor has been fined more than £1,000 due to invoice late payment. It was found that the solicitor failed to pay an invoice for legal fees within a reasonable time frame. James Lothian Brunton also failed to cooperate with the Solicitors Regulation Authority’s (SRA) investigation into his failure to perform an undertaking to Matthew Waite & Co.

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CFPB Distributes $384 Million to 191,000 Victims of Think Finance’s Illegal Lending Practices

Consumer Finance

The CFPB distributed more than $384 million to consumers harmed by Think Finance from the victims relief fund, which has disbursed more than $1 billion.

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What Makes Some Debt Recovery Efforts More Successful Than Others?

JMA

For small to medium-sized businesses, unpaid invoices can pose significant financial challenges. The likelihood of recovering debt depends on several factors, ranging from the debtor’s financial situation to the strategies employed by the business or debt collection agency. Understanding these factors can help businesses increase their chances of successful debt recovery.

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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 – May 17. Consumer Accuses Collector of Making False Statement About Duration of Credit Reporting; Experts Share Reaction to Supreme Court Ruling in CFPB Case

Account Recovery

Consumer Accuses Collector of Making False Statement About Duration of Credit Reporting Experts Share Reaction to Supreme Court Ruling in CFPB Case Appeals Court Affirms Ruling in FDCPA Case Over SOL for Filing Suit Credit Card Delinquency, Usage Rates Show More Consumers Are Falling Behind Supreme Court Says CFPB Funding Structure is Constitutional WORTH NOTING: […]

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32,000 UK Homes at risk of repossession

UK debt collections

New research by Mojo Mortgages has found that 32,000 mortgaged properties at risk of being repossessed. The research also found that there were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, representing a 3% increase from the previous quarter. Within this group, 32,470 mortgages were in the most severe bracket, with mortgage arrears exceeding 10% of the balance, marking a 6% increase compared to the previous quarter.

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Agencies announce inflation-adjusted dollar thresholds for Regulation CC funds availability

Consumer Finance

The Federal Reserve Board and the Consumer Financial Protection Bureau announce inflation-adjusted dollar thresholds for Regulation CC funds availability

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Why Chapter 7 isn’t the best option for foreclosure concerns

Roths Child Law

When homeowners face the daunting prospect of foreclosure, understanding the defensive options available can potentially help them preserve their homes and financial stability. For example, two common types of bankruptcy , Chapter 7 and Chapter 13, offer different benefits and drawbacks in the context of foreclosure. Although there are exceptions to this general rule, Chapter 7 might not be the best option for those concerned with foreclosure, although Chapter 13 could potentially provide a more

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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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Daily Digest – May 16. Getting to Know Fred Landrum of NRA Group; Judge Grants MJOP for Defendant in FDCPA Case Over Responding to Alleged Cease Letter

Account Recovery

Getting to Know Fred Landrum of NRA Group Judge Grants MJOP for Defendant in FDCPA Case Over Responding to Alleged Cease Letter Spring Oaks to Open Second Office in Albuquerque New Call Scanning Tech from Google Raising Eyebrows WORTH NOTING: As the temperatures rise, more people are looking for things to do outdoors — here […]

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Investigation launched into Council’s huge Unpaid debt pile

UK debt collections

The government has ordered an investigation into Warrington Borough Council as figures reveal it is almost £1.85 billion debt. It follows a report which found the council is the most indebted unitary authority in the country, with “their portfolio of debt-funded investments… concerning” which put not only the council at risk, but could also have “significant impact” for local residents.

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Prepared Remarks of CFPB Director Rohit Chopra Regarding the Supreme Court’s Decision in CFPB v. CFSA

Consumer Finance

CFPB Director Rohit Chopra provided remarks regarding the Supreme Court’s decision in CFPB v. CFSA.

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Checkmate: How to Stay on Top of Client-Facing Requests

NCBA Law Practice Management Blog

Nothing bottlenecks law firm case process (and progress) as much as waiting for your clients to do things. Law firms can largely control internal policies & tasks; and, courts utilize definable deadlines. But, when law firms request that clients do things. good luck ! They’ll straight up ignore you. They’ll obfuscate. They’ll waste your time, by getting back to you another issue, entirely.

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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?