UK debt collections
JUNE 4, 2024
A record number of Debt Relief Orders (DROs) were taken out in April, as the £90 fee for the insolvency option was scrapped. DROs are available to those on low incomes and clear existing debt on everything from council tax to energy bills and rent. Some 3,436 Debt relief orders were taken out in April – the highest monthly number since they were introduced in 2009, figures from the Insolvency Service , external show.
American Profit Recovery
JUNE 6, 2024
By Greg: We’re a little less than two weeks away from our Annual Employee Week and I am so looking forward to it. This is a week we all look forward to. It is a chance for the ownership team to show their thanks for all our hard work, and for us all to spend some fun time together in and out of the office. We will be kicking off the week with a picnic on Monday night, an evening of bowling on Tuesday, and a trip to an Escape Room on Wednesday.
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Account Recovery
JUNE 6, 2024
For those in the credit and collection industry, the portrayal of companies often leans towards the negative. However, a recent development covered by The New York Times highlights a significant, albeit under-publicized, initiative by Navient that offers a lifeline to borrowers with private student loans.
Credit Corp
JUNE 4, 2024
Some reasons that your score hasn’t changed (or gone up) could be that the bureaus haven’t updated your credit profile yet, a bad credit utilization ratio, serious negative items outweighing recent good behavior, or errors on your credit. However, if you’ve been diligently working to improve your credit score but haven’t seen any progress, it can be frustrating.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant or getting "ghosted" if they fail to meet the evolving needs of Gen Z consumers. In this new webinar, Brian Muse-McKenney of Episode Six and Matt Simester of Payments Consultancy Limited will reveal key considerations banks should factor into their efforts to develop target products for the next generation of bank customers.
Enterprise Recovery
JUNE 6, 2024
Credit managers can help your business by ensuring the smooth functioning of credit operations. They are responsible for assessing the creditworthiness of potential clients and managing credit limits to prevent late payments and minimize financial risks. They also play a vital role in collecting accounts receivable and bad debt. By understanding the role of a credit manager in your business, you can effectively utilize their expertise to optimize cash flow and maintain a healthy financial positi
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
JUNE 7, 2024
A District Court judge in North Carolina has granted a defendant’s motion to dismiss after it was sued for allegedly violating the Fair Credit Reporting Act and the Fair Debt Collection Practices Act, ruling that the plaintiff’s amended complaint did not contain enough information to allege that a violation of either statute had taken place.
UK debt collections
JUNE 6, 2024
A Scottish man who decided to recklessly act as a unlicensed Debt Collector recovering a business debt, has been punished in the courts for his unlawful actions. The man banged on a customers door and shouted threats in the middle of the night over an unpaid business debt. The unpaid business debt is believed to have been owed to the mans employer. Christopher Bett, 34, of Cardenden, appeared for sentencing at Dunfermline Sheriff Court.
Credit Corp
JUNE 4, 2024
The credit monitoring apps chosen are based on rankings from reputable sites in the financial space. Credit.com is owned by Credit.com Holdings, LLC. Oquirrh Mountain Law Group, PC, d/b/a Lexington Law Firm is an independent law firm that uses Credit.com Holdings, LLC, as a provider of business and administrative services. Your credit score impacts your ability to obtain a credit card, purchase a home, or even rent an apartment.
Consumer Finance
JUNE 3, 2024
The CFPB today issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.
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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.
Account Recovery
JUNE 6, 2024
Getting to Know Lynne Vellucci of Certified Solutions NJ Appeals Court Affirms Dismissal of Hunstein Suit Navient Program to Cancel Student Loan Debt Gets Put in Spotlight Consumers, Advocates to Get Say in CFPB’s Open Banking Standard Capio Launches Recoveri: A Revolutionary Approach to Medical Debt Resolution WORTH NOTING: A woman is claiming to be […]
UK debt collections
JUNE 5, 2024
An iconic bicycle manufacturer is to enter voluntary liquidation after almost 80 years crafting and designing bicycle frames. Mercian Cycles, based in Derby, launched in 1946 and has continued to create bespoke bikes by hand throughout its history. Its products have been used by cyclists who have set world records and individuals who have undertaken trips around the globe.
FFGN COLLECT NY
JUNE 6, 2024
In debt collection, speed matters. To ensure quick success in obtaining a debt collection judgment, all settlement agreements should have a default provision. A judgment clerk can enter judgment on default, without obtaining a court order, when the creditor has set forth and supported with documentary evidence a claim for a liquidated amount. The claim for the liquidated amount or sum certain should be in the initial pleadings filed with the court.
Consumer Finance
JUNE 4, 2024
Today, the CFPB finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule.
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.
Account Recovery
JUNE 5, 2024
Healthcare Provider, NY AG Issue Best Practices on Medical Debt Affordability, Collections CFPB Issues Warning About Contractual Fine Print Claim That Debt Not Owed Not Enough For Collection Letters to Be Harassing, Judge Rules 30 Companies Seeking Collection Talent WORTH NOTING: The latest viral trend involving pets is called the “paws in” challenge … The […]
UK debt collections
JUNE 3, 2024
Small businesses were owed almost £23,000 in late payments for a month, according to new data, adding to the sky-rocketing energy bills that are piling pressure on concerned business owners. Late payments totalled £22,700 for the average small business, with at least one overdue invoice in May, representing a 6% year-on-year rise. This amounts to 65% of their average monthly turnover, new data from accounting software Intuit QuickBooks showed.
The Kaplan Group
JUNE 5, 2024
A new study by The Kaplan Group shows that the debt burden has reached an all-time high for American households. We analyzed the evolution of auto loans, mortgages, credit card and student loans since 2003. Key Takeaways The total amount of debt grew by 81.5% in 20 years. Student loan debt quadrupled since 2003. With over $100,000 in debt, residents of the District of Columbia are struggling with the highest amount of debt followed by residents of Hawaii and Washington With just over $35,000, re
Consumer Finance
JUNE 2, 2024
La CFPB finaliza una normativa para establecer un registro para detectar y detener a infractores corporativos que ya hayan violado leyes de protección financiera del consumidor.
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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.
Account Recovery
JUNE 5, 2024
In a groundbreaking move, New York Attorney General Letitia James and Northwell Health yesterday announced a historic agreement aimed at significantly improving access to financial assistance for millions of New Yorkers and “significantly” reducing medical debt collection efforts.
UK debt collections
JUNE 3, 2024
US investment fund Oaktree Capital Management has taken control of Italian champions Inter Milan after the football club’s previous owners, Chinese conglomerate Suning International Holdings, defaulted on a large unpaid debt of £335m. Suning’s debt relates to a loan of €270m taken out in 2021, which has accrued interest at 12 per cent and was due for repayment on Tuesday.
Credit Corp
JUNE 4, 2024
Buying your first home is an exciting milestone. You’ve worked hard to improve your credit, save up a down payment, and set aside enough money to cover the cost of unexpected repairs. If you want the process to go smoothly, it’s important to understand each step. Once a seller accepts your offer, you’ll need to pay for an appraisal. But how much is an appraisal fee?
Price Meese
JUNE 3, 2024
Price Meese Partner, Thomas C. Martin, Esq. is happy to attend the upcoming summer meeting of the Conference of Freight Counsel being held this year at Quebec City, Quebec, Canada. The Conference of Freight Counsel addresses and reviews recent case law affecting national and international transport of freight, transportation trends, and the legal impact of case law and newly created regulations affecting the transportation industry.
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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.
Account Recovery
JUNE 4, 2024
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?
UK debt collections
JUNE 4, 2024
UK Finance has released its latest Household Finance Review for Q1 2024 with the reporting highlighting that mortgage borrowing has decreased when compared with the same period the year before, despite a rise in mortgage applications at the end of 2023. Towards the end of last year as mortgage borrowing rates started to reduce, there was a noticeable uptick in the number of mortgage applications.
Consumer Finance
JUNE 4, 2024
CFPB finaliza normativa delineando las calificaciones para el establecimiento de las organizaciones que desarrollarán los estándares de la banca abierta.
Collection Industry News
JUNE 6, 2024
In its first case under the Impersonation Rule, the Federal Trade Commission has stopped a student loan debt relief scheme that bilked more than $20.3 million from consumers seeking debt relief by pretending to be affiliated with the Department of Education. A federal court temporarily halted the scheme and froze its assets- at the request of the FTC, which seeks to end the defendants’ deceptive practices.
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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