Sat.Dec 24, 2022 - Fri.Dec 30, 2022

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3 Things To Do When a Client Files for Bankruptcy

Taurus Collect

Every business depends on its customers or clients for cash flow to sustain itself. In fact, their money is like the lifeblood of the business owner and the employees as well. However, just like a blockage in the windpipe or food pipe can result in severe health issues, a disruption in cash flow can also make it challenging for a business to survive.

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What happens when debt collectors are nice to consumers?

American Profit Recovery

Consumers and the business community should be comforted knowing there has been a consistent industry-wide effort in collections to humanize the process. More and more collection agencies understand the value and critical nature of tactful and respectful communications with consumers. Why is this important for the public to understand? Any business transaction should be conducted by interested parties that can come together.

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Short-Staffed? Unable to Recover your AR

Nexa Collect

Simply writing-off the amount that is past due is a common approach among several businesses. We see this as leaving money on the table. The primary reason for not following up on receivables is that most businesses are short-staffed, and their staff have little or no time left after their primary job responsibilities are completed. Therefore, just after a few initial follow-ups, they let go of their debtors.

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US Economy Ends 2022 on Mixed Note

NACM

The U.S. economy grew faster than initially thought in Q3 at 3.2% year over year, up from the 2.9% estimate—sparking fears that the Fed could raise interest rates more than expected in 2023. However, "The final GDP report is one of most backward-looking readings the government releases, looking at the state of the economy nearly three months a.

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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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How To Respond When Your Debt Is Sent To Collections?

Taurus Collect

Life can hit us hard anytime, leaving us sick for months and giving us several bills to look after. Or you may be unemployed for a long time and must deal with unexpected costs and bills. In such cases, we usually borrow money to keep life going. However, sometimes we can fail to pay back the amount and end up with hundreds of calls from creditors. Ultimately, they can also hire a debt collection agency to pursue the money you owe to them.

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Accounts Receivable and Business Collections Trends for 2023

Enterprise Recovery

It's time that we review our blog posts from the past year to discover any trending topics for 2023. In previous years, we've used this annual review to learn insights on how we can do better for our readers. Let us know if there's a topic that we can do better for you in the upcoming year. Here are the Accounts Receivable and Business Collections Trends for 2023.

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5 Ways to Build Your Credit Score in 2023

Nerd Wallet

Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn. The article 5 Ways to Build Your Credit Score in 2023 originally appeared on NerdWallet.

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Substantial Contribution: A New Decision from the Third Circuit

PBWT

It’s often hard to persuade a bankruptcy court to grant a motion for substantial contribution. Any attorney thinking about making a motion should first ask herself two questions. First, has my work benefitted both my client and other creditors? Second, did my work result in more than an incidental benefit to the bankruptcy estate? If the answer to either question is no, then the attorney should forget about making the motion.

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Understanding How Management Training is Different from Regular Training

Account Recovery

Teaching someone to be a collector is a fairly straightforward process because you know at the end of the training, you want those individuals to be able to collect debts, compliantly, empathetically, and persuasively. Teaching someone to be a manager is an entirely different process because at the end of the training, you want someone … The post Understanding How Management Training is Different from Regular Training first appeared on AccountsRecovery.net.

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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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Consumers Are Making Financial Resolutions for 2023 – Here’s What You Can Do

True Accord

When it comes to New Year’s resolutions, improving personal finances isn’t anything new. But as we look ahead to 2023, we see more and more Americans adding serious financial goals to their list. A recent Ascent survey found 66% of Americans plan on making a financial resolution. And your business should be paying attention to the New Year goals of consumers: it’s the ideal time to support your customers to pay off debt (one of the most common financial resolutions for 2023) by meeting them wher

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Southwest Airlines’ Holiday Disaster: Now What?

Nerd Wallet

Sally French writes for NerdWallet. Email: sfrench@nerdwallet.com. Twitter: @SAFmedia. The article Southwest Airlines’ Holiday Disaster: Now What? originally appeared on NerdWallet.

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Filing Motion to Dismiss in State Court Waived Right to Removal, Holds Fourth Circuit

Troutman Sanders

FIA Card Services, NA (FIA) obtained a default judgment in a collection action against Jerome Redman in West Virginia state court. FIA, through its counsel Javitch Block LLC (Javitch), then filed a wage garnishment action against Redman to collect the judgment. Once Redman became aware of the default judgment, he filed a motion to set aside the default, which the state court granted, as well as a third-party complaint against Javitch.

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Judge Grants MTD in FDCPA Case Over Lack of Interest Disclosure on MVN

Account Recovery

We were so close to what I think would have been our first ruling on the safe harbor of using the Model Validation Notice, but a District Court judge in Utah ruled a plaintiff lacked standing to pursue his Fair Debt Collection Practices Act lawsuit because the defendant purchased the plaintiff’s lawsuit during a sale … The post Judge Grants MTD in FDCPA Case Over Lack of Interest Disclosure on MVN first appeared on AccountsRecovery.net.

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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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Severance Agreements: Tips for Ensuring They Are Enforceable

Jimerson Firm

Severance agreements are common contracts that are entered into between an employer and a departing employee in which the employee receives extra compensation while the employer receives piece of mind from a non-compete, release of potential claims, or other protections that may be negotiated. However, there are restrictions on severance agreements which businesses should be aware of, to avoid their severance agreements being rendered unenforceable.

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What Travelers Want Instead of COVID-Related Travel Insurance

Nerd Wallet

Carissa Rawson writes for NerdWallet. Email: articles@nerdwallet.com. The article What Travelers Want Instead of COVID-Related Travel Insurance originally appeared on NerdWallet.

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Asset Management: How Your Law Firm Pays Off in the End

NCBA Law Practice Management Blog

Most solo and small firm attorneys think of their law firms as a salary replacement for a full-time law firm job, with some upside: both on income, and freedom. But, that’s it. Lots of lawyers are looking to run out the clock on their practice, and then ride off into the sunset – or , work until they die. I know I’d prefer the former ; and, if you do, too – why not ride off into the sunset with some loot, like the hero (or villain), in a Western movie?

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A Special Thank You, From Me to You

Account Recovery

Every few days, I get an email from someone asking a question about a webinar that they missed or making sure their email address was still on the distribution list for The Daily Digest because they stopped receiving it, or some other reason, and those emails often thank me for everything I have done for … The post A Special Thank You, From Me to You 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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First Circuit Rejects Classwide Settlement, Finds That Would-Be Class Representatives Could Not Adequately Represent Subclasses With Materially Different Claims

TCPA

The First Circuit recently reversed the District of Massachusetts’s approval of a settlement award that improperly lacked any subclasses within the 4.8-million-person putative class, finding it “too difficult to determine whether the settlement treated class members equitably.” Murray v.

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Singapore Airlines Premium Economy Review

Nerd Wallet

JT Genter writes for NerdWallet. Email: travel@nerdwallet.com. The article Singapore Airlines Premium Economy Review originally appeared on NerdWallet.

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Massachusetts AG Reaches $600K Settlement With Debt Settlement Payment Processor

Troutman Sanders

The attorney general of Massachusetts reached a settlement with a payment processing company that allegedly assisted a debt settlement company engaged in charging consumers premature and inflated fees. In 2021, debt settlement company DMB Financial LLC entered into settlements with the Massachusetts AG and the Consumer Financial Protection Bureau (CFPB) over claims that it engaged in abusive and deceptive tactics by charging consumers “significant” fees for negotiating settlements with creditors

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Daily Digest – December 28. Judge Grants MTD in FDCPA Case Over MVN; NCLC Grades States on Judgment Protections

Account Recovery

JUDGE GRANTS MTD IN FDCPA CASE OVER LACK OF INTEREST DISCLOSURE ON MVN We were so close to what I think would have been our first ruling on the safe harbor of using the Model Validation Notice, but a District Court judge in Utah ruled a plaintiff lacked standing to pursue his Fair Debt Collection … The post Daily Digest – December 28. Judge Grants MTD in FDCPA Case Over MVN; NCLC Grades States on Judgment Protections first appeared on AccountsRecovery.net.

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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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US jobs growth signals tough inflation fight ahead

Collection Industry News

Jobs growth in the US remained robust last month, while wages climbed sharply – signs that the world’s largest economy still faces a tough fight as it wrestles to rein in rising prices. Employers added 263,000 jobs, while average hourly pay rose 5.1% from last year, official figures show. The unemployment rate remained at 3.7%. The stronger than expected report came despite the US central bank’s efforts to cool the economy and stabilise prices by raising interest rates.

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6 Best Airlines to Fly to Japan

Nerd Wallet

JT Genter writes for NerdWallet. Email: travel@nerdwallet.com. The article 6 Best Airlines to Fly to Japan originally appeared on NerdWallet.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. Federal Activities: On December 23, the Federal Trade Commission (FTC) issued a proposed consent order, requiring Mastercard to end a practice that allegedly forced merchants to route debit card payments through Mastercard’s payment network in violation of the Du

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Judge Approves $2.8M Settlement in FDCPA Convenience Fee Class Action

Account Recovery

A District Court judge in Florida has granted preliminary approval of a $2.8 million settlement in a Fair Debt Collection Practices Act class-action case involving convenience fees charged when consumers made payments on their mortgages over the phone or online. A copy of the preliminary approval in the case of Morris v. PHH Mortgage can … The post Judge Approves $2.8M Settlement in FDCPA Convenience Fee Class Action 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.