Sat.Sep 21, 2024 - Fri.Sep 27, 2024

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N.J. Appeals Court Affirms Ruling for Defendant in CFLA Case

Account Recovery

In a case that was defended by Jacquelyn DiCicco of J. Robbin Law, a New Jersey Appeals Court has affirmed the dismissal of a consumer’s class-action lawsuit against a group of debt buyers, ruling that there is no private right of action under the New Jersey Consumer Finance Licensing Act, and that the plaintiff’s claims under the Consumer Fraud Act were not applicable in this debt collection context.

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Celebrating 20 years-how it started and how it’s going

American Profit Recovery

American Profit Recovery is celebrating 20 years in business. However, we are not just celebrating being in business for two decades, we are applauding our vision come true and how we have built a reputable debt collection agency that has achieved what we set out to do in 2004. We came together because we saw an opportunity to improve just about every area of collections.

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The Importance of Communication in Debt Recovery

Enterprise Recovery

Building trust is paramount in the debt recovery process, and communication is the foundation of trust. Clients are more likely to cooperate and engage positively when informed about the collections process and their options. Clear and honest communication helps to demystify the debt recovery process, reducing any anxiety or confusion the client may have.

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Steps to Create a CFPB Complaint Process for Agencies

PDC Flow

The Consumer Financial Protection Bureau (CFPB) is an independent federal agency responsible for maintaining the safety of customers who interact with financial businesses. Because they create and enforce the regulations that govern the credit and collection industry, debt collection agencies know this organization well. But do you know the best way to handle a CFPB complaint about your business filed directly with the Bureau?

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4 Things Great Companies Do to Improve Cash Flow

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

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Consumers’ Financial Situations Continue to Worsen: JPMorgan Chase

Account Recovery

The savings nest eggs that people built up during the COVID-19 pandemic are all but gone, according to new research from the JPMorgan Chase Institute. As savings dwindle, consumers are becoming more vulnerable to financial shocks, which could lead to lower spending and higher debt defaults. By the numbers: According to the institute’s latest Household Finances Pulse report, the cash reserves of U.S. households have been steadily shrinking since their pandemic-era peak.

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How to Prepare for Economic Fluctuations as a Small Business

Enterprise Recovery

With the announcement that the Federal Reserve cut interest rates by half a percentage point, inflation and interest rates are a primary news topic. If you own a small business, these economic fluctuations can have significant impacts. Understanding these cycles is vital to anticipate changes in the market and adjust business development strategies accordingly.

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CFPB Report Highlights Challenges Facing Servicemembers and Veterans with Student Loans

Consumer Finance

The CFPB today issued its annual report on top financial concerns facing servicemembers, veterans, and military families.

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CFPB Publishes Warning About Collecting From Surviving Spouses

Account Recovery

The Consumer Financial Protection Bureau on Friday turned its spotlight on the risks of attempting to collect on unpaid medical bills from surviving spouses, highlighting potential legal violations by collectors who may ignore legal nuances. By the numbers: The big picture: The CFPB is concerned that debt collectors may be misleading surviving spouses into paying deceased partners’ medical debts when they’re not legally obligated to do so.

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What Happens When An Insolvent Company Owes A Director Money?

Hudson Weir

It’s not an uncommon scenario, unfortunately – director lends company money, company enters insolvency, company owes director money, director wants money paid back… In many cases, directors loan money to their company and charge interest (and the business does not pay corporation tax on it). In the future, the company pays the interest to directors minus income tax at the 20% basic rate, as explained in the government guide on when you lend your company money.

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Top 3 Banking Secrets to Stay Relevant with Gen Z Consumers

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. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

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The Role of Communication in Debt Recovery: Tips for Effective Conversations

Burt and Associates

Table of Contents Introduction The Importance of Clear Communication in Debt Recovery Tips for Effective Conversations with Debtors 3.1. Stay Professional and Empathetic 3.2. Establish Clear Expectations 3.3. Actively Listen to the Debtor’s Concerns The Role of Communication with Stakeholders Common Pitfalls to Avoid in Debt Recovery Conversations Transitioning from Effective Communication to Action Conclusion and Next Steps 1.

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Statement of CFPB Director Rohit Chopra on the Justice Department’s Lawsuit Against Visa

Consumer Finance

CFPB Director Chopra issued a statement regarding DOJ’s lawsuit against Visa for illegally blocking competition in the debit card market.

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Class-Action Accuses Collector of Trying to Collect on Medicaid Debt

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 (855) WEB-RECON or email admin@webrecon.net today!

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The Role of a Debt Collection Agency in Maintaining Your Business Reputation

JMA

In today’s competitive market, your business’s reputation isn’t just important—it’s everything. It’s what sets you apart, builds customer loyalty, and ultimately drives your success. Building trust with customers and maintaining strong relationships are the cornerstones of sustainable growth. But let’s face it—when invoices go unpaid, things can get tricky.

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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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When Is the Right Time To Send Your Client To Collections

FFGN COLLECT NY

For those in industries filled with chronically late payors, it can be difficult to know when the right time to send a client to collections is. You may worry that by placing your customer in collections, you will lose the “relationship.” But if a client doesn’t pay you and uses your money to finance their business, are they a client worth keeping?

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Ethical Debt Collection: The importance of ethical practices in commercial collections

Collections Law

When it comes to commercial debt collection, ethics are the bedrock of sustainable success. At the Law Offices of Alan M. Cohen & Associates LLC, we fight aggressively and relentlessly to get you paid while adhering to the highest ethical standards. With more than 50 years of combined experience practicing commercial collections law in Massachusetts, our collections lawyers have an intricate understanding of the idiosyncrasies of federal, state and local laws that provide us with the legal m

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California Governor Signs Trio of Collection-Related Bills into Law

Account Recovery

California Governor Gavin Newsom yesterday signed a trio of bills that will significantly impact the credit and collection industry in the state. These new laws, set to take effect in 2025, will reshape how medical debt is reported, expand consumer protections, and alter the landscape for commercial debt collection. The big picture: The three bills signed into law are: SB 1061: Medical Debt Reporting Ban AB 2837: New Requirements for Wage Garnishments and Bank Levies SB 1286: Expansion of Rosent

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The Impact of Poor Credit Control on Cash Flow

JMA

Cash flow is the lifeblood of any business. Without it, even the most promising companies can find themselves struggling to stay afloat. That’s why maintaining a healthy cash flow is crucial for your business’s financial stability and long-term success. But what happens when credit control isn’t up to scratch? The result is often a cascade. Read more » The post The Impact of Poor Credit Control on Cash Flow appeared first on JMA Credit Control.

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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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Avoiding Common Debt Collection Pitfalls

Burt and Associates

At Burt and Associates , we understand that navigating the world of debt collection can be tricky. From ensuring proper documentation to handling sensitive legal matters, avoiding common mistakes is crucial to success. This guide is designed to help businesses stay on top of their debt collection efforts while avoiding costly errors. 1. Keep Detailed Records One of the biggest mistakes in debt collection is not having the right paperwork.

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J&J subsidiary files for bankruptcy to advance $8 billion talc settlement

Collection Industry News

A Johnson & Johnson subsidiary filed for bankruptcy for a third time on Friday as the healthcare giant seeks to advance an approximately $8 billion proposed settlement that would end tens of thousands of lawsuits alleging that the company’s baby powder and other talc products caused cancer. J&J’s Red River Talc unit made its filing in the U.S.

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Full Pennsylvania Appeals Court Issues Ruling in Bonus Case Involving Collection Agency, Former CEO

Account Recovery

For the second time, a Pennsylvania Appeals Court has ruled that employees can seek liquidated damages under the state’s Wage Payment and Collection Law (WPCL) even if they have already been paid all outstanding wages before filing a lawsuit issuing the ruling in a case involving a collection agency and its former chief executive. In a 5-4 decision, the court affirmed a lower court’s order awarding the plaintiff $60,000 in liquidated damages.

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Barron & Newburger’s Latest Risk Management Guidance

BN Lawyers

Here’s the latest risk management guidance, published in August 2024, from B&N’s Attorneys Risk Management practice group. BN – Tip of the Month – Limiting the Scope of Retention Can Limit Your Liability – August 2024 The post Barron & Newburger’s Latest Risk Management Guidance appeared first on Barron & Newburger, P.C.

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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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2024 FDCPA: Key Updates to the Fair Debt Collection Practices Act

Burt and Associates

The Fair Debt Collection Practices Act ( FDCPA ) is a cornerstone of consumer protection laws in the United States. It ensures that debt collectors adhere to specific ethical and legal standards when pursuing debts. Since its inception in 1977 and through several amendments (most notably Public Law 111-203 in 2010), the FDCPA has played a pivotal role in safeguarding consumer rights while also clarifying debt collectors’ obligations.

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Managing a Multigenerational Workforce: Key Tips

PDC Flow

Effective team management transforms your office. It can create an environment where a multigenerational workforce comes together to make a winning team. But managing different generations in the workplace isn’t always easy. A good manager must take into account the backgrounds and experiences each employee brings to their work — experiences that change with every generation. 5 Generations in the Workplace Each of the five generations in the workplace has lived through unique times that shaped t

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Finvi Announces Partnership with Divinity Software as Velosidy Integrations Build

Account Recovery

Finvi, the leading provider of enterprise technologies that streamline and accelerate revenue recovery for clients across the accounts receivable management (ARM) industry, today announced a new partnership with Divinity Software, which specializes in providing state-of-the-art software solutions that empower businesses to streamline customer engagement and optimize financial performance with their easy-to-use portal.

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US bans Navient from servicing federal student loans

Collection Industry News

WashingtonCNN — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The agreement settles a lawsuit brought by the Consumer Financial Protection Bureau in 2017, which claimed the company misled student loan borrowers and processed their payments incorrectly. At the time, Navient – which was previously spun off from servicer Sallie Mae – was one of the biggest companies contracted by the Department of Educ

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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.