American Profit Recovery

NOVEMBER 14, 2023

The debt collection industry is a vital part of the US economy. And for many businesses, it is a critical part of the overall accounts receivables process. Many small businesses and larger organizations rely on the expertise and efforts of third-party collection agencies every day. And for good reason. Collection agencies are recovering substantial amounts of consumer debt and helping those businesses drastically improve much needed cash flow.

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Collection Agencies Collections Agency Collections Debt collector 216

Collect More

NOVEMBER 12, 2023

Two weeks ago we were sent this large debt to collect from a large industrial company. There was no dispute and they had promised payment countless times to our client before we became involved. So I called them and emailed them threatening to serve a Statutory Demand. About 5 minutes later I received a call from their lawyer promising to pay the full amount that day.

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Jimerson Firm

NOVEMBER 13, 2023

While not all incidents of theft are prosecuted in the criminal system, Florida’s civil system has two causes of action that allow a person or entity to pursue the theft of either money or personal property. These two causes of action are Conversion and Civil Theft, and while they are similar in some regards, there are also stark differences that affect important aspects of a claim, such as the amount of damages available and a plaintiff’s burden of proof.

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Legal Rights Government Financial services Banks 105

Consumer Finance

NOVEMBER 14, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.

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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.

JMA

NOVEMBER 12, 2023

Imagine the thrill of watching your business grow, and the pride of seeing your products or services in high demand. But what if your cash flow isn’t keeping up with your success? What if unpaid debts start piling up, threatening your financial stability? This is where effective credit control comes in. You can ensure your. Read more » The post The Ripple Effect: How Credit Control Impacts Business Cash Flow appeared first on JMA Credit Control.

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American Profit Recovery

NOVEMBER 17, 2023

When you’re in the process of hiring a debt collection agency for your organization, there are no doubt many questions on your mind. Hiring a new agency for your business can be a big step because of the important role they play in the overall health of your business. Generally speaking, many businesses are concerned with how effective their debt collection efforts will be, how their customers will be treated, the protection of data and if the agency has a level of proficiency within their

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Collection Agencies Collections Agency Collections 210

Consumer Finance

NOVEMBER 15, 2023

The Consumer Financial Protection Bureau (CFPB) issued a report highlighting medical debt collections and challenges faced by American families.

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Collections 143

True Accord

NOVEMBER 13, 2023

The New York City Department of Consumer and Worker Protection (NYC DCWP) just released an updated proposed amendment to its rules relating to debt collection. This updated amendment changes significantly more than the first proposed amendment released by NYC DCWP last year. Interestingly, this update contains revisions that are similar to the New York Department of Financial Services (NYDFS) proposed amendments to New York’s debt collection law, 23 NYCRR 1, that NYDFS released last year.

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Account Recovery

NOVEMBER 17, 2023

Collector Accused of Not Adding Collection Fee, Not Noting Dispute Judge Grants MTD in FDCPA Case With Laundry List of Claims Navigating Financial Health in Healthcare: Top 5 Revenue Cycle KPIs CFPB Releases Report on FDCPA WORTH NOTING: Something we have all been wondering — which chainsaw is the best?

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UK debt collections

NOVEMBER 17, 2023

Latest research is suggesting that the use of a Directors personal guarantee is on the rise in the UK. There has been a rise in The difficulty small business owners are experiencing accessing funding without having to sign a Directors personal guarantee has become clear according new analysis by Purbeck Insurance. The company say that October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a Directors personal guarantee as a co

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Direct Recovery

NOVEMBER 17, 2023

Operating a small business can be overwhelming, even on the best days. Unfortunately, the best days have been few and far between for most businesses across the country over these past few years. Between economic fears limiting consumer spending and rising costs leading to shrinking margins, almost everyone feels the pinch today. That means every little thing you might do to save money, time, and effort could be significant, and removing the task of managing your collections accounts from your p

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Jimerson Firm

NOVEMBER 16, 2023

Clients and lawyers are often faced with the question of how to issue an out-of-state subpoena in Florida. The answer is the Uniform Interstate Depositions and Discovery Act. This article explains how to issue an out-of-state subpoena (commonly referred to as a foreign subpoena) in Florida. The Uniform Interstate Depositions and Discovery Act Section 92.251, Florida Statutes, is titled the Uniform Interstate Depositions and Discovery Act. §92.251(1).

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Lawyers Government Financial services Banks 59

Account Recovery

NOVEMBER 16, 2023

The Court of Appeals for the Second Circuit has affirmed a lower court’s ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act because the response to an email from the plaintiff did not constitute an initial communication under the statute.

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UK debt collections

NOVEMBER 16, 2023

New figures released show a massive increase in Personal insolvency. The latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 35.7% in October 2023 to a total of 9,881 compared to September’s total of 7,280, and decreased by 6.1% compared to October 2022’s figure of 10,528.

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Direct Recovery

NOVEMBER 16, 2023

Rising interest rates are putting a strain on consumer finances across the country, and no one is sure whether inflation has finally calmed down or not. Whatever you think about economic policy, there is no denying that we’re all struggling to adjust right now. While conditions are certainly not ideal, getting ahead is still possible, and that is especially true if you are willing to trim your personal budget.

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Banks 59

Consumer Finance

NOVEMBER 12, 2023

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.

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Consumer Credit 62

Account Recovery

NOVEMBER 16, 2023

Getting to Know Connie Matrisch of Pro Com Services of Illinois New Video Series: Legends of the ARM Industry — Gary Williams Second Circuit Affirms Dismissal of FDCPA Suit Over Response to Unprompted Email CFPB Fines Online Lender $15M For Violating Consent Order, ‘Widespread’ Illegal Activity WORTH NOTING: If you are traveling with little kids, […]

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Lender 147

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?

Financial services

UK debt collections

NOVEMBER 15, 2023

Uk Business insolvency is officially on the rise. The latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for October 2023 was 2,315, 18% higher than in the same month in the previous year (1,954 in October 2022). The UK business insolvencies consisted of 256 compulsory liquidations , 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company voluntary arrangements (CVAs) and one receivership appointment.

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Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?” In this blog post, we’ll tackle this question head-on, providing clear and concise answers.

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Consumer Finance

NOVEMBER 15, 2023

The government’s promise that insured deposits will be protected from loss in the event of a bank failure has been the backbone of banking system stability for 90 years. The Federal Deposit Insurance Corporation’s stewardship of the Deposit Insurance Fund is vital to keeping that promise and maintaining the public’s confidence.

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Banks 52

Account Recovery

NOVEMBER 14, 2023

Healthcare affordability is beginning to impact not just those without health insurance or those who don’t make a lot of money. These days, more than one-quarter of non-senior adults are living with severe healthcare affordability issues, such as high out-of-pocket cost burden, medical debt, or forgone medical care, according to a recently published study.

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Healthcare 147

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?

Banks

Troutman Sanders

NOVEMBER 16, 2023

Join Troutman Pepper Partner Chris Willis as he discusses the New York Department of Financial Services’ (NYDFS) latest updates to its cybersecurity regulations with Troutman Pepper Privacy + Cyber Partner Kim Phan. With data breaches on the rise, the NYDFS has heightened its expectations for licensed entities in New York regarding data management. The finalized draft of these changes was released on November 1, following a year of public comment.

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Financial Institution Financial services 52

Taurus Collect

NOVEMBER 15, 2023

Understanding your rights as a consumer is crucial when dealing with debt collectors. Unfortunately, many UK consumers are unaware of their legal protections and end up feeling intimidated or helpless when faced with aggressive debt collection tactics. This guide aims to empower you with knowledge and help you navigate these challenging situations calmly and confidently.

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Sawin & Shea

NOVEMBER 15, 2023

If you’re struggling with financial hardship, filing for bankruptcy can be an effective way to get back on your feet. But filing for bankruptcy in Indiana doesn’t mean every outstanding debt you’ve ever incurred gets wiped away. Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt.

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Account Recovery

NOVEMBER 13, 2023

The Department of Education has announced a new plan to hold student loan servicers accountable for not harming individuals with stiff penalties that the department has already shown it is willing to put into practice.

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Student loans Student Loans Loans Education 147

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