Sat.Nov 11, 2023 - Fri.Nov 17, 2023

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8 reasons why businesses rely on debt collection agencies

American Profit Recovery

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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Attention to detail- why having an eagle eye got this $28,000 paid.

Collect More

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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Using a Civil Lawsuit to Recover Stolen Money or Property

Jimerson Firm

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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CFPB Fines Repeat Offender Enova $15 Million for Violating Order, Deceiving Customers, and Withdrawing Funds Without Consent

Consumer Finance

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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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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The Ripple Effect: How Credit Control Impacts Business Cash Flow

JMA

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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6 questions a business might ask before hiring a debt collection agency

American Profit Recovery

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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CFPB Report Highlighting Consumer Protection Issues in Medical Debt Collection

Consumer Finance

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

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New Yorkers Should Receive the Same Digital Communications Benefits All Non-New Yorkers Receive: Part One

True Accord

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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Daily Digest – November 17. Collector Accused of Not Adding Collection Fee, Not Noting Dispute; Judge Grants MTD in FDCPA Case With Laundry List of Claims

Account Recovery

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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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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Directors Personal guarantee usage on the rise says research

UK debt collections

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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5 Reasons to Partner With a Commercial Debt Collection Agency to Handle Your Collections

Direct Recovery

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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How to Issue an Out-of-State Subpoena in Florida

Jimerson Firm

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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Second Circuit Affirms Dismissal of FDCPA Suit Over Response to Unprompted Email

Account Recovery

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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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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Personal Insolvency rising sharply according to new figures

UK debt collections

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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Six Easy Ways to Trim Your Budget and Get Out of Debt in 2023

Direct Recovery

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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Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions

Consumer Finance

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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Daily Digest – November 16. Getting to Know Connie Matrisch of Pro Com Services of Illinois; New Video Series: Legends of the ARM Industry — Gary Williams

Account Recovery

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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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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UK Business insolvency rises by 18%

UK debt collections

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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Can a Collection Agency Change an Account’s Open Date?

Taurus Collect

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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Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Deposit Insurance Fund Restoration Plan and Designated Reserve Ratio

Consumer Finance

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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More Individuals Facing Healthcare Affordability Issues

Account Recovery

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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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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The NYDFS Updates Its Stringent Cybersecurity Regulations. Is This a Bellwether of Coming Industry Change?

Troutman Sanders

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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Debt Collectors Behaving Badly: A Guide to UK Consumer Rights

Taurus Collect

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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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

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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DoE Launches New Plan to Hold Student Loan Servicers More Accountable

Account Recovery

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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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?