In the Red

NOVEMBER 28, 2018

Almost every year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of federal judges, bankruptcy attorneys, and others. The rule amendments are ultimately adopted by the U.S. Supreme Court and technically subject to Congressional disapproval.

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Debt Collection Answers

SEPTEMBER 6, 2018

My phone is in my name. I live with my girlfriend for two years, a bill collector called today looking for her ex. How sis they know to call my number? Supposedly she hasn't talked to ex so he shouldn't have my number. Please help!

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Consumer Financial Services Law

MARCH 27, 2018

By: Zachary K. Dunn The House Financial Services Committee voted 35-25 on March 21, 2018 to advance H.R. 5082, officially known as the “Practice of Law Technical Clarification Act of 2018,” to the full House of Representatives. The bill, if enacted, would amend the Fair Debt Collection Practices Act to exclude from the definition of “debt collector” all law firms or licensed attorneys working in connection with “a legal action in a court of law to collect a debt on behalf of a client,” including

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Debt collector Law Firms Fair Debt Collection Financial services 74

Turbo Recovery

NOVEMBER 20, 2018

When you find yourself with symptoms of an illness—sweating, shivering, pain, sapped of energy, an inability to keep down food, etc.—you wouldn’t try to solve the problem by simply taking a pain reliever and eating some chicken noodle soup, would you? Of course not. Whether it’s a medical or a financial problem that has you outside your scope of knowledge, there’s no excuse for trying to be your own doctor.

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Collection Agencies Collections Agency Debt Recovery Collections 68

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.

Qualco

DECEMBER 5, 2018

This European Commission’s third progress report on the reduction of non-performing loans (NPLs) shows that NPLs in the European banking sector have declined further as a result of continuing economic growth and pro-active measures such as sales of NPL portfolios.

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Credit Management Company

OCTOBER 5, 2018

The common perception of the debt collection industry in modern times is almost overwhelmingly negative. Collectors in pop culture are often represented as callous, predatory characters who harass poor families and individuals when they're most vulnerable. While a very slim number of collectors may act in this manner, this portrayal is almost entirely false.

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Fico Collections

DECEMBER 16, 2018

It’s often said that if you can’t measure it, you can’t improve it and this is particularly relevant when you’re managing a delicate balancing act. Financial institutions face this every day as they try to manage the sometimes conflicting needs of controlling fraud, growing the business and keeping customers happy. Doing a fantastic job of driving fraud rates down is undermined if it creates a negative impact elsewhere in the business.

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The McHughes Law Firm

MAY 8, 2018

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Receivables Control

OCTOBER 29, 2018

How many more sales must you generate to offset bad debt? With the recent pullback in the stock market, it reminds us that the economic winds are ever-changing. You may think twice about your credit policy if your sales team is chasing poor credit risks in a volatile economic environment. We wanted to provide you information and a helpful tool to quantify the impact of bad debt and the sales volume necessary to offset it.

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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.

Collections

Stevens Lloyd

DECEMBER 13, 2018

You have initiated a lawsuit and won a Default Judgment against the debtor. Judgments are worthless unless you can locate and garnish the debtor’s assets, however. So now what ? When a creditor obtains a judgment against an individual or company, one of the most effective techniques (providing they don’t know what assets the debtor has) is to utilize a Debtor Exam to recover monies which were awarded on the ruling document.

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In the Red

AUGUST 2, 2018

The twists and turns of the In re Tempnology LLC bankruptcy case have been a frequent subject on this blog for good reason. The case addresses whether a trademark licensee, whose licensor files bankruptcy and rejects the license agreement, retains any rights to use the trademark — or instead is out of luck. A Wild Ride. The licensee in that case, Mission Product Holdings, Inc. (“Mission”), has been on something of a roller coaster ride for the past few years: First, Mission l

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Bankruptcy Debtor Trade Manufacturing 100

NCBA Law Practice Management Blog

DECEMBER 16, 2018

There’s nothing like daylight savings time to get you to observe how dramatic a small shift in time becomes.? Push back one hour, and all of a sudden it’s instant winter.? People are like, ‘Wow, when did it get so dark out?’? And, hot chocolate sales start to rise. Saving time as a business owner can have a similar effect on you.? But, instead of greeting the coming of winter, you’ll be saying things like, ‘Wow, I just got home, and it’s not even dark yet!

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Credits Inc

DECEMBER 14, 2018

If your business wants to stay in business, managers must have a reliable way to collect payments for products or services. Whether you sell housewares, offer pool cleaning services, or run a business in nearly any other industry, without timely payments, your company wouldn't last very long. Unfortunately, collecting payment for services rendered can sometimes prove challenging.

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Collections

Turbo Recovery

MAY 11, 2018

Knowing what to place and what not to place can be tricky, especially for nervous business-owners looking to get their money back. It is typical in the collections industry for existing, potential, and even new clients to call in around the months of April and May with lists of bad debt and other write-offs made in the past couple months. Unfortunately, some claims placed within collection agencies are nearly impossible to liquidate.

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AGA

OCTOBER 19, 2018

As a 3 rd party collection agency, we have heard it all when it comes to why once good paying customers that were easy to work with are now past due, no longer ordering and unresponsive to your attempts to contact them. What went wrong? Why did a customer with whom you have been doing business with for quite some time and thought you had a good relationship with start slow paying and now is not paying at all?

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Qualco

OCTOBER 15, 2018

The days of bolting analytics onto main strategies are behind us, with advanced technology informing both strategic and operations decisions. Lenders and collections teams have traditionally bolted analytical tools onto their main strategies, using them to test ideas, segment accounts and validate approaches. Now the landscape has changed. Advances in automation and analytics mean this technology needs to be elevated in the organisation, given equal billing rather than treated as an optional ext

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Credit Management Company

NOVEMBER 29, 2018

Price transparency consistently ranks as one of the top factors for consumers satisfaction, yet the healthcare industry continues to have some of the most obscure pricing structures in the American economy. According to research by InstaMed, 91% of patients are demanding greater transparency. Because of this phenomenon, CMS and other payers are demanding that providers give their patients more accurate information about costs.

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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

Fico Collections

OCTOBER 28, 2018

The recent fascination with artificial intelligence and machine learning has made some of us ( naturally intelligent) humans confused about the role that these technologies play in the broader field of fraud analytics. In this blog post, I explain their usage and particularly how they will operate in the open banking revolution. . Source: FICO Blog.

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FDCPA Defense

SEPTEMBER 22, 2018

Can a communication from a collector violate the Fair Debt Collection Practices Act, 15 U.S.C. § 1692, et. seq. (the “FDCPA”) if it never asks the debtor to pay any money? What exactly does the term “debt collection” mean in the context of the FDCPA? These seemingly simple questions have divided the circuit courts, and they may soon be resolved by the United States Supreme Court when it decides a case that arose out of a nonjudicial foreclosure proceeding in Colorado.

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Receivables Control

SEPTEMBER 11, 2018

Guidance on Major Weather Events and COVID-19. In the past few years we have seen regions disrupted by hurricanes, floods, and blizzards. This article highlights our policy regarding collecting from customers who are impacted by major storms and our efforts during the COVID-19 pandemic. . The COVID-19 crisis requires the same methodical approach to communication as do major weather events.

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Stevens Lloyd

NOVEMBER 26, 2018

Millions of businesses, especially small to mid-sized firms, want to grow and prosper by serving their customers well—but they also expect to be paid promptly for their product or services. In our twenty plus years in the commercial debt recovery business, we’ve observed a universal fear among people in business: They want the money they’ve earned but they’re deeply afraid to press too hard lest they upset customers who not only might not pay but could also take their business elsewhere.

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Speaker: William Hord, Vice President of ERM Services

A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.

In the Red

JANUARY 22, 2018

The Tempnology Trademark Saga. When it comes to decisions on bankruptcy and trademark licenses, the In re Tempnology LLC bankruptcy case is the gift that keeps on giving. The Original. It all started in November 2015. Following Tempnology’s rejection of an agreement containing a trademark licensee, the New Hampshire Bankruptcy Court ruled that the licensee could no longer use the licensed trademarks.

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NCBA Law Practice Management Blog

DECEMBER 10, 2018

Nobody has ever liked waiting. But, there has never been a point in recorded history where people have liked waiting less. Cave people, I suppose, never had the benefit of the internet and smartphones. But, I’m not even talking about the Neanderthals; heck, people are far less patient than they were even ten years ago, since things like Netflix have pumped urgency addition up on steroids.

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Credits Inc

DECEMBER 11, 2018

The world of money is riddled with stereotypes. Bankers, lenders, stockbrokers, and even economics scholars all face different disparaging beliefs about their character and the nature of their work. Contrary to popular belief, individuals and companies in the finance industry are not soulless and greedy. In the debt collection field specifically, professionals are trained to be caring, concerned, and tactful when it comes to retrieving payments.

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Turbo Recovery

JULY 11, 2018

When businesses have outstanding receivables, they often turn to attorneys to sue the debtor, but Turbo Debt Recovery offers a few services that should take place prior to filing suit. With full-service, from start to finish and a sensitive approach, it’s clear why Turbo is the better fit. We Provide Full-Service Collections. We are a full-service operation, meaning we work and oversee the accounts from soup to nuts.

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Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.

Banks