Collection Industry News

APRIL 2, 2021

The number of people seeking bankruptcy fell sharply during the pandemic as government aid propped up income and staved off housing and student-loan obligations. Several rounds of government aid padded incomes with direct payments to households and enhanced unemployment benefits. Source: site.

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Bankruptcy Student loans Student Loans Foreclosure 40

Credit Corp

JULY 26, 2021

If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. If your loved one doesn’t have any beneficiaries listed on their will when they die, their mortgaged property may go into foreclosure. Car Loan Debt. Student Loan Debt. Notify Creditors and Credit Bureaus.

Student loans 98

Student loans Student Loans Credit Card Debt Loans 98

Credit Corp

APRIL 26, 2024

Some of the items on this list include: Canceled amounts that were gifts or inheritances Certain student loans and student loan discharges Qualifying purchase price reductions If you ultimately need to claim the income, you must incorporate the 1099-C into your federal tax filing and report the canceled debt as “other income”.

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Repossession Creditors Bankruptcy Foreclosure 59

Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Collection Industry News

JULY 6, 2021

These non-public actions have occurred in areas such as auto loan servicing, consumer reporting, debt collection, deposits, fair lending, mortgage origination and servicing, private student loan origination, payday lending, and student loan servicing. Examiners found foreclosure issues.

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Student loans Student Loans Foreclosure Loans 40

Troutman Sanders

OCTOBER 16, 2023

NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds. On October 6, CFPB Director Rohit Chopra outlined steps the agency intends to take soon to increase CFPB oversight over digital currencies and payment systems.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

SEPTEMBER 14, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Foreclosure Student loans Student Loans Debt collector 40

Troutman Sanders

APRIL 17, 2023

where a putative class of Black students enrolled at Health Career Institute (HCI), a for-profit nursing school, alleged that after HCI arranged for students to take out federal and private student loans to pay for the program, HCI adopted new policies that increased the amount of time and money it would take students to complete the program.

Student loans 94

Student loans Student Loans Repossession Loans 94

Titan Consulting

AUGUST 23, 2020

Filers can typically retain the home and vehicle as long as you make payments on the loan. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. Federally managed student loans received an automatic six-month payment waiver.

Chapter 13 bankruptcy 86

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

True Accord

AUGUST 11, 2022

Financial literacy is an essential life skill that benefits people throughout their lives, but is often overlooked when it comes to what happens if a payment is late or missed. New York Federal Reserve , between the national student loan debt topping $1.6 Debt levels are on the rise again: according to the?

Acquisition 61

Acquisition Debt Recovery Education Student loans 61

Credit Corp

FEBRUARY 28, 2021

At the same time, missed rent payments and increased debt-to-credit ratios have produced a credit-ratings crunch across the board. COVID-19 loans for bad credit are on the rise—but do they deliver, or do they make things even worse? This post will help you protect your stimulus payment and keep your finances safe.

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Loans Student loans Student Loans Debt collector 98

True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. In January, the foreclosure proceedings that were paused under the CARES Act resumed after an 18-month hiatus. million U.S. And lenders are happy to lend.

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Lender Personal loans Foreclosure Loans 58

Troutman Sanders

AUGUST 30, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Better Credit Blog

APRIL 1, 2022

It’s smart to know how to remove negative items from your credit report, especially if you are soon to be applying for a mortgage or car loan. Whatever you’re dealing with, late payments, collections, charge-offs, or foreclosures, the following techniques can clean up your credit quickly. Payment status (e.g.,

Bankruptcy 114

Bankruptcy Collection Agencies Collections Agency Lender 114

Troutman Sanders

FEBRUARY 21, 2024

The court found that the defendants falsely promised to reduce homeowners’ mortgage payments and prevent foreclosures, defrauding distressed homeowners out of millions of dollars. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company.

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Financial services Student loans Student Loans Financial Institution 52

Debt Free Colorado

MARCH 3, 2023

A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time. Chapter 13’s main advantage is that it stops creditors from bothering you and allows you to keep property subject to a security interest, provided you continue to make payments in the repayment plan.

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Credit Corp

SEPTEMBER 12, 2023

To help landlords pick reliable tenants, a rental credit check includes: Rental history: Some landlords report rent payments to credit bureaus. As a result, evictions, broken leases, and late or missing payments may appear. Typically, they only appear if you listed them on a credit card application or loan.

Bankruptcy 93

Bankruptcy Lender Student loans Student Loans 93

Troutman Sanders

MARCH 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. As of March 17, approximately 90 million Economic Impact Payments had been disbursed, which is more than $242 billion.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

JULY 7, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link].

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Consumer Financial Services Law

FEBRUARY 17, 2017

Here are the highlights of the most recent report: IN GENERAL · Student loans showed the greatest increase in complaints comparing October -December 2015 with October-December 2016, showing a 109% increase. In February 2016, the CFPB updated its student loan intake form to accept complaints about federal student loan servicing.

Student loans 40

Student loans Student Loans Foreclosure Loans 40

Troutman Sanders

SEPTEMBER 27, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. On September 21, the U.S.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debt collector 98

Troutman Sanders

MAY 9, 2023

For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443. HB1349 will take effect on July 23.

Financial services 52

Financial services Student loans Student Loans Loans 52

Collection Industry News

FEBRUARY 15, 2021

In the area of debt collection, the CFPB observed, among other things, that some entities reported increases in consumer contacts and payments, which may have been attributable to more consumers being at home, reduced spending, and pandemic-related assistance. insufficient loss mitigation processes.

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Garnishment Student loans Student Loans Loans 40

Troutman Sanders

NOVEMBER 30, 2020

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. House of Representatives that would extend the payment pause and interest waiver for government-held federal student loans.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Credit Corp

MAY 1, 2021

The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. Many people also live paycheck to paycheck , making it difficult to avoid applying for loans if they urgently need money. Get Your Free Credit Report Card. Organize Your Finances.

Credit Card Debt 98

Credit Card Debt Accrued Interest Loans Student loans 98

Troutman Sanders

OCTOBER 11, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA).

Financial services 52

Financial services Loans Lender Foreclosure 52

Burr Forman

DECEMBER 4, 2020

The new bill issued a moratorium on evictions, foreclosures, and repossessions, which expired on June 30, 2020. On April 23, 2020, Governor Gavin Newsom issued Executive Order N-57-20 exempting stimulus payments and other COVID-19-related government financial assistance from attachment, levy, execution, or garnishment.

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Financial Institution Garnishment Collections Foreclosure 52

Better Credit Blog

NOVEMBER 23, 2020

When a missed payment goes into collections, it can make your daily life stressful and wreak havoc on your credit score. When you fail to repay a debt, whether it’s a medical bill, student loan, or credit card balance, it eventually enters collections. It should be updated within a month of your payment. Is FMS Inc.

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Debt collector Collection Agencies Collections Agency Collections 52

Better Credit Blog

AUGUST 7, 2020

A lot of things can impact your credit score, from your payment history to the amount of available credit you use. Whether you’re in the market for a mortgage, auto loan, or credit card, your application can result in a hard inquiry on your credit report, which can damage your credit score for years. Foreclosure. Late payments.

Retail 52

Retail Lender Debt collector Banks 52

Troutman Sanders

APRIL 5, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On April 1, the CFPB issued a warning to mortgage servicers to take necessary steps to prevent a wave of foreclosures this fall.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Better Credit Blog

AUGUST 21, 2020

Individuals with “fair” credit scores usually have late payments on their credit reports , some of which may have gone to collections. Others are on the path to repairing their credit, as it takes time to recover from more severe credit occurrences like bankruptcy , foreclosures , or judgments. Boost Your 620 Credit Score Today.

Personal loans 59

Personal loans Loans Lender Debt Consolidation 59

Troutman Sanders

MARCH 8, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income.

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Financial services Retail Foreclosure Financial Institution 52

Collection Industry News

OCTOBER 6, 2020

It primarily had the CARES Act to thank: The bill delivered hundreds of billions of dollars worth of stimulus checks and bulked-up unemployment benefits to Americans, while easing pressures on them by halting foreclosures, evictions and student loan payments. But now even that hiccup is over.

Debt collector 40

Debt collector Garnishment Banks Foreclosure 40

Sawin & Shea

JANUARY 24, 2024

Your assets are protected while you make monthly payments to creditors through the court. The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Any debts not discharged, like student loans, remain.

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

Troutman Sanders

FEBRUARY 8, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. attorney’s office to stop judicial foreclosures and evictions on accounts previously referred to the DOJ.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52