Troutman Sanders

MAY 5, 2022

The CFPB sees wrongful repossessions everywhere. Per the report, recent examinations found that servicers engaged in unfair acts or practices when they repossessed vehicles after consumers took action that should have prevented the repossession. Failing to trigger refunds of GAP protection after a repossession.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Troutman Sanders

APRIL 24, 2023

The pro se plaintiff in Shelton alleged that her lender violated the FCRA by erroneously reporting her auto loan as charged-off, i.e., written off as a loss and closed. The court dismissed the complaint but gave the plaintiff leave to amend to the extent she believed her loan was not governed by Article 9 of Michigan’s UCC.

Loans 52

Loans Secured Creditor Repossession Construction 52

Debt Free Colorado

MARCH 10, 2023

They are encouraged to short-sell by lenders, and the government is pushing for repayment plan negotiations, which gives them hope. A planned foreclosure or repossessed property can be prevented right away with either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Yet, fewer than 10% of these efforts succeed.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Debtor 52

Sawin & Shea

JULY 19, 2023

Chapter 13 , or reorganization bankruptcy, stops repossessions and foreclosures so you can save your home or investment. Government employers can’t refuse to hire you because you filed for bankruptcy, but private companies can. Chapter 7 bankruptcy also stops lawsuits and wage garnishments. How Does Bankruptcy Affect Future Employment?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Garnishment 52

Titan Consulting

AUGUST 23, 2020

When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? At your request, lenders must grant a forbearance for up to 180 days, renewable for up to a year with a hardship attestation. The Bankruptcy Option. Take advantage of payment waivers.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

Collection Industry News

MAY 9, 2022

The CFPB sees wrongful repossessions everywhere. Per the report, recent examinations found that servicers engaged in unfair acts or practices when they repossessed vehicles after consumers took action that should have prevented the repossession. Failing to trigger refunds of GAP protection after a repossession.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Better Credit Blog

JANUARY 29, 2021

Credit applications result in hard inquiries, which allow lenders to access your credit reports. Microbilt is a third-party credit report provider that helps lenders assess how risky prospective borrowers are. They occur when you apply for credit, and they allow lenders access to all the data in your credit reports. Charge offs.

Lender 52

Lender Loans Repossession Foreclosure 52

Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The automatic stay prohibits creditors and lenders from attempting to recover what you owe. What Is Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

BN Lawyers

MARCH 23, 2020

Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. A lender may be willing to forbear payments in exchange for extending repayment out over an additional six-months to avoid forcing your business into bankruptcy. High Priority: Critical Vendors, Secured Lenders, and Lessors.

Bankruptcy 67

Bankruptcy Creditors Lender Lawyers 67

Better Credit Blog

FEBRUARY 12, 2021

EPR may show up on your report if you’ve fallen behind on payments to a service provider or a lender. While you may not be familiar with the agency, they collect for popular lenders and providers across several markets. Government. Any time you miss a payment, your lender will contact you to collect. Repossessions.

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Collection Agencies Collections Agency Debt collector Lender 52

Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

Better Credit Blog

OCTOBER 5, 2020

If you forgot to pay a bill or you’ve gotten behind on payments to a lender or service provider, it can have some nasty effects on your credit. Repossessions. Government. Has your credit score recently taken a dive as a result of a collections entry from Penn Credit? Bankruptcies. Identity theft. These include: Healthcare.

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Third-party Debt Collectors Debt collector Collection Agencies Collections Agency 53

Better Credit Blog

FEBRUARY 15, 2021

Government fines and fees. Lenders and companies who provide you with paid services will attempt to reach you to collect payment on late accounts for a period of time. Repossessions. Self-pay collections. Education loans, tuition, fines and fees. Parking tickets. Utility bills. Checking and savings. Mortgages and loans.

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Collections Collection Agencies Collections Agency Debt collector 74

Collection Industry News

JULY 20, 2020

The momentum has reached the federal government. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency. Consumers should be able to stop automatic payments. No interest or fees should be assessed for failure to pay debts during this time.

Garnishment 40

Garnishment Collections Debt collector Accounts Receivables Management 40

Debt Free Colorado

MARCH 3, 2023

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently. What Can’t Bankruptcy Do?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. The lender protects the borrower against foreclosure. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. A mortgage or car loan secures the lender’s interest in your house.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Better Credit Blog

FEBRUARY 11, 2022

Debt settlement firms expect you to stop paying your lenders and make monthly installments into a secure trust instead. While waiting for money to build up in your secure trust, the debt settlement firm won’t send any to your lenders. Many lenders decide it’s in their best interests to agree. Collections and repossessions firms.

Debt settlement 72

Debt settlement Creditors Unsecured Debt Lender 72

Troutman Sanders

JULY 25, 2023

The plaintiffs argued that a reporting requirement would enable the government to identify both parties in a transaction when coupled with public information on the blockchain, which infringes upon their right to keep information not subject to the disclosure private, and violating constitutional rights to privacy.

Financial services 52

Financial services Trade Repossession Lender 52

Fico Collections

JANUARY 26, 2022

While Government will likely take a hand in directing the pace of some collection activities, others will be determined by the debt holder. In this environment, Government agencies will likely continue to keep some curbs on the collection industry as the economy and consumers get back on their feet. Student Loan Challenges.

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Collections Student loans Student Loans Government 52

Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities. For more information, click here.

Financial services 52

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