Account Recovery

SEPTEMBER 15, 2023

The Consumer Financial Protection Bureau yesterday issued a warning about tuition payment plans that may be taking advantage of consumers while also noting that withholding transcripts from students as a debt collection tool is a potentially illegal practice. Some schools have withheld students’ transcripts […]

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Account Recovery

APRIL 20, 2022

MAKES CHANGES, MOVES 4M BORROWERS CLOSER TO DEBT FORGIVENESS The Department of Education yesterday announced a series of changes to “bring borrowers closer” to having their loans forgiven under a pair of programs, which also resulted in the immediate cancellation of student loan debts for 40,000 individuals. An additional 3.6

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Account Recovery

NOVEMBER 22, 2021

The California Department of Financial Protection & Innovation is seeking comments on a proposed rulemaking that would require four different industries to be registered with the state in order to operate — debt settlement services, student debt relief services, education financing, and wage-based advances.

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Account Recovery

OCTOBER 20, 2021

Debt collection, student loan debt relief, payday loans, and government impersonators are just a few of the categories highlighted in a Federal Trade Commission report that analyzes the regulator’s effort at addressing fraud and consumer issues that are affecting communities of color, which was released earlier this week.

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Account Recovery

JULY 1, 2022

Appeals Court Upholds Ruling Over Suit Filed During Pandemic; Groups Call For Extension of Student Loan Payment Pause appeared first on AccountsRecovery.net.

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Nexa Collect

JUNE 30, 2023

On 30 June 2023, the Supreme Court of USA ( SCOTUS), strikes down the Student Loan Forgiveness program proposed by the Biden administration. This could have tremendously helped borrowers but was unfair to taxpayers and students who paid their fees on time. This can have long-term demographic and economic impacts.

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Account Recovery

JANUARY 10, 2022

JUDGE GRANTS MTD IN FDCPA CASE OVER ISSUES WITH PLAINTIFF’S NAME What is in a name, Shakespeare asked when he wrote “Romeo & Juliet.” Judge Grants MTD in FDCPA Case; Calls to Cancel Student Loan Debt Get Louder appeared first on AccountsRecovery.net.

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Account Recovery

DECEMBER 23, 2020

The Consumer Financial Protection Bureau yesterday issued a consent order against a student loan servicing company for violating a prior consent order in which it was accused of mis-stating minimum amounts due on billing statements and engaging in illegal debt collection practices.

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Account Recovery

FEBRUARY 9, 2021

BEDARD BREAKS DOWN RULE’S PROVISIONS RELATED TO LOCATION INFORMATION In issuing its debt collection rule, the Consumer Financial Protection Bureau had the opportunity to update a rule that had been left largely untouched since it went into effect more than 40 years ago.

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Nexa Collect

JUNE 27, 2023

Recovering unpaid student loans is a systematic process. Send Formal Notices : If initial contact doesn’t resolve the issue, send formal notices outlining the amount due and the necessary steps the borrower must take to avoid further consequences. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S.,

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Direct Recovery

APRIL 24, 2023

Overwhelming student debt has quickly become one of the most significant problems plaguing the next generation of young people and simultaneously holding back the overall economy. The pandemic pause has given many American struggling with student loan debt a reprieve.

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Credit Corp

AUGUST 17, 2023

If you haven’t submitted the FAFSA—a crucial step toward receiving financial aid or taking out student loans—now is the time to buckle down and get to work. FAFSA stands for Free Application for Federal Student Aid. It’s not debt, so there’s no reason for it to. But student loans can show up on your credit report.

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Sawin & Shea

OCTOBER 5, 2022

Student loan debt is a serious problem in the United States, and it’s an issue that impacts millions of Americans. As of January 2022, around 45 million people have student loan debt, which is 13.5% The total collective amount of federal and private student debt is around $1.75 of the US population.

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Credit Corp

JULY 14, 2023

As of Friday, July 14, however, the Biden-Harris Administration announced that over 804,000 borrowers will have a total of $39 billion in federal student loans automatically forgiven in the coming weeks. 1] [link] The post Biden-Harris Administration Announces $39 Billion in Federal Student Loan Forgiveness – Do You Qualify?

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Roths Child Law

APRIL 15, 2021

Taking out a student loan is supposed to be a financial investment in your future. It can be very difficult for college graduates to balance their daily financial needs with the obligation to repay massive student loans. Student loan servicers focus on collection activity more than education.

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Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB issued a report noting that during December 2023, it sent $6 million in financial relief to consumers harmed by illegal lending practices targeting veterans. On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” For more information, click here.

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Nerd Wallet

OCTOBER 27, 2022

This week is another episode of our series “How the Nerds Do It,” where we talk with Nerds about how they personally tackled the issues they write about every day. In this episode we talk with student loans Nerd Anna Helhoski about. Alana Benson writes for NerdWallet. Email: abenson@nerdwallet.com.

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Roths Child Law

NOVEMBER 16, 2020

Many college graduates in Tennessee are struggling with student loan repayments, and you might be among them. One part of the debt puzzle. Public service loan forgiveness may be one part of dealing with the student loan debt trap, but it may not provide a total escape from the situation.

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Credit Corp

SEPTEMBER 13, 2023

There are five main factors that make up your credit score: the amount of debt you owe, your payment history, new credit inquiries, length of credit history, and credit mix. Auto Loans : Auto loans are issued by a bank, a credit union, or a company that specializes in automobile lending.

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Collection Industry News

OCTOBER 22, 2023

Amberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. She was done with her debt, or so she thought. The PSLF program allows those who have worked for certain nonprofits or the government to get their debt erased after 120 payments, or 10 years. exceeds $1.7

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Collection Industry News

DECEMBER 6, 2023

billion in student loan debt, for 80,300 borrowers. Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned,” U.S. This level of debt relief is unparalleled and we have no intention of slowing down.” million Americans.

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True Accord

OCTOBER 10, 2023

Economic stressors persist and are likely contributing to many consumers relying on credit to cover expenses, while the resumption of student loan payments adds another financial obligation to the mix. trillion in student debt under the CARES Act, student loan payments resume this month. trillion in Q2, a 4.6%

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True Accord

APRIL 12, 2022

The freeze on student loan payments has been a hot topic since the start of the pandemic—not just for borrowers, but for debt collection departments outside of the student loan debt sector. Debt collectors need to find ways to start engaging with borrowers now before student loans get added back on to the balance.

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Collection Industry News

DECEMBER 22, 2023

Whether it has been a good or bad year for student loan borrowers depends on who you ask. Regardless, there has been a lot of student loan news to keep track of this year. Regardless, there has been a lot of student loan news to keep track of this year. million Even without a sweeping debt relief program, 3.6

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Troutman Sanders

MARCH 16, 2023

On March 16, the Consumer Financial Protection Bureau (CFPB) released a compliance bulletin entitled Unfair Billing and Collection Practices After Bankruptcy Discharges of Certain Student Loan Debts. The compliance bulletin focused on the treatment of certain private student loans following a bankruptcy discharge.

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Troutman Sanders

FEBRUARY 1, 2024

Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 140 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry.

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Credit Corp

JULY 30, 2020

As of February 2020, student loan debt in the United States reached a record total of $1.6 Many people are struggling to pay student loans and taking part in various deferment and other assistance programs. Find out more about stimulus help for student loans below. The CARES Act Stimulus Package and Student Loans.

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Troutman Sanders

FEBRUARY 13, 2024

billion in debt. On February 8, a group of Republican senators criticized the Securities and Exchange Commission (SEC) for alleged misrepresentations in its enforcement case against Utah crypto project, Debt Box. The SEC alleges that the fraudulent scheme cost 15 students $1.2 For more information, click here.

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Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here.

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Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here.

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True Accord

APRIL 5, 2023

It’s tax season again, which can mean tax refunds for consumers that have historically been leveraged to stabilize finances or pay down debt. Read on for our take on what’s impacting consumer finances and our industry, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023.

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Troutman Sanders

NOVEMBER 27, 2023

On November 22, the Federal Communications Commission (FCC) issued a Second Report and Order, which is directed at robotexting. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. For more information, click here. For more information, click here.

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Collection Industry News

FEBRUARY 20, 2023

The pandemic-relief policy suspending federal student loan payments has now been extended eight times and spanned nearly three years. 28 over President Joe Biden’s student loan forgiveness plan will solidify the timeline. If the court issues a ruling a few weeks after the Feb. When will the payments actually resume?

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Collection Industry News

SEPTEMBER 6, 2023

The Biden-Harris administration announced today that an additional 125,000 Americans have been approved for $9 billion in debt relief through fixes the U.S. Today’s announcement brings the total approved debt cancellation by the Biden-Harris Administration to $127 billion for nearly 3.6 million Americans. million Americans.

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Credit Corp

APRIL 26, 2024

A 1099-c cancellation of debt form is issued when a lender forgives or cancels a debt. The 1099 c form helps the IRS account for canceled debts from the previous tax year. The 1099-C cancellation of debt form deals with canceled or forgiven debt from the previous tax year. Your mortgage is modified.

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UK debt collections

MAY 10, 2021

Bristol University is reported to be turning to a Private Debt Collection Agency for help. Supposedly, student on the ‘rent strike’ will have their accounts passed on after only 7 months as the University takes robust steps against non paying students. This includes 24/7 pastoral and wellbeing support.

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Collection Industry News

AUGUST 17, 2023

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows a slight uptick in total household debt in the second quarter of 2023, increasing by $16 billion (0.1%) to $17.06 Student Loans Outstanding student loan debt stood at $1.57

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