Account Recovery

OCTOBER 11, 2024

A District Court judge in Oklahoma has dismissed the class-action component of a Fair Debt Collection Practices Act lawsuit, while also dismissing some of the claims, after the defendant was accused of not sending a collection lawsuit summons to the plaintiff’s correct address, which it allegedly had. The background: The case started when the defendant, a collection law firm, filed a lawsuit against the plaintiff to collect an alleged debt.

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Fair Debt Collection Law Firms Collections 246

Consumer Finance

OCTOBER 14, 2024

The CFPB and DOJ took action to end Fairway Mortgage Corporation’s illegal mortgage lending redlining against majority-Black neighborhoods in the greater Birmingham, Alabama area.

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American Profit Recovery

SEPTEMBER 26, 2024

American Profit Recovery is celebrating 20 years in business. However, we are not just celebrating being in business for two decades, we are applauding our vision come true and how we have built a reputable debt collection agency that has achieved what we set out to do in 2004. We came together because we saw an opportunity to improve just about every area of collections.

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Debt collector Collection Agencies Collections Agency Education 243

Enterprise Recovery

OCTOBER 4, 2024

Effective debt recovery is a cornerstone of financial management. Without an efficient approach to collecting outstanding debts, businesses can suffer from cash flow issues, leading to operational challenges and potential financial instability. Skilled debt recovery ensures that the company can maintain its liquidity, meet its financial obligations, and reinvest in growth opportunities.

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Debt Recovery Collections 222

Speaker: Don Gallianza, Credit Manager at Chevron Phillips Chemical and Indy Chakrabarti, Chief Marketing Officer at HighRadius

4 Case Studies to Optimize DSO 26 Days Sales Outstanding. Already better than most. But, should you improve on that? Why would 3 fewer days even matter? It matters because it fundamentally transforms business outcomes. Join this webinar to explore 4 things companies do to reclaim hard dollars - not just soft costs - and go from good to great! What You'll Learn 6 operational KPIs every AR manager should track: Define and track these metrics to enhance performance, drive efficiency, and make infor

Consumer Finance

OCTOBER 9, 2024

The CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer products after it misled borrowers about its neutrality and initiated sham arbitration proceedings.

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Student Loans Student loans Loans 131

Account Recovery

OCTOBER 3, 2024

A new medical debt law went into effect in Minnesota this week, and following the lead of that state’s Attorney General, it might be helpful to review the details of the Debt Fairness Act to make sure nobody overlooks anything that they need to be doing. The Debt Fairness Act, which took effect on October 1, introduces significant changes to debt collection practices, particularly regarding medical debt.

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American Profit Recovery

SEPTEMBER 27, 2024

By Delaney: Debt Collectors are faced with many hurdles when trying to contact consumers to pay on past due balances. Many of these hurdles come from pre-conceived notions about what it means to have an account sent to collections, or to be contacted by a collection agency. At American Profit Recovery, we do our best every day to change the perception of the collection industry in order to educate both consumers and prospective clients on what those things truly mean.

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Debt collector Collection Agencies Collections Agency Education 130

Enterprise Recovery

SEPTEMBER 27, 2024

Building trust is paramount in the debt recovery process, and communication is the foundation of trust. Clients are more likely to cooperate and engage positively when informed about the collections process and their options. Clear and honest communication helps to demystify the debt recovery process, reducing any anxiety or confusion the client may have.

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Debt Recovery Collections 202

Consumer Finance

OCTOBER 6, 2024

The CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions.

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Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert

In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.

Banks

UK debt collections

OCTOBER 2, 2024

The administrators of a collapsed Liverpool law firm have admitted they do not know if creditors will receive a return, amid ongoing uncertainty over exactly how the business came to grief. Joint administrators from Quantuma handling the affairs of McDermott Smith gave an update this month on progress, but said it could be another two years for the business to be liquidated.

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Account Recovery

OCTOBER 11, 2024

Plaintiff’s Attorney, Collection Operations, Facing FDCPA Class Action Over Unpaid Invoice Oklahoma District Court Judge Dismisses Class-Action Component of FDCPA Suit CFPB Bans Ejudicate from Arbitrating Financial Disputes After Engaging in Deceptive Practices How Large Language Models Can Revolutionize Consumer Engagement in Collections Remembering Larry Vasbinder: A Visionary in the Receivables Management Industry WORTH NOTING: The country is experiencing its worst whooping cough outbreak in

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Collections 237

PDC Flow

SEPTEMBER 26, 2024

The Consumer Financial Protection Bureau (CFPB) is an independent federal agency responsible for maintaining the safety of customers who interact with financial businesses. Because they create and enforce the regulations that govern the credit and collection industry, debt collection agencies know this organization well. But do you know the best way to handle a CFPB complaint about your business filed directly with the Bureau?

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Collections Collection Agencies Collections Agency Creditors 81

Enterprise Recovery

SEPTEMBER 24, 2024

With the announcement that the Federal Reserve cut interest rates by half a percentage point, inflation and interest rates are a primary news topic. If you own a small business, these economic fluctuations can have significant impacts. Understanding these cycles is vital to anticipate changes in the market and adjust business development strategies accordingly.

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Collection Agencies

Consumer Finance

SEPTEMBER 30, 2024

The CFPB today issued guidance to prevent families from being targeted by illegal medical debt collection tactics for inaccurate or unsubstantiated bills.

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Collections 141

UK debt collections

OCTOBER 8, 2024

Government Ministers are being urged to do more to prevent tenants building up private rent arrears, not allow them to get bigger as currently planned. The call comes as the government’s Renters’ Rights Bill proposes increasing the amount of arrears a tenant can build from two to three months of rent before landlords can serve notice to repossess a property.

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Government Repossession 75

Account Recovery

OCTOBER 10, 2024

A District Court judge in Virginia has dismissed the majority of claims against several defendants in a Fair Debt Collection Practices Act class-action lawsuit, but allowed one key claim against a collection agency to proceed. The background: The lawsuit accused several companies, including three different collection operations of violating the FDCPA and the Virginia Consumer Protection Act in their attempts to collect on the plaintiff’s unpaid student loans.

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Student loans Student Loans Fair Debt Collection Collection Agencies 239

Hudson Weir

OCTOBER 4, 2024

This guide focuses on why a shareholder agreement is relevant in the event of insolvency and the roles it plays to safeguard the interest of shareholders. But first – what is a shareholder agreement exactly? A shareholders agreement is a document which outlines their status and rights in a company. It has a significant function of formulating the framework structures by defining the shareholders’ responsibilities of a company, its processes of decision making and control of disputes.

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Creditors Trade 59

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.

True Accord

OCTOBER 7, 2024

After months of inflation woes, both economists and consumers are starting to see a glimpse of optimism.In the first interest rate cut since the early days of the Covid pandemic, the Federal Reserve announced in September 2024 that it is slicing half a percentage point off benchmark rates. So it’s not surprising that Americans are getting more confident that inflation is cooling off, but optimism for the U.S. economy doesn’t extend to personal finances—consumer expectations for going delinquent

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Consumer Finance

SEPTEMBER 30, 2024

Getting a call from a debt collector about medical costs can feel like it’s making a painful situation worse. Don’t pay just to make it go away. Know your rights and check the facts.

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Debt collector Collections 117

FFGN COLLECT NY

OCTOBER 11, 2024

Properly naming a non-paying client is of the utmost importance in New York debt collection. Failing to properly name the defendant can jeopardize your entire case. Here’s why it’s so important to properly name your non-paying customer — and how to do so. Assume your company had an agreement with John Smith, LLC to provide services for Mr. Smith, and you dealt personally with John Smith.

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Account Recovery

OCTOBER 7, 2024

In a case defended by David Grassi and Chad Echols at Frost Echols, along with Brad Armstrong at Moss & Barnett, the Court of Appeals for the Eighth Circuit has vacated a lower court’s summary judgment ruling in favor of a defendant in a Fair Debt Collection Practices Act case, only to have the case dismissed because the plaintiff lacked standing to sue in the first place.

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Judgment Fair Debt Collection Collections 245

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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

Qualco

OCTOBER 11, 2024

NPL Management: A 5-Step Roadmap to Strategic Success is the latest e-Guide to be published by Qualco UK. You can view it here. In today's regulatory environment, when it comes to collecting overdue accounts, the clear, overarching message is that the customer must be treated fairly and ethically. However, in a small number of credit businesses, the right strategies for systems and people have not been set.

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Debt Recovery Collections Credit Management Creditors 52

Hudson Weir

SEPTEMBER 24, 2024

It’s not an uncommon scenario, unfortunately – director lends company money, company enters insolvency, company owes director money, director wants money paid back… In many cases, directors loan money to their company and charge interest (and the business does not pay corporation tax on it). In the future, the company pays the interest to directors minus income tax at the 20% basic rate, as explained in the government guide on when you lend your company money.

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Unsecured Creditor Secured Creditor Creditors Trade 59

Consumer Finance

SEPTEMBER 30, 2024

Consumer Financial Protection Bureau Director Rohit Chopra participated in a White House event to announce new actions by the CFPB to reduce the burden of medical debt on American families and address illegal medical debt collection practices.

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Collections 89

On Guard

OCTOBER 9, 2024

The surge in popularity of ChatGPT in late 2022 has put AI in the spotlight for its potential to streamline work processes in every business, including the finance sector. How do organisations perceive and leverage AI to optimise their processes and what is the role of the finance professional in this landscape? This is what we attempted to explore in our latest research, entitled “ The future of credit management: AI and the role of the finance professional ”, deriving input from 30 interim pro

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Credit Management 52

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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.

Collections