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We’ve seen this ruling in other jurisdictions, so it’s not necessarily a surprise, but I don’t think we’ve seen a ruling on this type of case in North Carolina yet. A District Court judge there has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act lawsuit on the grounds that the plaintiff lacked standing because he had the claim assigned to him by the individual who actually owed the debt in question.
Debt collection is a complex, evolving industry, and compliance with the myriad of federal, state, and local laws is an ongoing challenge for organizations in the field. These laws create a “patchwork” of rules and regulations that can vary widely depending on the jurisdiction, presenting challenges for those trying to maintain compliance and provide effective, consumer-friendly services.
You may be a small business owner or a professional in the position of finance. You may be reading this and at the same time having challenges with cash flow. The main culprit could be late and non-paying consumers. Just about every type of business will encounter this challenge, and it’s imperative to implement a regular and consistent program for getting customers to pay you for what you have provided.
A new report from GoCardless , in partnership with the Federation of Small Businesses (FSB), has revealed an escalating late payments crisis threatening UK small businesses. A survey of over 2,000 small Business owners found that 45% are experiencing more late payments than a year ago, while 50% fear the situation will worsen in the next 12 months. For many, the delays are severealmost a quarter (24%) of SMBs report receiving payments up to 60 days late.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Securing a judgment against a debtor is a significant victory, but the battle doesnt end there. Collecting on that judgment requires finding the money, sometimes by uncovering the debtors assets. This process is known as post-judgment asset discovery. It is a crucial step that can be the difference between getting paid and walking away empty-handed.
EDITOR’S NOTE: The following article was written by the team at Prodigal After a slow start, tax refund processing has quickly caught up. By March 7, the IRS had processed 61.8 million returnsjust 1.8% behind last year’s figures. While the average refund amount has decreased slightly from February’s 7.5% year-over-year increase, it still remains 5.7% higher than in 2024, with most consumers receiving around $3,324.
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EDITOR’S NOTE: The following article was written by the team at Prodigal After a slow start, tax refund processing has quickly caught up. By March 7, the IRS had processed 61.8 million returnsjust 1.8% behind last year’s figures. While the average refund amount has decreased slightly from February’s 7.5% year-over-year increase, it still remains 5.7% higher than in 2024, with most consumers receiving around $3,324.
Looking to execute on a judgment but need more information about the judgment debtors assets to collect? If so, you might consider a debtors exam. A debtors exam provides an opportunity for the creditor to question the judgment debtor and discover information related to the defendants assets. The information sought is meant to identify assets that can be used to satisfy the plaintiff’s judgment.
Bristol based debt recovery business which didnt hand over money is shut down An Insolvency Service investigation found that Encore Capital Group Inc Ltd trading as Encore Debt Recovery failed to fully hand over the money it collected it has been revealed. The Scam debt collectors service was incorporated in late 2021 and targeted businesses and private individuals with their false debt recovery services.
If your business is struggling to pay its debts when they fall due, its important to keep in mind what are creditors rights during insolvency proceedings? As a director of an insolvent company, your overriding duty moves from maximising profits for the owners to preventing further losses, with creditors repayments in mind. The below is based on technical guidance for official receivers published by the Insolvency Service: What are creditors rights?
At the Law Offices of Alan M. Cohen & Associates LLC, our experienced commercial litigation attorneys focusing on commercial collections practice aggressive, relentless and ethical debt collection tactics to help Massachusetts businesses and out of state creditors owed monies from Massachusetts debtors collect their unpaid debts. With over 60 years of combined experience, our first and foremost goal is to fight to get you paid.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
Is the choice made by a collection operation to dismiss a collection lawsuit against a consumer a decision in the consumer’s favor? Not necessarily, ruled a District Court judge in Pennsylvania, who granted the operation’s motion for summary judgment after it was sued for allegedly violating the Fair Debt Collection Practices Act. The background: The defendant filed a lawsuit against the plaintiff in 2018 over an alleged credit card debt.
FAQ: Can I recover the cost of collection or attorney’s fees for debt collection? A frequently asked question about New York debt collection is whether a creditor can recover the cost of collections, including attorney’s fees. A request to recover the collection costs, including attorney’s fees, can be included in mediation, arbitration , or a debt collection lawsuit in New York if there is a clause in the underlying agreement.
A new study, based on an exclusive survey by The Kaplan Group , provides a comprehensive analysis of payment collection challenges, focusing on companies affected by high and very high Days Sales Outstanding (DSO). The research spans various industries and company sizes, offering insights into revenue distributions, industry-specific trends, and the impact of delayed payments on cash flow management.
Dealing with credit card debt is challenging, let alone facing a debt lawsuit.If the creditor wins the lawsuit, you may face serious financial repercussions. Lawsuits also harm credit scores, and the stress from the legal process can exacerbate financial challenges. If you find yourself being sued by a debt collector, you may wonder how to get a credit card lawsuit dismissed.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Striving to deliver positive consumer experiences is not just a best practiceit is becoming a more prominent component of compliance in debt collection , especially when it comes to consumer communication. As consumer preferences have shifted toward digital channels, the success of a businesss debt recovery operation (whether in-house or outsourced to a third-party agency) hinges on engagement through online platforms, emails, and text messaging.
The Federal Communications Commission has released a new notice inviting comments on a petition aimed at clarifying and potentially waiving certain provisions of the Telephone Consumer Protection Act related to when calls and text messages can be sent. The background: The petition, filed by the Ecommerce Innovation Alliance (EIA) and other stakeholders, seeks to address ongoing legal concerns regarding the TCPAs Quiet Hours rule, which restricts telemarketing calls and text messages to between 8
Demand for payment failed, and now you want to go legal with your debt collection claim. Regardless of whether you proceed with mediation, arbitration, or litigation, your collection attorney will need to choose the appropriate legal theories or causes of action to include in your New York debt collection case. The facts of your underlying claim will determine the causes of action you and your attorney decide to pursue.
5 Little-Known Ways to Collect Debt Effectively As a business owner or director, cash flow is crucial to keeping your company running smoothly. But what happens when clients dont pay on time? Chasing unpaid invoices can be frustrating, time-consuming, and financially damaging. At Taurus Collections, we understand the challenges businesses face when collecting debts.
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.
A vehicle is an important asset, especially for those with challenging commutes. Unfortunately, vehicle costs continue to steadily rise, with average monthly car payments rising to $725 for new vehicles. With increased expenses, its easy to fall behind on car payments. If you are having a hard time keeping up with a car loan, voluntary repossession may be a good option to get the burden of late payments off your hands.
Over the past several years, federal and state regulators have started raising red flags about a significant trend in the debt collection industry: companies failing to deliver positive experiences for consumers or properly manage complaints and disputes. With growing scrutiny from agencies like the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and even the White House, it’s clear that ensuring a good consumer experience is no longer just a best practicei
The Consumer Financial Protection Bureau filed a brief yesterday seeking to convince a federal judge why it should be entitled to $43 million in penalties from the owner of a debt relief company. The case, CFPB v. FDATR, Inc., is being heard in the Northern District of Illinois, with Judge Georgia N. Alexakis presiding. The CFPB’s motion comes after the company, FDATR, failed to respond to the complaint filed in 2020, leading to a default judgment earlier this year.
On March 7, the Office of the Comptroller of the Currency (OCC) issued a significant update regarding the involvement of national banks and federal savings associations in cryptocurrency activities. Interpretive Letter 1183 reaffirms the permissibility of various crypto-asset activities and aims to streamline the regulatory process for banks engaging in these activities.
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
Navigating an Occupational Safety and Health Administration (OSHA) inspection can be intimidating, but with the right preparation and mindset, it doesnt have to be. Here are five tips to help you approach and succeed in your next OSHA inspection. Understand the Inspection Process Knowing what to expect on inspection day is essential. OSHA inspections generally follow a standard format: an opening conference, a walk-through of the facility, interviews with staff, and a closing conference to discu
Whether you are facing unexpected costs or you simply need extra financial support, personal loans are a viable option that many people rely on. In fact, 24 million U.S. adults have an unsecured personal loan as of the third quarter of 2024. So, you’re not alone in wondering how to apply for a personal loan. Understanding the process is crucial before diving in.
In a time of economic transition, where housing programs, small business lending, and taxpayer services face uncertainty due to shifting federal priorities, the question isnt what will change? Its how do we ensure continuity and stability? Thats where Prosperity Next comes in.
The Attorney General of New York has introduced proposed legislation that would update state law to protect consumers from unfair and abusive acts or practices in addition to the deceptive practices that have been illegal since the original law went into effect in 1970. Driving the news: New York Attorney General Letitia James, along with state lawmakers Sen.
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.
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