Consumer Financial Services Law

APRIL 3, 2018

In Taylor, the issue before the court was whether a collection notice violates 15 U.S.C. 1692e when it fails to disclose that interest or fees are not currently accruing on a debt. In Taylor, the creditor instructed the debt collector not to accrue interest of fees on the debts at issue. Avila, 817 F.3d

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Credit Corp

JULY 9, 2024

Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. Failing to make your monthly payments only prolongs the time it takes to pay off your debt, and your loan continues to accrue interest during this time. Private lenders can sue you to collect payments.

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Titan Consulting

SEPTEMBER 15, 2020

A growing stack of bills collects and grows bigger each week. Making late payments on your credit card accounts also means those balances will increase due to late fees, penalties, and additional accrued interest. Each party in the negotiation also has an interest in a successful outcome of the debt negotiation.

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Troutman Sanders

JANUARY 11, 2021

On December 15, 2020, the Seventh Circuit Court of Appeals decided four cases which all dealt with the issue of standing within the context of the Fair Debt Collection Practices Act (“FDCPA”). Sandra Bazile (“Bazile”) alleged that Finance System of Green Bay (“FSGB”) sent her a dunning letter seeking to collect medical debts she incurred.

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Troutman Sanders

NOVEMBER 11, 2020

Recently, the Consumer Financial Protection Bureau filed an Amicus Curiae brief in the United States Court of Appeals for the Third Circuit addressing whether a debt collector violates the Fair Debt Collection Practices Act by accurately stating that it is seeking to collect $0.00 The amounts of interest and fees were $0.00

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Jimerson Firm

MARCH 19, 2021

Code Section § 3732 provides the relevant procedure that must be followed to collect the guaranteed portion due on the loan from the Secretary. After providing notice, the Secretary has the option to pay the unpaid balance plus accrued interest and receive an assignment of the loan. Title 38 of U.S. Title 38 C.F.R.

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Troutman Sanders

JULY 23, 2021

Forster & Garbus LLP , a New York district court granted the defendant debt collector’s motion for judgment on the pleadings and denied the plaintiff’s request to amend his complaint in a Fair Debt Collection Practices Act (FDCPA) case. Indeed, it emphasized the necessity of reading debt collection letters “in their entirety.”

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Consumer Financial Services Law

JANUARY 3, 2018

By Zachary Dunn The FDCPA prohibits a debt collector from using “any false, deceptive, or misleading representation” in connection with the collection of a debt. and Bank of America responded by placing Islam’s account with American Recovery Service (“ARS”) for collection. See 15 U.S.C. In Islam v.

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Troutman Sanders

SEPTEMBER 6, 2023

In response, the property management company engaged a collection agency to recover the remaining amounts claimed as due and owing under the lease. Over the course of several months, the collection agency sent the plaintiff multiple emails and letters containing errors.

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Credit Corp

JUNE 12, 2023

You can transfer existing balances to this card and potentially pay them off—and reduce your credit utilization ratio—much faster because you aren’t accruing interest. Take Care of Outstanding Collections Collections can hit your credit score hard. Some of the newest models actually ignore certain paid collections.

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True Accord

JULY 13, 2023

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations and preferences when attempting to collect and employing digital strategies to boost engagement are more important than ever. What’s Impacting Consumers and the Industry? NPAS, Inc., to establish a concrete injury.

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Consumer Financial Services Law

FEBRUARY 13, 2017

Specifically, the plaintiff alleged that defendants had failed to disclose the amount they sought to collect included accruing interest. H]er only alleged injury is that Defendants failed to include in the collection letter that interest was continuing to accrue. Consumer Adjustment Co., LEXIS 7401 (E.D.

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Fico Collections

FEBRUARY 21, 2023

Increasing of the fed funding rates leads to higher interest rates when seeking new credit or carrying balances on credit cards. For example, the average interest rate on credit cards accruing interest in Q4 2022 was 20.40% compared to 16.44% in Q4 2021 (Source: Federal Reserve G.19 19 report on Consumer Credit).

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FDCPA Defense

FEBRUARY 1, 2018

Attorneys and other entities that regularly engage in collection work for community associations may be subject to the requirements of the Fair Debt Collection Practices Act, 15 U.S.C. as well as analogous state laws governing the consumer collection process. The issue in Ho v. And this it did not do, directly or otherwise.

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Collection Industry News

MARCH 10, 2024

Americans collectively hold $1.13 Your lender may be able to offer you a lower interest rate, which can help slow down accruing interest charges, or increase your credit limit to help you get by. Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down.

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Jimerson Firm

FEBRUARY 11, 2022

Under the SBA’s 7(a) loan program, secured lenders are generally responsible for pursuing collection against guarantors, liquidating collateral, and obtaining recovery through bankruptcy before requesting guaranty recovery. However, the SBA has recognized alternative procedures for unsecured PPP loans.

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Collection Industry News

OCTOBER 19, 2020

Through the account’s lifetime, it was placed with two separate debt collection agencies. Please keep in mind, interest and fees are no longer being added to your account. The letter also stated: [N]o interest will be added to your account balance through the course of Client Services, Inc. Seventh Circuit Decision.

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Collection Industry News

JULY 27, 2021

The post Trade Groups File Summary Judgment Motion In Texas Lawsuit Challenging CFPB Loan Rule That Is Payday appeared first on Collection Industry News.

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Collection Industry News

SEPTEMBER 2, 2023

Student loan balances have already begun accruing interest again, and soon, borrowers will be expected to start making regular payments. The post Inflation is driving up consumer credit card debt by billions of dollars appeared first on Collection Industry News.

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Collection Industry News

APRIL 27, 2021

“[T]he loan modification may not cause the borrower’s monthly required principal and interest payment to increase and may not extend the term of the loan by more than 480 months from the date the loan modification is effective.”. “[A]ny The post CFPB Issues Proposed Rule To Amend Regulation X appeared first on Collection Industry News.

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FDCPA Defense

AUGUST 22, 2016

There, the collection law firm defendant communicated with plaintiff on a number of occasions, and each time the firm identified itself as a “debt collector,” as required by section 1692e(11) of the FDCPA. iii] A striking example of this trend is the Ninth Circuit’s decision in Davis v. Hollins Law Firm , _F.3d

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Better Credit Blog

APRIL 11, 2022

If you have a low credit score, it’s harder to borrow, and you could pay higher interest rates to counter the financial risk you pose to creditors and lenders. You may be sent to collections. If you’re past due on your card and loan payments and your grace period has ended, it may go to collections. Debt consolidation loans.

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Collection Industry News

OCTOBER 17, 2023

Such customers don’t get charged interest, while those who carry a balance from month to month generally accrue interest charges. The post Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion appeared first on Collection Industry News. Minimum-payment math is brutal,” he said.

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Credit Corp

JANUARY 9, 2025

This is one of the fastest ways to pay off credit card debt because youre heavily reducing the amount you pay in interest. You can use this strategy with collections agencies as well. Debt settlement involves contacting your creditors and negotiating to settle your debt for a lesser amount.

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ABI

JANUARY 22, 2023

the United States Court of Appeals for the Ninth Circuit held that solvent-debtors are required to pay unimpaired creditors their bargained for post-petition interest rate. [1] 7] Generally, under the Bankruptcy Code, once a debtor files for bankruptcy, an unsecured claim no longer accrues interest. [8]

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BN Lawyers

MARCH 23, 2020

Although minimum payments may result in accrued interest, that is better than a lockout or eviction. Creditors are prohibited by the “automatic stay” from taking actions to collect debts or take control of estate property. No Priority: Distributions to Equity. Companies should not be making any distributions to equity.

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Collection Industry News

JANUARY 10, 2025

Medical credit cards with deferred interest often end up hurting people with lower credit scores, according to the CFPB. Debt-collection lawsuits often end up with a judgment in favor of the card issuers, says Chi Chi Wu, senior attorney at the National Consumer Law Center.

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Credit Corp

MARCH 9, 2021

However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. And the amount you owe continues to accrue interest: In April 2020, Bill’s delinquent loan balance stood at $1,200. With interest and fees, his balance grew to $1,350 by January 2021.

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Collection Industry News

AUGUST 6, 2023

Grace period for student loan payments, but interest resumes Concerned that borrowers will have trouble making payments when they resume, the Biden administration has put some safeguards in place, including a 12-month payment “on-ramp” grace period. From October 2023 through Sept. Aim to pay at least the minimum on all of your debts on time.

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Collection Industry News

MAY 3, 2022

Mark Curtis , an television anchor for Arizona’s 12 News, added: “Cancelling accrued interest on a loan. I can see or cutting interest rates to 0%… but forgiving ALL student loan debt? The post Student Loan Forgiveness Plans Enrage Boomers: ‘Unfair’ appeared first on Collection Industry News. While nice.

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Collection Industry News

APRIL 25, 2022

Department of Education requires all federal student loan borrowers to repay their loan(s) and any accrued interest and fees,” the Department’s representative wrote in an email. appeared first on Collection Industry News. The misleading claim reappeared as the U.S. FACT CHECK BY NEWSWEEK.

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Public Citizen

JANUARY 22, 2021

The CARES Act — Congress' third coronavirus relief bill, which passed in March 2020 — directed the Education Department to suspend payments, stop collections, and set interest rates to 0% on all federally held loans. Former President Trump later extended those measures until January 31, 2021.

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Collection Industry News

NOVEMBER 6, 2023

In certain circumstances where a borrower’s progress toward loan forgiveness may be harmed by potential servicer errors, the Department has directed servicers to count those periods in administrative forbearance toward Public Service Loan Forgiveness and income-driven repayment forgiveness and adjust accrued interest to zero.

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Collection Industry News

MARCH 6, 2024

22, the department released a draft of a regulation titled “Forgiveness due to likely impairment of borrower ability to repay or undue costs of collection.” Biden is expected to embrace help for those with financial hardship and those with high balances because of accumulated interest.

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Collection Industry News

FEBRUARY 22, 2025

Thats because your loans may not accrue interest under that option, whereas they almost always do in a forbearance. However, because interest accrues during the forbearance period, you can be hit with a larger bill when the break ends. Student loan borrowers who dont qualify for a deferment may requesta forbearance.

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Account Recovery

FEBRUARY 19, 2025

Court Dismisses FDCPA Lawsuit Over Debt Ownership Challenge Trump Issues Executive Order Expanding Presidential Power Over Independent Agencies Ninth Circuit Rules Accrued Interest on Refunded Fees Creates Standing to Sue 21 Companies Seeking Collection Talent WORTH NOTING: A bunch of dog toys that are truly indestructible … Some of the perks (..)

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