True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. 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. NPAS, Inc.,

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UK debt collections

JUNE 3, 2024

Suning’s debt relates to a loan of €270m taken out in 2021, which has accrued interest at 12 per cent and was due for repayment on Tuesday. The default entitles Oaktree to Suning’s stake, although it must pay for the share according to an independent valuation, minus the debt.

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Titan Consulting

SEPTEMBER 15, 2020

A growing stack of bills collects and grows bigger each week. Personal loans, credit card debt, payday loans, or medical bills all fall into the category of unsecured personal debt. You avoid calls because you don’t want to talk to creditors demanding payment on past due bills. How to Negotiate Your Debt?

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Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. 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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Better Credit Blog

APRIL 11, 2022

Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. You may be sent to collections. They may still be responsible for paying a portion of the loan. The Windfall.

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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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Credit Corp

JUNE 12, 2023

And if you are able to get approved for a loan or a credit card, your interest rate and other terms could be less than desirable if your credit isn’t good enough. Check loan statuses, account balances, your payment history, the list of recent credit inquiries, and anything else on the report for accuracy.

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Collection Industry News

APRIL 27, 2021

Mortgage servicers would be allowed to temporarily offer certain loan modification options to borrowers affected by Covid-19 based on the evaluation of an incomplete application, subject to the following: “[T]he loan modification must be made available to a borrower experiencing a Covid-19 related hardship.”. “[T]he

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Collection Industry News

SEPTEMBER 2, 2023

And another factor might make the increases more painful for some consumers: The pause on federal student loan payments ended Sept. Student loan balances have already begun accruing interest again, and soon, borrowers will be expected to start making regular payments.

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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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Credit Corp

JANUARY 9, 2025

Table of Contents: Create a Budget Try the Debt Snowball Method Use the Avalanche Method Get a Balance Transfer Card Build Your Emergency Fund Negotiate a Debt Settlement Start Using Cash Increase Your Income Take Out a Debt Consolidation Loan 1. You can use this strategy with collections agencies as well.

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BN Lawyers

MARCH 23, 2020

These parties could foreclose or repossess the property securing the loans. A lender who provided a secured loan for your kitchen equipment would have a difficult time profitably foreclosing on those assets. Although minimum payments may result in accrued interest, that is better than a lockout or eviction.

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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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Collection Industry News

JANUARY 10, 2025

The growing promotion and use of medical cards and installment loans, the CFPB wrote, can increase the financial burden on patients who may pay more than they otherwise would pay and may compromise medical outcomes. It argues the cards interest rates32.99% in May 2024violate state usury laws, which cap interest rates on loan payments.

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Collection Industry News

OCTOBER 17, 2023

proposed a 36% cap on consumer loans in 2021. The 36% interest rate cap for active-duty servicemembers and their families has proven to be a highly effective measure in providing protection against predatory lending practices,” Grothman said in an email. Alexandria Ocasio-Cortez, D-N.Y., Jesús “Chuy” García, D-Ill.,

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Credit Corp

MARCH 9, 2021

Going through student loan repayments can be a hassle. However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. This means you have more time to find ways to repay your student loans before you have a defaulted loan. Table of Contents.

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Collection Industry News

AUGUST 6, 2023

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found. From October 2023 through Sept.

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Collection Industry News

MAY 3, 2022

A number of people in the so-called “boomer” generation have hit out at President Joe Biden ‘s reported plans to forgive some student loan debt for millions of people. However, the reported plans to forgive student loans money have also been met with criticism, especially from older generations who have spent years paying off their own debt.

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Collection Industry News

APRIL 25, 2022

However, recent posts on social media claim there are also existing provisions that exempt family members of congressmen and congressional staffers from having to pay off student loans at all. The post stated, in part: “Children of Congress members do not have to pay back their college student loans.”. million people.

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Public Citizen

JANUARY 22, 2021

On Wednesday, just hours after being sworn in, President Biden ordered the Education Department to extend the current COVID-19 suspension of all federal student loan payments and interest  until at least October 1st. The move comes as Biden faces heavy pressure to cancel student loan debt altogether.

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Collection Industry News

NOVEMBER 6, 2023

The Biden-Harris Administration is fully committed to supporting student loan borrowers as they navigate return to repayment and fixing problems in the student loan system. Today, the U.S. Today, the U.S. FSA is committed to ensuring servicing contracts evolve to meet borrowers’ needs. “FSA

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Collection Industry News

MARCH 6, 2024

President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.

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Collection Industry News

FEBRUARY 22, 2025

The Trump administration has taken down the applications for popular student loan repayment plans from theU.S. Borrowers are unable to access the applications for income-driven repayment, or IDR, plans, as well as the online application to consolidate their loans. The plans should be available again by then.

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