Collection Industry News

JANUARY 19, 2025

The rule will increase privacy protections and prevent debt collectors from using the credit reporting system to coerce people to pay bills they dont owe. Federal financial regulators later created an exception to this restriction, allowing creditors to consider medical debts.

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Collection Industry News

SEPTEMBER 28, 2021

Court of Appeals for the Seventh Circuit recently affirmed judgment in a debt collector’s favor against claims that its efforts to collect attorney’s fees incurred to collect a debt — including the fees incurred in collecting the attorney’s fees — violated the federal Fair Debt Collection Practices Act. 1692 et seq.,

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. Require debt collectors to obtain consent before using electronic communications and provide written validation notices.

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Direct Recovery

AUGUST 27, 2022

The statute of limitations for oral debt contracts is even shorter at two years. The only exception is that any state tax debts will have a statute of limitations of 20 years. On top of all that, payday lenders must be licensed by the state of California to conduct their business.

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Sawin & Shea

JANUARY 18, 2023

Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. Unsecured debts are not backed by collateral, such as car payments and home mortgages. What is Chapter 7 Bankruptcy?

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Troutman Sanders

FEBRUARY 26, 2021

Accordingly, it held that the trustee’s actions in resetting the nonjudicial foreclosure date twice, when it did not have the present right of possession, created a genuine issue of material fact as to whether the defendant violated the FDCPA, and denied the defendant’s motion for summary judgment.

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Examiners found that debt collectors continued collection attempts for work-related medical debt after receiving sufficient information to render the debt uncollectible under state worker’s compensation law.

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Collections Law

MAY 7, 2021

When that does not happen, we pursue collateral approaches. We request information about any bank accounts, real estate, inventory, vehicles, or other valuable property, and the debtor must provide full information about the assets. From here, we can determine which of our collection methods will be most effective for your scenario.

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Debt RR

AUGUST 3, 2020

While there might be property debt situations that warrant garnishment, it’s more often used for unsecured debt, or debt that isn’t backed by any collateral. Though the IRS can initiate the garnishment process without court approval, other creditors and debt collectors have different requirements depending on the state.

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Collections Law

OCTOBER 5, 2020

Attachments can be used to seize collateral such as real estate or bank accounts to create a path for debt recovery on the judgment. Once you have gone through proceedings and the court has passed down its judgment, you may think that it is time to celebrate and allocate the awarded funds as you see fit.

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Collections Law

AUGUST 11, 2020

This means that when the debtor refuses to pay, you can secure the debt payments by filing for a mechanics lien. A mechanics lien serves like collateral. These laws help protect contractors and suppliers against the non-payment risk. It can cover the contractors and suppliers from losses which improve the owner’s property.

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Better Credit Blog

MAY 4, 2022

If you take out a loan secured on your house or another asset and you don’t keep up repayments on it, the loan provider could seize that collateral. On the plus side, settlement can give you the chance to pay the debt and stop calls and letters from debt collectors. Risk to loan guarantees. Paying more overall.

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Collections Law

JULY 1, 2020

Massachusetts mechanic’s lien laws protect suppliers as well as contractors seeking debt payments. A mechanic’s lien is collateral. These laws, when timely and properly used, help protect contractors and suppliers against the non-payment risk.

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Debt Free Colorado

MARCH 3, 2023

However, how can you tell if your debt issue calls for such a drastic measure? The following are some indications that you might be a good bankruptcy applicant: Are debt collectors following you around? What Debts are Discharged in Bankruptcy? Spending money on short-term financial problems will harm your credit too much.

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Collection Industry News

JANUARY 13, 2024

For example, mortgage debt would be positively correlated with the homeownership rate and home prices in respective states, which are again affected by state level income.” The New York Fed researcher we talked to told us that credit card debt also has its own factors associated with it. Stay motivated: Remember, it’s a journey.

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Collection Industry News

JUNE 17, 2024

For example, mortgage debt would be positively correlated with the homeownership rate and home prices in respective states, which are again affected by state level income.” The New York Fed researcher we talked to told us that credit card debt also has its own factors associated with it. Stay motivated: Remember, it’s a journey.

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

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Troutman Sanders

JULY 27, 2023

Examiners found some servicers engaged in blanket cross-collateralization by accelerating and requiring payments from consumers on unrelated debts, such as credit cards, before consumers could reclaim their repossessed vehicles.

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Troutman Sanders

MAY 2, 2023

On April 26, the CFPB issued an advisory opinion, reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act. government securities, cash, and repurchase agreements collateralized by U.S.

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Collection Industry News

JANUARY 25, 2025

The rule was also drafted to increase privacy protections and to help keep debt collectors from using the credit reporting system to coerce people into paying bills they dont owe. Americans with outstanding medical bills may see their credit scores rise by an average of 20 points, according to the bureau. How are advocates responding?

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