Account Recovery

NOVEMBER 30, 2020

A $24 million judgment has been entered against a collection agency and one of the agency’s co-owners has been ordered to divest himself of his ownership stake in the company that purchased the collection agency in question after it was accused by the Federal Trade Commission of collecting on “phantom” payday loans, “purported” (..)

Collection Agencies 147

Collection Agencies Collections Agency Judgment Collections 147

Account Recovery

FEBRUARY 9, 2021

Student Loan Collection Overhaul Being Considered appeared first on AccountsRecovery.net. The bill … The post Proposed Colo.

Student loans 204

Student loans Student Loans Loans Collections 204

Account Recovery

NOVEMBER 11, 2022

Class-Action Over Not Using MVN; Judge Blocks Student Loan Debt Cancellation appeared first on AccountsRecovery.net.

Student loans 246

Student loans Student Loans Loans Fair Debt Collection 246

Account Recovery

OCTOBER 17, 2022

MVN NOT A REQUIREMENT UNDER REG F, JUDGE RULES In a case where a collection agency has sued its client for allegedly breaching their contract, a federal judge has granted a motion to remand the case back to state court, ruling the Model Validation Notice is not a requirement to be used under Regulation F.

Student loans 246

Student loans Student Loans Loans Collection Agencies 246

Account Recovery

NOVEMBER 27, 2024

The investigation focused on the lenders’ practices of charging exorbitant interest rates on small loans, which violated Minnesota’s usury laws, and misleading consumers about their repayment obligations. A significant component of this consent order is the cancellation of all existing illegal loans made to Minnesota residents.

Lender 130

Lender Collections Loans Debt collector 130

Account Recovery

NOVEMBER 11, 2024

charged-off debt and increased lending are creating unprecedented opportunities for debt buyers and collection agencies, signaling a significant shift in the credit and collections landscape. This environment is generating a record supply of non-performing loans (NPLs) for purchase. Why it matters: The surge in U.S.

Acquisition 130

Acquisition Collection Agencies Collections Agency Credit Management 130

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Account Recovery

NOVEMBER 5, 2024

The Federal Trade Commission has filed a lawsuit and received a temporary restraining order freezing the assets and taking control over a Georgia-based debt collection agency, Global Circulation, Inc., after it was accused of using deceptive and abusive tactics to collect debts from consumers.

Debt collector 130

Debt collector Fair Debt Collection Collection Agencies Collections Agency 130

Account Recovery

FEBRUARY 27, 2025

Rising consumer debt, limited emergency savings, and unpredictable economic pressures mean more borrowers may rely on short-term loans, subprime credit cards, or buy now, pay later plans. By the numbers: What theyre saying: Being cash poor is a way of life for most Americans, says Rodney Williams, president and co-founder of SoLo.

Collection Agencies 130

Collection Agencies Collections Agency Education Loans 130

Account Recovery

SEPTEMBER 14, 2020

A District Court judge in Connecticut has granted a motion to dismiss filed by a collection agency, a student loan servicer, and the plaintiff’s employer for allegedly violating the Fair Debt Collection Practices Act by attempting to garnish the plaintiff’s wages, because the statute of limitations on filing a claim had passed when the (..)

Student loans 147

Student loans Student Loans Loans Fair Debt Collection 147

Nexa Collect

JUNE 23, 2023

Collection agency letters can impact debtors, depending on factors such as the debtor’s financial situation, emotional state, and knowledge of their rights and responsibilities. Here are some potential impacts: Stress and Anxiety : Receiving a letter from a collection agency can cause significant stress and anxiety for debtors.

Collection Agencies 100

Collection Agencies Collections Agency Debtor Collections 100

Nexa Collect

JUNE 21, 2023

If you ignore a debt collection agency, several potential consequences could affect your financial well-being and peace of mind: Persistent Contact : Debt collection agencies might persist in attempting to contact you through phone calls, letters, and possibly emails. This can be stressful and disruptive.

Collection Agencies 100

Collection Agencies Collections Agency Credit Counselor Garnishment 100

Account Recovery

SEPTEMBER 14, 2020

Judge Grants MTD in Student Loan Collection Case; Unlicensed Debt Collector Arrested in N.C. appeared first on AccountsRecovery.net.

Student loans 147

Student loans Student Loans Debt collector Loans 147

Sawin & Shea

NOVEMBER 30, 2022

Student loan default can impact millions of Americans. Unfortunately, defaulting on a student loan can hurt your finances, credit, and other aspects of your life. If you fall behind on student loan payments, your loan won’t default immediately. What Are My Options After Defaulting on Student Loans?

Student loans 112

Student loans Student Loans Loans Garnishment 112

Nexa Collect

JUNE 27, 2023

Recovering unpaid student loans is a systematic process. Just like mortgage recoveries, the steps can vary depending on the jurisdiction and the terms of the loan. Employ a Collection Agency : If the borrower is unresponsive or unwilling to pay, employ the services of a collection agency.

Student loans 100

Student loans Student Loans Loans Garnishment 100

Account Recovery

JANUARY 20, 2025

THE COMPLIANCE DIGEST IS SPONSORED BY: Florida Appeals Court Upholds Dismissal in FCCPA Case Over Claims Assignability A Florida Appeals Court has upheld the dismissal of a case that hinged on whether claims filed under the Florida Consumer Collections Practices Act (FCCPA) were assignable to third parties. More details here.

Loans 130

Loans Fair Debt Collection Collections Collection Agencies 130

Account Recovery

FEBRUARY 18, 2025

More bankruptcies mean higher charge-offs for creditors and increased reliance on third-party collection agencies. With this uptick, regulatory scrutiny may rise, leading to more complaints and lawsuits under laws like the FDCPA (Fair Debt Collection Practices Act) and Regulation F due to errors in handling bankrupt debt.

Fair Debt Collection 130

Fair Debt Collection Law Firms Bankruptcy Judgment 130

Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

Personal loans 98

Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

C2C

APRIL 3, 2020

Read More » The post Something to Consider with Payroll Protection Loans appeared first on C2C Resources Commercial Debt Collection Agency. If you are still wondering if you qualify and how to apply for aid, we recommend going to the.

Loans 87

Loans Collection Agencies Collections Agency Collections 87

Debt Guru

APRIL 12, 2020

Payday loan [p?-?d? A payday loan is short-term credit based on a borrower’s income and credit profile. Payday loans also go by other names, like a cash advance loan or check advance loan – and have even adopted such monikers as deferred deposit or deferred presentment. Why Should You Avoid Payday Loans?

Loans 98

Loans Lender Credit Unions Credit Unions 98

Account Recovery

AUGUST 3, 2023

The Court of Appeals for the Third Circuit has reversed a lower court’s ruling and concluded that a plaintiff has standing in federal court to pursue a class-action lawsuit against trusts that owned a student loan and the collection agency that was managing the account.

Student loans 130

Student loans Student Loans Collection Agencies Collections Agency 130

Nexa Collect

APRIL 27, 2021

Some debt collection agencies agree to remove the entry from the debtor’s credit report once the bill is paid off, but this is not common. Offering the removal of credit report entry in exchange of payment is considered a highly unethical practice by both credit reporting agencies and in the accounts receivable industry.

Collection Agencies 130

Collection Agencies Collections Agency Debtor Debt Recovery 130

Jimerson Firm

FEBRUARY 5, 2021

When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off. 120.535(b). 120.535(b). SOP 50 57 2. SOP 50 55.

Loans 89

Loans Lender Collateral Bankruptcy 89

True Accord

OCTOBER 22, 2024

trillion, auto loans increased by $10 billion to reach $1.63 Delinquency transition rates for credit cards, auto loans and mortgages all increased slightly, with a steeper increase in flow to serious delinquency for credit cards, up more than 2% over last year from 5.08% to 7.18%.

Student loans 93

Student loans Student Loans Loans Debt collector 93

Debt RR

SEPTEMBER 9, 2020

Collecting debts is time-consuming, especially if the debtor refuses to cooperate. Due to the frustration they encounter when collecting debts, they may resort to outsourcing the debt collection process to a collection agency for small businesses. How Collection Agencies Help Small Businesses.

Collection Agencies 57

Collection Agencies Collections Agency Collections Debt collector 57

Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?”

Collection Agencies 52

Collection Agencies Collections Agency Collections Debtor 52

Nexa Collect

JANUARY 19, 2022

If you think that ignoring written demands and calls from a collection agency will spare you from all the consequences, then you are wrong. Your credit card address, your USPS change of address, address on your most recent bills are collected by data aggregation companies and/or credit reporting agencies.

Collections 130

Collections Debt collector Collection Agencies Collections Agency 130

Taurus Collect

MAY 2, 2022

However, hiring an external agency to assist your business with debt recovery services , receivables, and charged-off balances is an incredible way to overcome these obstacles while improving collection rates. On average, companies hold a 50% chance of successfully collecting the overdue bills before the standard 90 days duration.

Collection Agencies 52

Collection Agencies Collections Agency Collections Debt Recovery 52

Katabat

DECEMBER 2, 2019

“Katabat’s combined debt management and customer experience technology stack affords us the power and flexibility to help our members, as well as SoFi team members they are working with, resolve past due loans fast,” said Justin Parker, Senior Director of Loan Servicing, Collections and Recovery, SoFi.

Personal loans 78

Personal loans Loans Collections Debt Management 78

Account Recovery

JUNE 4, 2021

Public colleges in 49 states across the country — all but Louisiana — are being called out in a report for placing unpaid debts with private collection agencies to be repaid for tuition, library fees, and parking fines, creating a “spiraling” amount of debt that former students are not able to repay, which keeps them … (..)

Debt collector 162

Debt collector Collection Agencies Collections Agency Collections 162

Nexa Collect

JANUARY 16, 2023

Higher mortgage and car loan payments. Need a collection agency that can quickly work on your outstanding invoices? Most economists believe that a recession is inevitable. Impact of Rising Interest rates on Consumer Debt. Credit Card Debt: Higher monthly payments since they charge a higher interest rate. Job losses/layoffs.

Debt Recovery 130

Debt Recovery Credit Card Debt Collection Agencies Collections Agency 130

Credit Corp

SEPTEMBER 13, 2023

You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. A low credit score leads to higher interest rates, larger deposits, and a low approval rate for loans and lines of credit. On your own, you may not receive approval on a personal loan or car loan.

Collection Agencies 105

Collection Agencies Collections Agency Loans Financial Institution 105

Re:Ceeve

JUNE 23, 2020

Non-performing loans (NPLs) continue to put pressure on European banks, playing a critical role in profitability and determining the overall financial health of the banking infrastructure. Most technological solutions used by banks to address non-performing loans focus on automating the collections process.

Loans 78

Loans Banks Acquisition Collections 78

Account Recovery

AUGUST 19, 2024

The real issue in Frazier is that the tri-merge report showed Equifax reporting “90-119 Days Past Due” for months after the date the loan was closed in a short sale – the “dates”. Further, the court finds that the post-sale delinquencies aren’t material to the report’s readers – the loan was reported as “settled for less than total payoff”.

Collection Agencies 130

Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Account Recovery

AUGUST 19, 2024

The real issue in Frazier is that the tri-merge report showed Equifax reporting “90-119 Days Past Due” for months after the date the loan was closed in a short sale – the “dates”. Further, the court finds that the post-sale delinquencies aren’t material to the report’s readers – the loan was reported as “settled for less than total payoff”.

Collection Agencies 130

Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Credit Corp

JUNE 1, 2023

When you default on a payment, the company you owe may sell your debt to a third-party collection agency. When this happens, it means your debt has gone to collections and debt collectors from the collection agency will now try to contact you for payment. How Does Collections Debt Affect Your Credit Score?

Collections 126

Collections Debt collector Collection Agencies Collections Agency 126

Debt Free Colorado

FEBRUARY 21, 2022

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debt collectors attempting to recover consumer debts.

Debt collector 98

Debt collector Fair Debt Collection Collection Agencies Collections Agency 98