Credit Corp

JULY 9, 2024

Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. It may also result in legal action, tax refund offsets, and impact co-signers, making it crucial to address repayment issues promptly with your loan servicer. What Happens If I Don’t Pay My Student Loans?

Student loans 52

Student loans Student Loans Loans Accrued Interest 52

Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

Student loans 64

Student loans Student Loans Loans Accrued Interest 64

Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

Student loans 52

Student loans Student Loans Bankruptcy Chapter 7 bankruptcy 52

Collection Industry News

JULY 18, 2022

A bankruptcy judge ordered student loan servicer Navient Corp. to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge. Government-backed…. Source: site. Judge Elizabeth Stong with the U.S.

Student loans 40

Student loans Student Loans Loans Collections 40

Consumer Finance

APRIL 9, 2024

CFPB Director Rohit Chopra provided remarks at Rutgers Law Center School Center for Corporate Law and Governance on student-loan securitization.

Government 52

Government Student loans Student Loans Loans 52

Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. The Federal Government receives a staggering number of complaints about robocalls—3.7 Second, if not, could the debt collection provision be severed? American Assn. American Assn.

Collections 70

Collections Student loans Student Loans Government 70

Fico Collections

JANUARY 4, 2021

Within the collection industry in the United States, State and Federal Governments imposed significant constraints because of COVID. In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent.

Student loans 59

Student loans Student Loans Collections Government 59

Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs,” Chief Legal Officer Mark Heleen said in a statement. The company agreed to cancel $1.7

Student loans 52

Student loans Student Loans Loans Education 52

Troutman Sanders

NOVEMBER 18, 2022

The CFPB explained its main reasoning behind the proposed new data collection as follows: “Financial markets and policymakers have long had access to granular mortgage data that has provided insight into patterns in lending and risk. Because student loans are largely administered by the federal government, we know more about them too.

Collections 98

Collections Lender Student loans Student Loans 98

Collection Industry News

FEBRUARY 21, 2022

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a bulletin detailing student loan servicers’ obligation to halt unlawful conduct regarding borrowers’ eligibility and benefits under the Public Service Loan Forgiveness (PSLF) Waiver. Despite one government estimate that 1.3

Student loans 52

Student loans Student Loans Loans Education 52

True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What’s Impacting Consumers and the Industry?

Student loans 101

Student loans Student Loans Credit Card Debt Loans 101

Collection Industry News

APRIL 11, 2022

The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 We often break our pink piggy bank that says student loan on it, in an attempt to pay back our debts. The history of student loans.

Student loans 40

Student loans Student Loans Loans Education 40

Collection Industry News

SEPTEMBER 19, 2022

Student borrowers in New York state should be mindful of potential debt relief scams as the federal government moves to provide up to $20,000 in debt forgiveness, Gov. Hochul this week approved a measure meant to simplify and expand the Public Service Loan Forgiveness program in New York. Kathy Hochul on Friday said.

Student loans 40

Student loans Student Loans Loans Education 40

Troutman Sanders

APRIL 26, 2022

Under Dodd-Frank, the CFPB has authority to examine three categories of nonbank entities: Nonbank entities that offer or originate mortgages, private student loans, and payday loans, regardless of the nonbank entity’s size.

Student loans 105

Student loans Student Loans Loans Government 105

Collection Industry News

APRIL 22, 2023

WASHINGTON — A settlement that will allow thousands of student loan debts to be canceled will go into effect after the Supreme Court on Thursday declined to block it. The case is unrelated to President Joe Biden’s broader effort to forgive student loan debt, which is also before the justices, with a ruling due in the next two months.

Student loans 40

Student loans Student Loans Debt settlement Loans 40

Collection Industry News

JULY 18, 2022

A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. trillion in student loan debt is a problem, according to an Economist/YouGov survey of 1,500 U.S.

Student loans 40

Student loans Student Loans Loans Government 40

Collection Industry News

JUNE 6, 2024

In its first case under the Impersonation Rule, the Federal Trade Commission has stopped a student loan debt relief scheme that bilked more than $20.3 The FTC charged that the company also falsely claimed that they would take over consumers’ student loans to get them loan forgiveness that did not exist.

Student loans 40

Student loans Student Loans Loans Education 40

Collection Industry News

MARCH 22, 2024

“When I was told I couldn’t universally just change the way in which we dealt with student loans,” Biden said, “I fixed two student loan programs that already existed to reduce the burden of student debt for nearly 4 million Americans, including nurses, firefighters and others in public service.”

Student loans 40

Student loans Student Loans Loans Education 40

Debt Free Colorado

APRIL 9, 2020

You can work directly with the mortgage lender on a loan modification, or reach out to the Colorado Foreclosure Hotline for free assistance. While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. Student Loans.

Student loans 81

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Fico Collections

JANUARY 26, 2022

2021 saw debt collection and recovery professionals grappling with new regulations while they developed better ways to monitor and handle vulnerable customers during the pandemic. Collection strategies and apportioning of related costs are therefore concentrated on the appropriate customer level cases.

Collections 52

Collections Student loans Student Loans Government 52

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.

Financial Institution 70

Financial Institution Student loans Student Loans Loans 70

True Accord

JULY 9, 2024

Read on for our take on what’s impacting consumer finances, how consumers are reacting and what else you should be considering as it relates to debt collection in 2024. The verdict is still out on how those with student loans are faring with resumed payments. What Does This Mean for Debt Collection? from a year ago.

Student loans 96

Student loans Student Loans Banks Lender 96

Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

Collections 52

Collections Debt collector Student loans Student Loans 52

The Kaplan Group

JANUARY 7, 2021

How did Covid-19 and the resulting economic downturn affect the collections industry? TransUnion recently released a report on the state of Collections in 2020. There are fewer third-party collections agencies. The number of collection firms has been in decline since 2011, from 9,400 to 7,401 in 2018. That’s a 2.5%

Collections 59

Collections Collection Agencies Collections Agency Student loans 59

Collection Industry News

JULY 28, 2020

Supreme Court on Monday upheld and strengthened a law banning the broadly unpopular but ubiquitous telemarketing practice known as robocalls, striking down an exemption to the measure that had allowed automated calls for collection of certain money owed to the government. FILE PHOTO: A man walks past the U.S. June 25, 2020.

Student loans 59

Student loans Student Loans Government Loans 59

FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

Garnishment 52

Garnishment Collections Debt collector Student loans 52

Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments.    Selected papers are due after the Symposium on June 4, 2021.   

Third-party Debt Collectors 69

Third-party Debt Collectors Student loans Student Loans Law Firms 69

Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections? to 9 p.m.,

Retrieval 52

Retrieval Debt collector Collections Collection Agencies 52

National Service Bureau

APRIL 6, 2015

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. 5: Improper contact or sharing of information.

Collection Companies 40

Collection Companies Collections Collection Agent Collection Agencies 40

Better Credit Blog

AUGUST 31, 2020

Having debt in collections can be downright overwhelming, especially when debt collectors bombard you with dozens of phone calls. What you may not know is that you are protected by the Fair Debt Collection Practices Act (FDCPA), a law designed to keep third-party debt collectors in check when they contact you. Table of Contents.

Fair Debt Collection 53

Fair Debt Collection Third-party Debt Collectors Collections Debt collector 53

Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Therefore, the agencies act as middlemen collecting any delinquent loans.

Collection Agencies 40

Collection Agencies Collections Agency Collections Debtor 40

Collection Industry News

FEBRUARY 1, 2022

. – Virginia Attorney General Jason Miyares announced last week an internal policy that will immediately provide relief to working families and students struggling with student debt. This is lower than the nearly 18% fee charged by the federal government for defaulted student loans.

Student loans 40

Student loans Student Loans Collections Loans 40

Collection Industry News

JULY 1, 2024

The findings in this report cover violations of law and consumer harm in the areas of auto and student loan servicing and debt collection, including credit card debt collections. This is the 34th edition of Supervisory Highlights.

Student loans 40

Student loans Student Loans Credit Card Debt Collections 40

Credit Corp

MAY 30, 2023

Finally, we’ll explain a few government-sponsored programs, some of which could help you make ends meet. Apply for Government Assistance Programs If your unemployment benefits run out, there are numerous other government assistance programs that may provide financial aid. What Does It Mean to Exhaust Your Benefits?

Government 94

Government Loans Student loans Student Loans 94

Collection Industry News

MARCH 19, 2024

And then we add student loans back into consumers’ repayment mix… The Impact of Resumed Student Loan Repayments Millions of people are resuming another financial obligation every month: their student loan payments. million borrowers missed their student loan payment, equating to 40% of loan holders.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

National Service Bureau

SEPTEMBER 9, 2015

It’s no secret that student debt is at an all-time high. According to the US Department of Education, there are more than 40 million student loan borrowers who owe more than $1.2 Unfortunately, this means student loans (unless you have access to scholarships, independent wealth, grants, or other resources).

Debt collector 40

Debt collector Student loans Student Loans Collection Agencies 40

Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying.

Garnishment 40

Garnishment Collections Debt collector Student loans 40