Account Recovery

DECEMBER 22, 2021

Three months after it was sued by the Consumer Financial Protection Bureau for violating a 2016 consent order for a number of alleged violations, LendUp Loans has agreed to stop making new loans and collecting on certain outstanding ones while also paying a fine of $100,000, the Bureau announced yesterday.

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Account Recovery

AUGUST 16, 2021

The Department of Education will continue to reform how student loan debts are collected while strengthening oversight and enforcement, according to a published report citing a letter that was written by Education Secretary Miguel Cardona to a pair of leading Senate Democrats.

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Student Loans Student loans Loans Education 246

Account Recovery

JANUARY 27, 2022

The Attorney General of Virginia announced yesterday that it is reducing the fees it will charge when collecting on unpaid student loans for individuals who attended certain state colleges or universities. And the AG’s office is asking other colleges and universities to lower their collection fees, too.

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Student Loans Student loans Loans Collections 244

Account Recovery

OCTOBER 14, 2022

The governor of New York yesterday signed a bill into law that will eliminate a 22% collection fee on student loans owed to the state. The fee was added when unpaid student loan debts were referred to the Office of the Attorney General’s Civil Recoveries Bureau.

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Student Loans Student loans Loans Collections 246

Account Recovery

OCTOBER 10, 2024

A District Court judge in Virginia has dismissed the majority of claims against several defendants in a Fair Debt Collection Practices Act class-action lawsuit, but allowed one key claim against a collection agency to proceed. The ruling: In the ruling, Judge M. Bank National Association. Learn more.

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Student Loans Student loans Fair Debt Collection Collections Agency 246

Account Recovery

MARCH 8, 2022

The City of New York has reached a settlement with a for-profit university that will force the school to stop collecting on $20 million of unpaid student loans while also paying a fine of $350,000 for, among other allegations, collecting debts that were not owed, concealing its identity from former students when collecting debts, and … The post (..)

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Student Loans Student loans Loans Collections 245

Account Recovery

FEBRUARY 17, 2021

STUDENT LOAN COLLECTION BILL INTRODUCED IN COLORADO Legislators in Colorado are moving forward with a bill aimed at overhauling student loan collection in the state, which, if enacted would create several conflicts with the Colorado Fair Debt Collection Practices Act for debt collectors.

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Student Loans Student loans Loans Fair Debt Collection 246

Account Recovery

MARCH 31, 2021

Expands Moratorium on Collection of Defaulted Student Loans appeared first on AccountsRecovery.net.

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Student Loans Student loans Loans Education 214

Account Recovery

AUGUST 12, 2022

The only good thing that happens when an individual defaults on his or her student loan is that debt collectors make money, according to an Undersecretary at the Department of Education who was speaking during a virtual panel discussion earlier this week.

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Student Loans Student loans Loans Debt collector 246

Account Recovery

FEBRUARY 16, 2022

The Department of Education has announced it will suspend the seizure of tax refunds, Social Security payments, and other government payments to collect on defaulted student loans through November. Will Not Use Tax Refunds, Social Security to Collect on Defaulted Student Loans Until November appeared first on AccountsRecovery.net.

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Student Loans Student loans Loans Education 246

Account Recovery

JANUARY 17, 2025

The Consumer Financial Protection Bureau yesterday announced a settlement with the National Collegiate Student Loan Trusts (NCSLTs) to resolve allegations of defective debt collection practices. If approved by the court, the stipulated judgment will require the NCSLTs to provide $2.25

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Student Loans Student loans Collections Loans 130

Account Recovery

NOVEMBER 29, 2024

A California Appeals Court has reversed a lower court’s ruling in favor of a collection law firm and debt collection operation that were sued for violating the Fair Debt Collection Practices Act (FDCPA), ruling that the public interest exception to the state’s anti-SLAPP law applies to the case.

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Law Firms Student Loans Student loans Collections 130

Account Recovery

FEBRUARY 9, 2021

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

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Student Loans Student loans Loans Collections 204

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.

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Lender Collections Loans Debt collector 130

Account Recovery

JULY 9, 2021

The Attorney General’s office of Colorado will be holding a virtual meeting next week to discuss components of a new student loan servicing and collection law and draft rules that it has issued which are open to feedback from interested stakeholders. The meeting will take place on Wednesday, July 14 at 10am MT via Zoom.

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Student Loans Student loans Loans Collections 246

Account Recovery

AUGUST 17, 2022

The Department of Education announced yesterday that it is canceling all the remaining federal student loans for anyone who attended ITT Technical Institute between 2005 and its closure in 2016. This will result in the cancellation of loans for 208,000 individuals who collectively owed $3.9 billion on those outstanding debts.

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Loans Student Loans Student loans Education 246

Account Recovery

OCTOBER 1, 2022

The Consumer Financial Protection Bureau yesterday published a special edition of its Supervisory Highlights, spotlighting the student loan servicing and collection markets and pointing out some of the issues it has uncovered when examining companies in that market. A copy of the report can be accessed by clicking here.

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Student Loans Student loans Loans Collections 245

Account Recovery

FEBRUARY 9, 2021

BEDARD BREAKS DOWN RULE’S PROVISIONS RELATED TO LOCATION INFORMATION In issuing its debt collection rule, the Consumer Financial Protection Bureau had the opportunity to update a rule that had been left largely untouched since it went into effect more than 40 years ago.

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Student Loans Student loans Loans Collections 230

Account Recovery

AUGUST 3, 2020

There appears to be a disconnect between the President and members of Congress about what to do with student loan payments that have been paused since the coronavirus shutdown occurred in March. The President last week proposed extending the forbearance program, which is scheduled to expire on Sept.

Student Loans 245

Student Loans Student loans Loans Collections 245

Account Recovery

JANUARY 8, 2021

NEW GUIDE OFFERS INSIGHTS INTO COMPLYING WITH CFPB’S DEBT COLLECTION RULE I am excited to announce the launch of a new section of AccountsRecovery.net, which aims to help the ARM industry better understand the Consumer Financial Protection Bureau’s debt collection rule and to help make the decisions and changes needed to comply with it.

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Student Loans Student loans Loans Collections 227

Account Recovery

JANUARY 14, 2022

A deal was announced yesterday between student loan servicer Navient and 39 state attorneys general that will see the company pay $145 million in restitution and cancel $1.7 billion in delinquent private student loans to settle claims it took advantage of individuals when servicing and collecting on their student loans.

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Student Loans Student loans Loans Collections 240

Account Recovery

FEBRUARY 9, 2021

A bill is moving through the legislature in Ohio that would halt the collection of all debts owed to any state college or university and any hospital operated by a college or university while also pausing the accrual of interest and collection fees on those debts. The bill was introduced by Rep.

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Student Loans Student loans Healthcare Loans 189

Account Recovery

JULY 28, 2021

In order for a collector to have a debt to collect, a consumer has to obtain some form of credit. That could be as simple as the balance from a visit to the doctor’s office or as complicated as a mortgage or auto loan.

Loans 246

Loans Collections 246

Account Recovery

SEPTEMBER 16, 2024

A District Court judge in Maryland has denied a defendant’s motion to compel arbitration in a Fair Debt Collection Practices Act (FDCPA) case, ruling that the defendant waived its right to arbitrate by engaging in prior litigation. The plaintiff eventually defaulted on the loan, with her last payment made in October 2017.

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Collections Fair Debt Collection Personal loans Loans 246

Account Recovery

OCTOBER 4, 2024

Massachusetts Attorney General Andrea Joy Campbell has reached an agreement with Franklin Credit Management, a mortgage servicer, to resolve allegations of improper debt collection practices in The Bay State. It will stop collecting on $10 million worth of mortgages and pay a $300,000 fine to settle the enforcement action.

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Foreclosure Collections Credit Management Loans 246

Account Recovery

OCTOBER 19, 2021

The Department of Education is considering proposals that would give borrowers “new flexibility” like initial grace periods when its moratorium on student loan payments ends on January 31, according to a published report.

Student Loans 245

Student Loans Student loans Loans Education 245

Account Recovery

OCTOBER 18, 2021

Hands Out Student Loan Contracts to Six Companies, Toughens Contract Terms appeared first on AccountsRecovery.net. The … The post Ed.

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Student Loans Student loans Loans Education 246

Account Recovery

AUGUST 23, 2023

The Federal Trade Commission on Monday announced it had sued and obtained a temporary restraining order against a number of corporate and individual defendants accused of pretending to be affiliated with the Department of Education so that they could market student loan forgiveness programs that made false promises and collected millions in illegal (..)

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Student Loans Student loans Loans Education 246

Account Recovery

AUGUST 10, 2021

million in fines and penalties against a student loan debt relief company that was accused of collecting illegal advance fees that are prohibited under federal law. in Fines and Refunds to Student Loan Debt Relief Provider appeared first on AccountsRecovery.net. DFPI Assesses $1.4M

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Student Loans Student loans Loans Collections 246

Account Recovery

MAY 18, 2022

A study that has been published in the American Journal of Preventive Medicine gives companies in the accounts receivable management industry that collect on student loan debt another arrow in their quiver to convince individuals to pay off their debts — if you don’t do it, you have a higher risk of being diagnosed with … The post (..)

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Student Loans Student loans Loans Accounts Receivables Management 245

Account Recovery

NOVEMBER 8, 2021

The Department of Education last week notified the private collection agencies it had been using to help recover payments on defaulted student loan debts that it would no longer be placing accounts with them. Cancels Contracts With Private Collection Agencies appeared first on AccountsRecovery.net.

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Collections Agency Collection Agencies Student Loans Student loans 246

Account Recovery

JULY 8, 2021

To Rescind Guidance and Make it Easier to Investigate Student Loan Collectors appeared first on AccountsRecovery.net. The letter was written by … The post State Regulators Ask Ed. The letter was written by … The post State Regulators Ask Ed.

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Student Loans Student loans Loans Collections Agency 246

Account Recovery

DECEMBER 6, 2022

Individuals with student loans will be able to avoid facing collection attempts for one year once the moratorium on making student loan payments ends, according to guidance released by the Department of Education’s Federal Student Aid office last week. The post Ed.

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Student Loans Student loans Collections Education 246

Account Recovery

AUGUST 12, 2020

Individuals with student loans who are living in neighborhoods that are primarily made up of Black and Latinos are twice as likely to have their debt in collections as those living in neighborhoods that are primarily made up of white individuals, according to research that has been published by the New York City Department of … The post Student (..)

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Student Loans Student loans Loans Collections 230

Account Recovery

SEPTEMBER 12, 2022

Driving the News: Two-thirds of Millennials are carrying credit card debt, following by student loans (48%), personal loans (42%), medical debt (42%), and auto loans (40%). One-third of Millennials … The post Data Offers Insights Into Collecting From Millennials appeared first on AccountsRecovery.net.

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Student Loans Student loans Credit Card Debt Collections 246

Account Recovery

APRIL 22, 2021

Claiming you have been the victim of identity theft is not enough to get a collection item removed from your credit report, a District Court judge in California has ruled, granting a defendant’s motion for summary judgment after the plaintiff claimed it violated the Fair Debt Collection Practices Act by continuing to report the debt … The (..)

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Loans Fair Debt Collection Judgment Collections 246

Account Recovery

NOVEMBER 15, 2021

Less than five months after it announced it was exiting the student loan servicing business, the Pennsylvania Higher Education Assistance Agency — more commonly known as PHEAA — disclosed on Thursday that it had reached an agreement with the Education Department to extend its contract for one year to allow more time to transition students (..)

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Student Loans Student loans Loans Education 246