True Accord

MARCH 25, 2021

Recent regulatory activity makes it clear: regulators care as much about consumer preference in debt collection as creditors. At a time when consumers’ power to impact a lender has increased dramatically, Klarna made the decision to outsource 1,005 of its debt collection activities.

Creditors 97

Creditors Collections Fair Debt Collection Lender 97

Account Recovery

AUGUST 10, 2020

Logicoll represents creditors in the resolution of outstanding consumer credit accounts. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

Collection Agencies 147

Collection Agencies Collections Agency Creditors Lender 147

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

In the Red

MARCH 23, 2020

When a company is insolvent, meaning it’s not able to pay its creditors in full, the directors and officers still owe their fiduciary duties of due care and loyalty to the corporation. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers.

Creditors 130

Creditors Lender Judgment Government 130

In the Red

MARCH 23, 2020

When a company is insolvent, meaning it’s not able to pay its creditors in full, the directors and officers still owe their fiduciary duties of due care and loyalty to the corporation. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers.

Creditors 130

Creditors Lender Judgment Government 130

In the Red

MARCH 23, 2020

When a company is insolvent, meaning it’s not able to pay its creditors in full, the directors and officers still owe their fiduciary duties of due care and loyalty to the corporation. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers.

Creditors 130

Creditors Lender Judgment Government 130

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57. 679.609(2)(b), Fla.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Credit Corp

MARCH 12, 2025

Key takeaways: If you are late on car payments, voluntarily returning your vehicle can reduce fees and show responsibility to your lender. Voluntary repossession involves proactively returning a financed car to the lender rather than forcing the lender to seize it back once your loan is in default.

Repossession 52

Repossession Lender Loans Garnishment 52

Jimerson Firm

JANUARY 20, 2021

However, lenders should be aware that judges are still able to refer foreclosure lawsuits to mediation on a case-by-case basis, with or without a referral request to mediation. Although there is no longer a statewide mandatory foreclosure mediation program, lenders must be aware that they may still be required to participate in mediation.

Foreclosure 80

Foreclosure Lender Creditor's Rights Commercial Collection 80

FFGN COLLECT NY

JANUARY 14, 2025

A commercial guarantee provides additional security and consideration for the creditor. Clients may be asked to sign personal guarantees by vendors, lenders, or others. If the lender or credit grantor will not proceed without the personal guarantee and the borrower wants the goods or services, the borrower will sign.

Creditors 52

Creditors Lender Collections 52

Hudson Weir

FEBRUARY 11, 2025

The primary aim of an IBR is to provide lenders with an unbiased evaluation of a company’s: Current financial position Future trading prospects Overall business model and financial strategies Management capabilities and operational efficiency Qualified accountants or insolvency practitioners usually carry out IBRs.

Trade 52

Trade Banks Lender Loans 52

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. Is the Recoverable Value of the Property Over $10,000? See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

Sawin & Shea

SEPTEMBER 14, 2022

They can assist you through the bankruptcy process and can keep creditors from unlawfully harassing you. An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. This test calculates whether an individual can repay lenders and creditors without declaring Chapter 7 bankruptcy.

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Jimerson Firm

JANUARY 27, 2021

SBA lenders should understand the appropriate protocols after receiving an offer in compromise from a borrower, including what an offer in compromise is, when it is appropriate, the general requirements, and the process for reviewing, approving and completing a compromise. If there are any discrepancies, the lender must investigate them.

Loans 96

Loans Lender Collateral Creditors 96

Consumer Finance

APRIL 12, 2021

The Consumer Financial Protection Bureau (CFPB) took action today against an online debt-settlement company for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders.

Loans 100

Loans Debt settlement Lender Creditors 100

Sawin & Shea

NOVEMBER 8, 2022

Rather than have your car seized involuntarily, you can give up your vehicle willingly to your lender. Firstly, if your financial problems are only temporary, you should contact your lender to see if there’s a way in which you can make late payments without being at risk of repossession. The lender can come after you for the balance.

Repossession 98

Repossession Chapter 13 bankruptcy Lender Bankruptcy 98

Nexa Collect

APRIL 27, 2021

Also, removing a genuine late payment from the credit report risks lenders who will loan money to that person in the future. Creditors and collection agencies who prefer to do credit reporting quickly will likely see lower recovery rates. However, by law, they cannot be reported before 180 days anyway.

Collection Agencies 130

Collection Agencies Collections Agency Debtor Debt Recovery 130

Debt Free Colorado

FEBRUARY 21, 2022

The Fair Debt Collection Practices Act (FDCPA) does not apply to original creditors or cover company obligations. It mandates that debt collectors post a bond to pay the amount owed to the creditor for whom they are collecting. The federal Fair Debt Collection Practices Act (FDCPA) does not apply to the actual lender.

Debt collector 98

Debt collector Fair Debt Collection Collection Agencies Collections Agency 98

Credit Corp

SEPTEMBER 28, 2020

In most cases, lenders and creditors have grace periods that can range from a few days to up to 10 days. If your payment arrives within that time period, the lender may not count it as late. Most lenders don’t report missed payments until your account is 30 days past due. Life happens, and creditors are aware of this.

Lender 111

Lender Creditors 111

Troutman Sanders

SEPTEMBER 20, 2023

When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? The forms include a checklist of common reasons for adverse actions, as well as an open-ended field for lenders to provide other reasons not listed.

Lender 52

Lender Creditors Credit Bureau Loans 52

Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. of the inhabitants unemployed. After the pandemic started, that number more than doubled.

Collection Agencies 130

Collection Agencies Collections Agency Collections Garnishment 130

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

Lender 98

Lender Foreclosure Loans Banks 98

Credit Corp

JANUARY 21, 2021

The Fair Debt Collections Practices Act a lso helps ensure creditors are honest when reporting or collecting debts. This law deals with what information lenders must disclose, how they can advertise their products and rates and what rights you have when a lender isn’t truthful or transparent. Credit law can be complex.

Collections 116

Collections Creditors Fair Debt Collection Law Firms 116

Credit Corp

AUGUST 5, 2020

Governments, charities, and even creditors scrambled to put programs in place to support people during this time while also mitigating future economic fallout. And this isn’t the first time creditors have found themselves working to support borrowers while worrying about their own bottom lines. What Is the FICO Resilience Index?

Creditors 105

Creditors Lender Creditworthiness Credit Bureau 105

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

Collateral 98

Collateral Loans Lender Secured Creditor 98

Nexa Collect

APRIL 27, 2022

Inform future creditors about bills on which a person has defaulted so that they can access their own risk to lend money to that person or not. Then let the lenders decide which one they want to consider or ignore. Reporting all unpaid bills, regardless of the balance, to credit bureaus as the final step does two main things.

Healthcare 130

Healthcare Credit Unions Credit Unions Creditors 130

Credit Corp

JUNE 1, 2023

Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. ® or VantageScore 4.0®. ® and VantageScore 4.0®.

Collections 126

Collections Debt collector Collection Agencies Collections Agency 126

Credit Corp

JULY 29, 2024

These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. When a lender doesn’t receive payments for a line of credit, they may choose to eventually sell that credit to a debt collection agency to get some of their money back.

Collections 98

Collections Collection Agencies Collections Agency Credit Bureau 98

Credit Corp

JUNE 8, 2023

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards. And they’re not required to.

Lender 98

Lender Loans Creditors Credit Unions 98

Sawin & Shea

APRIL 20, 2021

When an Indiana homeowner is unable to make their mortgage payments, the lender eventually starts a foreclosure. If a mortgage lender determines that an Indiana homeowner is failing to make their mortgage payments, the lender will start contacting the borrower to demand payment. How the Foreclosure Process Works in Indiana.

Foreclosure 93

Foreclosure Bankruptcy Lender Repossession 93

Qualco

DECEMBER 7, 2021

In that context, lenders need to have access to state-of-the-art technology to avoid major losses. A solution that will enable creditors to quickly do analyses of a vast amount of data from multiple sources; have access to insights about delinquency status, and ways to efficiently manage customers that default. The problem.

Debt Management 97

Debt Management Financial Institution Creditors Lender 97

Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

Loans 98

Loans Collateral Lender Foreclosure 98

Better Credit Blog

OCTOBER 29, 2021

Lenders and credit card issuers carry out two types of checks on your credit. When deciding whether to give you a loan or a credit card, lenders and credit card issuers look at your score and credit history. “A A higher score helps convince lenders that you’ll be able to make repayments in full and on time. Ads by Money.

Lender 85

Lender Creditors Loans Credit Unions 85

Better Credit Blog

APRIL 1, 2022

Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill. You will basically explain your situation to the creditor or collection agency. While this may seem like a long shot, you’d be surprised how often creditors make goodwill adjustments.

Bankruptcy 114

Bankruptcy Collection Agencies Collections Agency Lender 114

Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? When Can the Court Appoint a Receiver Under the Act? Make a distribution of receivership property.

Foreclosure 98

Foreclosure Lender Judgment Creditors 98

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Credit Corp

OCTOBER 16, 2023

Debt Verification Letter Template + Sample How Long Does a Creditor Have to Respond to a Debt Verification Request? The letter should include details about the debt, the original lender, and the debt collector’s authority to collect the money.

Debt collector 105

Debt collector Creditors Original Creditor Lender 105