Troutman Sanders

APRIL 2, 2021

The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not acting as “debt collectors.”. On March 25, in Willison v. Nelnet, Inc. ,

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Sawin & Shea

AUGUST 24, 2020

Whether or not you file for bankruptcy also depends on the kind of debt you have. Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt.

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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 A college education is practically the new high school equivalent - it’s pretty much expected to get a job.

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Better Credit Blog

SEPTEMBER 9, 2020

If you have been contacted by Sunrise Credit Services, you are probably being pursued for an old debt. Sunrise Credit Services is a debt collector that has been hired by your old creditor to collect payment on your debt. They may also have purchased the debt to profit off your payments. Validate the Debt.

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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. There were also a couple of notable court decisions impacting debt collectors last quarter. 9%) to $17.05 9%) to $17.05 After three years of relief from payments on $1.6

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Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

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Better Credit Blog

NOVEMBER 2, 2020

Action Financial Services is a medium-sized debt collection agency that is headquartered in Central Point, OR. They were originally founded in 2009 and collect on behalf of high education institutions and the U.S. Department of Education for the non-payment of student loans. Debt collectors are a sneaky bunch.

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Troutman Sanders

OCTOBER 19, 2021

Federal Activities: On October 15, the Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid, reporting directly to the chief operating officer. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

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Troutman Sanders

SEPTEMBER 19, 2022

the plaintiff defaulted on his student loan payment, and the account was sold to Educational Credit Management Corporation (ECMC), a federal student loan guarantee agency, which then contracted with Pioneer Credit Recovery, Inc. Pioneer) to help collect the debt. In Tavernaro v.

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Burr Forman

MAY 20, 2021

Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time.

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National Service Bureau

JUNE 23, 2015

Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. These debts are familiar to most Americans; there was a $117 billion increase in household debt during 2014: Q4.

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Credit Corp

JUNE 3, 2020

Educate yourself on smart ways to pay debt collectors , and consider using the services of a debt management agency. What if the loan company or debt collector has already started the lawsuit? This process can discharge or eliminate most civil judgments for unpaid debt. Don’t skip court.

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Sawin & Shea

JANUARY 25, 2022

However, before a lawsuit is filed, lenders of unsecured debt will typically hire debt collectors in an attempt to recover what you owe. If an agreement cannot be reached between the debtor and the debt collector, the lender will likely file a lawsuit against you. Examples of Unsecured Debts.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law. HB1443 will go into effect on November 1.

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Better Credit Blog

OCTOBER 19, 2020

Account Control Technology is a debt collector, and if they’re contacting you, it means you probably let a payment slip through the cracks. Confronting a collections agency about your debt can be stressful, especially when you’re receiving countless calls and constant messages from them. Healthcare debt. Utility debt.

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Better Credit Blog

OCTOBER 19, 2020

Account Control Technology is a debt collector, and if they’re contacting you, it means you probably let a payment slip through the cracks. Confronting a collections agency about your debt can be stressful, especially when you’re receiving countless calls and constant messages from them. Healthcare debt. Utility debt.

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Consumer Financial Services Law

OCTOBER 16, 2017

By Zachary Dunn October 16, 2017 The FDCPA, through section 1692d(6), prohibits a debt collector from placing telephone calls to a debtor “without meaningful disclosure of the caller’s identity.” 11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education.

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Better Credit Blog

NOVEMBER 23, 2020

Using the strategies outlined below, you can say goodbye to debt collectors and get your score back on track. or FMS Corp, is a third-party debt collection agency headquartered in Tulsa, Oklahoma. collects on a wide range of debts from several industries, including: Education. Medical debt. Commercial debt.

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Better Credit Blog

AUGUST 31, 2020

If you’ve been contacted by GC Services, they are probably pursuing you for an old debt. Dealing with debt collectors is stressful, but the harassing phone calls are only the tip of the iceberg. Being pursued for an old debt means that GC Services has opened up a collections account on your credit report. or after 9 p.m.

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Troutman Sanders

MARCH 22, 2021

Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. On March 10, the Oklahoma Senate passed a health care debt collection bill. For more information, click here.

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Collection Industry News

JULY 20, 2020

DEBT COLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.

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Taurus Collect

JANUARY 24, 2023

How Knowing Strategies Used By Debt Collection Companies Can Help You Handle Your Debts Debt collection companies are a necessary part of the economy since they help creditors get paid back what is rightfully theirs. However, dealing with debt collectors can be intimidating if you don’t know how to handle them properly.

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True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. quarterly increase while auto loan balances rose by $13 billion and now stand at $1.6

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. Proposed registration includes debt settlement services, student debt relief services, postsecondary education financing, and wage-based advances. Regulatory Activities. Research and Market Monitoring.

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Troutman Sanders

APRIL 26, 2021

million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. On April 22, the U.S.

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Collection Industry News

DECEMBER 11, 2020

The advisory opinion program is of special interest to the debt collection agency. With the recent release of its final debt collection rule—Regulation F—the CFPB specifically cited the advisory opinion program as a place for debt collectors to seek clarification of the new requirements and safe harbors.

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Troutman Sanders

SEPTEMBER 27, 2021

House of Representatives Committee on Rules passed amendments on credit reporting and medical debt collection for service members and private student loans. For more information, click here. The settlement requires HSEAA to pay $15,000 to the two servicemembers and a civil penalty of $20,000 to the United States.

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Better Credit Blog

DECEMBER 22, 2021

.” The debt consolidation loan can pay off two or more loans in a lump sum, and you can arrange to have your new lender pay off your old loans, or you can get the loan sent to your bank account, “leaving it up to you to pay off your creditors yourself” , says Serio.

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Collection Industry News

MAY 18, 2021

My Consumer Protection Section continues to do incredible work to help return the hundreds of millions of dollars Virginians have lost to predatory lenders, shady debt collectors, and other bad actors and shady businesses who try to skirt the law,” Attorney General Mark Herring said.

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Troutman Sanders

DECEMBER 21, 2021

Virginia Foxx and Julia Letlow, who are both members of the Committee on Education and Labor, requested an examination of the U.S. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. For more information, click here. On December 16, U.S.

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Credit Corp

MAY 30, 2023

These cases often pertain to a breach of contract, an unsettled debt or a lack of services. For example, if a debt collector takes you to civil court for an unpaid bill, you can provide evidence of any payments you made. What if the loan company or debt collector has already started the lawsuit?

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Better Credit Blog

APRIL 11, 2022

Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. In other cases, such as credit card debt, it’s seen as a hardship and can have a negative impact.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

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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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Credit Corp

APRIL 3, 2023

To help cover these costs, many families and students start saving for college to help avoid student loans. Quick Answer : 529 plans are tax advantaged savings plans to help pay for educational expenses. Cordell education savings account. The Cordell education savings account is similar to a 529 plan.

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Better Credit Blog

JANUARY 20, 2022

The only problem came when after not paying on an account for 6–7 months, I came to find out that Freedom Debt Relief couldn’t settle this particular account. It was for a PMSI loan for an outdoor wood burning furnace. I had to make my own payment arrangements with the debt collector so that we could keep our furnace.

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Troutman Sanders

OCTOBER 30, 2023

State Activities: The California Department of Financial Protection and Innovation (DFPI) recently released a guide to educate new Americans about consumer debt. The guide distinguishes between “good debt,” such as a home or education loan, and “not-so-good debt,” such as debt borrowed to cover everyday expenses.

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