Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008. In Jackson v.

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Sawin & Shea

AUGUST 24, 2020

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. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Consumer Financial Services Law

OCTOBER 17, 2017

An unpublished opinion from the Eleventh Circuit continues its analysis of the definition of a debt collector and continues to narrow the applicability of the FDCPA. 2015) was one of the first opinions to parse the definition of a debt collector under 15 U.S.C. Capital One Bank, 797 F.3d 3d 1309 (11 th Cir.

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Sawin & Shea

NOVEMBER 23, 2022

Once bankruptcy is filed, whether it’s under Chapter 7 or Chapter 13 , an automatic stay prevents debt collectors from taking further legal action. Does bankruptcy clear lawsuit debt? House foreclosure. Debt due to a breach of contract. Read on to answer this question and more regarding your bankruptcy situation.

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Collection Industry News

AUGUST 18, 2020

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? The borrower then filed an action in federal court, claiming that an assortment of alleged misrepresentations in the foreclosure case constituted violations of the FDCPA.

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Sawin & Shea

FEBRUARY 16, 2022

Some situations in which an individual may want to consider filing for emergency bankruptcy include: Wage garnishment Creditors levying your bank accounts or property An impending home foreclosure sale Imminent car repossession. It’s not always clear when it’s the right time to file for emergency bankruptcy.

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Jimerson Firm

DECEMBER 14, 2021

To better understand the Fair Debt Collection Practices Act, I’ve broken it down into three discernable parts: 1) Elements of a cause of action under the FDCPA. The FDCPA prohibits debt collectors from making false or misleading representations and from engaging in various abusive and unfair practices. 3d 1175, 1205 (M.D.

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Consumer Financial Services Law

MAY 1, 2020

By Anna Claire Turpin The Sixth Circuit Court of Appeals recently explored the limitations of Section 1692(f)(6) and held that a property preservation and maintenance company was not a debt collector for purposes of that section. The mortgagee, the bank, pursued a nonjudicial foreclosure of the property. Thompson v.

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Better Credit Blog

MARCH 2, 2021

They collect on debts for both smaller doctors’ offices and clinics and hospitals. When your healthcare provider is unsuccessful at collecting your debt, they could contact a third-party agency such as H&R Accounts. Debt collectors buy your debts from providers and lenders, or they employ them to manage the collections process.

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Better Credit Blog

APRIL 1, 2022

Whatever you’re dealing with, late payments, collections, charge-offs, or foreclosures, the following techniques can clean up your credit quickly. Developing these good habits will help a lot, but let’s be clear: a major negative entry like bankruptcy, foreclosure, or repossession on your credit file will cause bad credit.

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Consumer Financial Services Law

FEBRUARY 18, 2019

McCarthy & Holthus LLP regarding whether non-judicial foreclosures qualify as debt collection under the FDCPA, the Sixth Circuit doubled down on its position that non-judicial foreclosures are debt collection. Building on its 2013 decision in Glazer v. Chase Home Finance LLC., 3d 453 (6th Cir. Chase Home Finance LLC.,

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Troutman Sanders

JULY 14, 2021

At the time Carrington became the mortgage servicer, Heinz’s loan was already in default and a foreclosure sale was scheduled for the first of the following month. Thereafter, the foreclosure sale of Heinz’s property was postponed to November 14, 2017. However, the foreclosure sale proceeded as scheduled on November 14, 2017.

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Credit Corp

FEBRUARY 28, 2021

Debt collectors and your stimulus check : Most—but not all debts—won’t affect your stimulus check. Learn how to reduce your debt with the helpful tips in this article. Deal with medical debt collectors : The last thing you want to do in the middle of a pandemic is deal with a medical debt collector.

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Collection Industry News

MAY 18, 2021

While NAFCU supports efforts to stop abusive debt collection practices, the association had raised concerns about language contained in the bill that would expand the definition of a “debt collector” and increase risks to lenders. The bill, the Comprehensive Debt Collection Improvement Act, passed the House by a vote of 215-207.

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Mich Bankruptcy Blog

APRIL 28, 2019

For many, the term “debt collection” calls to mind threatening letters and harassing, late-night phone calls.

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Collection Industry News

MAY 2, 2023

. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The prohibition applies even if the debt collector does not know that the debt is time barred.

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BN Lawyers

JANUARY 14, 2019

Section 1692g(a) of the FDCPA mandates the sending of a “validation” notice within five days of a debt collector’s initial communication with a consumer. A debt collector is free to collect during the thirty-day period as long as it does not overshadow or contradict the consumer’s thirty-day rights. In Scott v.

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Collection Industry News

APRIL 30, 2023

On April 26, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act (FDCPA).

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Credit Corp

JUNE 14, 2023

Since the debt is old and less likely to be paid, the creditor may be willing to accept less than what you owe to consider the matter closed. Foreclosures and Short Sales: Seven Years A foreclosure can remain on your credit reports for seven years from the date the foreclosure was filed.

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Better Credit Blog

FEBRUARY 4, 2021

Are hired to help the original lender collect the debt. When a collections agency gets ahold of your debt, it can mean lots of phone calls and letters for you. Many consumers looking to cut ties with debt collectors simply pay off their debt, assuming it will get removed from their credit report. Foreclosures.

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. Require debt collectors to obtain consent before using electronic communications and provide written validation notices.

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Burr Forman

MAY 20, 2021

Overall, the CDCIA’s proposed changes to consumer finance laws tend to support pro-consumer policies and will require financial institutions, debt collectors, and loan servicers to re-evaluate their business practices if the bill is ultimately passed.

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Better Credit Blog

FEBRUARY 15, 2021

Depending on other factors on your credit score and the extent of your debt, a collections account can drop your score significantly. Equally frustrating, debt collectors may communicate with you frequently, calling you regularly and sending letters in an attempt to collect payment. Foreclosure. Charge-offs.

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Troutman Sanders

FEBRUARY 27, 2023

The communications were made in connection with various foreclosure proceedings against the plaintiffs where Fein Such represented the foreclosing entity. The plaintiffs alleged that Fein Such improperly contacted them regarding attorneys’ fees and costs purportedly incurred in connection with the foreclosure proceedings.

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FDCPA Defense

SEPTEMBER 22, 2018

These seemingly simple questions have divided the circuit courts, and they may soon be resolved by the United States Supreme Court when it decides a case that arose out of a nonjudicial foreclosure proceeding in Colorado. It prohibits debt collectors from engaging in a broad range of unfair and misleading debt collection practices.

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Better Credit Blog

AUGUST 12, 2020

Often times, companies and debt collectors do not have sufficient documentation of customers’ debts. The Fair Debt Collection Practices Act requires debt collectors to provide valid proof of debts if you submit a validation letter within 30 days of being contacted by a company.

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Better Credit Blog

FEBRUARY 2, 2021

If they are unsuccessful, your debt will go into collections, which can have a significant impact on your credit report. Some companies sell their debts to third-party debt collectors , while others, like BGE, have their own collections department. Foreclosure. The best part? Owe BGE $250? Repossession.

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Troutman Sanders

OCTOBER 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B.

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Better Credit Blog

FEBRUARY 5, 2021

When you get behind on payments, the person lending you money or providing services may turn your debt over to a debt collector. Others employ debt collectors like BRG. This type of third-party agency might: Buy your debts at pennies on the dollar, or. Here’s how: Ask for debt validation.

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Taurus Collect

JUNE 12, 2023

If clients fail to stick to their payment plans as agreed, debt collection agencies are often needed in order to help recoup any losses incurred. Did you know that there are six different resources your debt collector will use – such as credit bureaus and databases – that allow them access to your financial history and current whereabouts?

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Consumer Financial Services Law

MARCH 15, 2018

. §1692e(11) because it did not disclose the communication was from a debt collector. Pursuant to our conversation, I informed you that we have received the executed Warranty Deed in Lieu of Foreclosure signed by the Hagy[s]. At a minimum, the court’s opinion should provide debt collectors with some solace against the absurd.

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Debt Free Colorado

JUNE 18, 2024

Quick Summary: Chapter 7 bankruptcy allows individuals to discharge most unsecured debts. Creditor harassment is any aggressive or threatening communication from a debt collector. Wage garnishment is a legal procedure where a creditor obtains a court order to withhold part of your earnings from your paycheck to repay a debt.

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Better Credit Blog

MARCH 1, 2021

Third-party collections agencies may also purchase your debts from institutions like BOA for pennies on the dollar. Debt collectors can send you letters and call and leave messages when debt reaches collections. The FDCPA keeps debt collectors from being abusive or threatening, and it encourages accurate reporting.

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Better Credit Blog

MARCH 1, 2021

Third-party collections agencies may also purchase your debts from institutions like BOA for pennies on the dollar. Debt collectors can send you letters and call and leave messages when debt reaches collections. The FDCPA keeps debt collectors from being abusive or threatening, and it encourages accurate reporting.

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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. When you fail to repay a debt, whether it’s a medical bill, student loan, or credit card balance, it eventually enters collections.

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Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others.

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Better Credit Blog

FEBRUARY 5, 2021

You should also read up on the Fair Debt Collection Practices Act. This act was written to protect consumers from abusive debt collection practices and to ensure accurate reporting. Among other guidelines, it states that: Debt collectors are only allowed to call from 8 a.m. Foreclosures. Ask for proof. Bankruptcy.

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