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A District Court judge in Oklahoma has dismissed the class-action component of a Fair Debt Collection Practices Act lawsuit, while also dismissing some of the claims, after the defendant was accused of not sending a collection lawsuit summons to the plaintiff’s correct address, which it allegedly had. The background: The case started when the defendant, a collection law firm, filed a lawsuit against the plaintiff to collect an alleged debt.
Do you tense up every time you run your business's aging report ? Instead of feeling helpless about delinquent accounts, you can stay calm and take proactive steps to manage the situation. By adopting a strategic approach, you can implement practical solutions to increase your success at recovering outstanding payments. Tired of chasing overdue invoices?
The big inflation situation plaguing the U.S. for the past three years seems to be coming to an end, and it could be that American consumers are partially to thank. Tired of paying higher prices, consumers increasingly turned to cheaper alternatives, bargain hunted or simply avoided items they found too expensive, pressuring retailers to accommodate them or lose their business.
The value of bad debt suffered by small businesses has surged by a staggering 127 per cent in the last six months, according to a report by SME funder, Bibby Financial Services (BFS). According to the latest SME Confidence Tracker from Bibby, businesses have written-off an average of nearly £40,000 in unpaid invoices in the last 12 months, up from an average of £17,500 in the spring.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
The CFPB took action against Apple and Goldman Sachs for customer service breakdowns and misrepresentations that impacted hundreds of thousands of Apple Card users.
Seasonal businesses often face unique challenges when it comes to managing cash flow. While peak seasons can bring in significant revenue, off-peak periods often lead to cash flow shortages, putting financial strain on the business. Managing these seasonal cash flow fluctuations is critical for maintaining financial stability and ensuring long-term success.
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Seasonal businesses often face unique challenges when it comes to managing cash flow. While peak seasons can bring in significant revenue, off-peak periods often lead to cash flow shortages, putting financial strain on the business. Managing these seasonal cash flow fluctuations is critical for maintaining financial stability and ensuring long-term success.
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 background: The lawsuit accused several companies, including three different collection operations of violating the FDCPA and the Virginia Consumer Protection Act in their attempts to collect on the plaintiff’s unpaid student loans.
Effective debt recovery is a cornerstone of financial management. Without an efficient approach to collecting outstanding debts, businesses can suffer from cash flow issues, leading to operational challenges and potential financial instability. Skilled debt recovery ensures that the company can maintain its liquidity, meet its financial obligations, and reinvest in growth opportunities.
Self-service portals are an empowering way to get consumers back on track. In fact, research from McKinsey found that consumers who digitally self-serve resolve their debts at higher rates and are significantly more likely to pay in full. Just take into consideration that surveys have found that four in 10 have used an online portal supplied by a financial institution for bill pay, while only a quarter have paid by phone, mailing a check, or in person.
Case Study: Alpha Plumbing Solutions vs. Beta Plumbing Contractors* Your browser does not support the audio tag. About Transcript About Commercial Debt Collection The segment introduces the topic of commercial debt collection, emphasizing that it is more than just numbers on a spreadsheet. It focuses on the strategies and psychology needed to bridge the gap between having a signed contract and receiving actual payment.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
The CFPB finalized a rule to give consumers greater rights, privacy, and security over their personal financial data by requiring providers to unlock personal financial data for free.
In the world of business, collecting unpaid debts can feel like a never-ending battle. In addition, many companies unknowingly commit errors that hinder their efforts. Our commercial collections attorneys at the Law Offices of Alan M. Cohen & Associates LLC law have dedicated their legal careers to helping businesses collect their unpaid debts. Our attorneys have more than five decades of combined experience helping companies collect their unpaid accounts receivable.
A District Court judge in Oklahoma has dismissed yet another “inconvenient” time or place case under the Fair Debt Collection Practices Act in which a plaintiff mails a letter to the defendant requesting or demanding that all future contact between the parties be conducted via email, ruling that both the FDCPA and Regulation F gave the defendant the authority to respond via traditional mail and not via email.
Economic downturns can place significant strain on both businesses and individuals, leading to widespread financial difficulties. During these challenging times, many debtors may struggle to make payments, leaving businesses to deal with a rising number of overdue debts. As financial health deteriorates, businesses must adopt a more flexible and empathetic approach to managing debt collection.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Properly naming a non-paying client is of the utmost importance in New York debt collection. Failing to properly name the defendant can jeopardize your entire case. Here’s why it’s so important to properly name your non-paying customer — and how to do so. Assume your company had an agreement with John Smith, LLC to provide services for Mr. Smith, and you dealt personally with John Smith.
About Transcript About I. Introduction: The Evolving Landscape of California Debt Collection This section introduces the importance of staying informed about the latest compliance requirements for debt collection in California, particularly for businesses operating under the Department of Financial Protection and Innovation (DFPI). II. Designated Email Update: A Crucial Communication Channel This section details the new requirement for businesses to designate a generic email address for official
At Law Offices of Alan M. Cohen & Associates LLC, our commercial collections lawyers have more than 50 years of combined experience. They have dedicated their practice to collecting commercial debts in Massachusetts. Using methods available under state and federal laws, our ethical debt collection lawyers fight to get you paid, and they do so relentlessly and aggressively.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
You may well know what an intercompany loan is… But do you know what can happen if the borrowing company becomes insolvent, or enters liquidation? An intercompany loan can provide a quicker and less expensive way for a business to borrow funds. But there are risks involved for the lending company in particular which could be overlooked and we’ll explore a key one in this guide.
What happens to balances owed when your non-paying customer dies during the debt collection process? How do you enforce your right to get paid? The answer depends on whether your non-paying customer was an individual, sole proprietor, or closely held business, compared to an officer of a corporation with more than one officer. Here’s why. Individual Liability Generally, an individual is responsible for their debt.
Digitalisation and vulnerability are two sides of the same coin. When we lock our doors leaving the house but skip the 2FA setup to secure our digital assets, it’s time to “act the other way around” on security and start learning from the younger, said Adriaan Kom, Managing Director, Onguard, in an article posted on VCMB (Association of Credit Management Companies).
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
The CFPB banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer products after it misled borrowers about its neutrality and initiated sham arbitration proceedings.
The London Borough of Croydon sends out the highest number of bailiffs in all of England and Wales to collect debts, according to a new interactive map. It sent out the most bailiffs for debt collection in London between 2022 and 2023, a staggering 86,295 referrals, with 36,122 of these referrals for council tax arrears. Martin Lewis’s charity, The Money and Mental Health Policy Institute, has said councils’ use of bailiffs for debt collection is “grotesque”, and “aggress
The New York State Department of Health has issued guidance summarizing changes to state laws and regulations that impact how hospitals in The Empire State will handle patient eligibility, collect on unpaid debts, and manage financial assistance applications, among other changes. Expanded Eligibility for Financial Assistance A new law in New York has increased the income threshold for financial assistance eligibility.
The Good Jobs Community of Practice works to equip small and medium-sized businesses (SMBs) with the tools and information to improve and offer high-quality jobs. The fact of the matter is, there is an economic incentive for businesses to play a positive role in addressing some of the challenges employees and working families face.
When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.
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