Taurus Collect

MARCH 5, 2024

Navigating the financial challenges of running a startup can be a daunting task, especially when it comes to managing receivables. In the UK, an innovative approach offered by many a debt collector is the ‘no win, no fee’ model, providing a risk-free solution for startups to pursue owed money. This model not only alleviates the financial pressure on emerging businesses but also ensures that debt collecting in the UK becomes a more accessible process.

Startups 52

Startups Collections Debt Recovery Collection Agencies 52

True Accord

MARCH 5, 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Economic Growth in 2023, But Slowdown Expected in 2024 Last year proved that the US consumer has been very resilient to the rumblings of a potential recession and continued to spend with surprising growth all the way through the end of 2023.

Consumer Credit 85

Consumer Credit Student loans Student Loans Collections 85

Burt and Associates

MARCH 7, 2024

The Power of Promptness: Navigating Commercial Debt Collection with Timely Follow-up In the world of commercial debt collection, time is undeniably of the essence. Picture this: a business extends credit to another, trusting in the promise of payment down the line. But as days turn into weeks and weeks into months, that promise still needs to be fulfilled, causing a strain on cash flow and hindering growth opportunities.

Debt Recovery 52

Debt Recovery Collections Debtor 52

Taurus Collect

MARCH 5, 2024

Ignoring debt collectors may seem like a temporary solution to financial woes, but it often leads to more severe repercussions down the line. Engaging with a debt collections service is a crucial step towards managing and settling outstanding debts. This article aims to demystify the consequences of overlooking debt collectors and to provide insights into how debt collection services operate within the UK’s legal framework.

Debt collector 52

Debt collector Asset liquidation Debtor Education 52

Speaker: Mark Stovel

When it comes to automating, many firms focus on finding the latest tech, believing that efficiency is something achieved through new tools. Yet true efficiency is achieved by delivering real value to clients, not merely by upgraded systems. Without a clear approach, no level of automation can overcome the complexities of serving every client’s needs.

UK debt collections

MARCH 5, 2024

UK Business insolvency could increase by 10% this year, according to research by Allianz. The insurer’s global insolvency outlook revealed that 15% of small and medium-sized businesses in the UK are at risk of going bust, the highest proportion in Europe. This is compared to 14% in France, 9% in Italy, and 7% in Germany. Sectors such as retail, manufacturing, construction, and real estate are particularly vulnerable due to weaker demand and higher borrowing costs.

Construction 93

Construction Manufacturing Retail 93

Consumer Finance

MARCH 4, 2024

The Consumer Financial Protection Bureau (CFPB) ) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

145

145

Jimerson Firm

MARCH 4, 2024

Proactive monitoring of the developing employment legislation and regulations is beneficial for businesses to defray the potential costs of substantial, unprepared operational adjustments that may be required to obtain compliance with employment legislation after its passage. There’s no better way to get a pulse on proposed employment legislation than traveling to Tallahassee and talking about them, which occurred on February 1, 2024.

Trade 59

Trade 59

UK debt collections

MARCH 7, 2024

Small Business Late Payment and the cost of such has more than doubled in the past two years, reaching £1.6 billion at the end of 2023, according to a report by Xero. The latest quarterly data shows small firms were paid, on average, 6.1 days late during the last three months of 2023. This figure shows no signs of improving, with the average payment still received over a working week beyond the agreed terms.

Retail 72

Retail Debt Recovery Retrieval Trade 72

Account Recovery

MARCH 8, 2024

As promised, the Chamber of Commerce, along with a number of other banking trade groups — including some from Texas — filed a lawsuit yesterday against the Consumer Financial Protection Bureau, saying the regulator overstepped its authority it issuing a rule capping late fees that can be charged for missed credit card payments.

Trade 147

Trade Banks 147

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.

Banks

Consumer Finance

MARCH 4, 2024

The Consumer Financial Protection Bureau is taking action to rein in junk fees on credit cards, increase competition, and put billions of dollars back in the pockets of American families.

101

101

PDC Flow

MARCH 4, 2024

Text messaging with PDCflow has never been better! For two decades, our company has provided compliant, reliable, affordable tools that make it simple to take payments, send documents, get esignatures, and more. Now, PDCflow has enhanced our software to include text message API services. This allows any company to take advantage of our white-labeled texting solution for better customer communication – directly from their system of record.

57

57

UK debt collections

MARCH 8, 2024

Data released from Reposit, a deposit alternative service, reveals what it calls “a concerning surge in rent arrears” during the final quarter of last year as the economic climat e took its toll on tenants.The data reveals an uptick in the value of typical rent arrears claims from October’s £1,344 to £2,108 in November, and maintaining high levels at £1,954 in December.

Collections 71

Collections 71

Account Recovery

MARCH 8, 2024

Collector Facing FDCPA Class-Action for Sending 11 MVNs, Allegedly Overshadowing Dispute Window Judge Grants MJOP for Defendant in FDCPA Class Action Over POC in BK Proceeding Florida Legislature Passes Medical Debt Collection Bill Groups Sue CFPB Over Credit Card Late Fee Rule WORTH NOTING: Five takeaways from last night’s State of the Union address … […]

Collections 147

Collections 147

Advertisement

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.

Collection Agencies

Hudson Weir

MARCH 8, 2024

Fiduciary duties refer to the responsibilities that directors owe to their companies and all connected to them – customers, partners, shareholders and of course, staff. In the UK, these duties are primarily codified in the Companies Act 2006 , which outlines what is expected from directors. We would always suggest speaking to a professional advisor about your individual circumstances.

Creditors 52

Creditors Government 52

FFGN COLLECT NY

MARCH 8, 2024

Looking to domesticate an out-of-state default judgment in New York? If so, then you will need to know the judgment debtor’s address in order to serve them as per New York state rules. Service is necessary in order to domesticate a judgment in New York. New York does not recognize out-of-state default judgments. New York offers full faith and credit only to judgments obtained on the merits.

Debtor 52

Debtor Judgment 52

Troutman Sanders

MARCH 8, 2024

On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial financing transactions (see discussions on California , Connecticut , Florida , Georgia , New York , Virginia , and Utah ). Under SB 335 a “commercial financing transaction” is defined as a business purpose transaction under which a person extends a business a commercial loan, an a

Financial Institution 52

Financial Institution Loans 52

Account Recovery

MARCH 7, 2024

Getting to Know Amanda Gazos of Bayview Solutions Judge Grants MSJ for Defendant in FDCPA Case Over Non-Removal of Dispute Flag Nigerian Tech-Focused Collection Platform Raises $3M to Help Expand Delinquency Rates Keep Rising, Close to Pre-Pandemic Levels WORTH NOTING: Here is the best way to organize your fridge … Have you heard of oil […]

Collections 147

Collections 147

Speaker: Erika R. Bales, Esq.

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.

Consumer Finance

MARCH 7, 2024

A letter written by Director Rohit Chopra to the Appraisal Subcommittee.

52

52

Taurus Collect

MARCH 7, 2024

If you are having any issues with getting customer to pay on time, check out these 5 sure-fire ways to help you get paid quickly.

52

52

Troutman Sanders

MARCH 7, 2024

In this episode of Payments Pros, co-hosts Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau’s (CFPB) latest proposed rule. This rule aims to prohibit covered financial institutions from charging consumers nonsufficient funds (NSF) fees on transactions that are declined instantaneously or near instantaneously. The CFPB believes this rule will benefit consumers who would otherwise incur NSF fees, potentially leading their accounts to drop to zero or below zero.

Financial Institution 52

Financial Institution 52

Account Recovery

MARCH 7, 2024

More consumers continue to fall behind on their debt payments and are likely going to be in that situation for a while because of the amount of debt they are carrying from month-to-month, according to data released last week by VantageScore.

147

147

Speaker: Genevieve Hancock, CPA

Cash flow isn’t just about balancing numbers - it's about ensuring your organization is positioned for both immediate stability and long-term success. Understanding that cash flow management fuels every decision, every opportunity, and every growth phase is critical. But how can you shift from simply managing cash to strategically optimizing it for resilience?

Financial services

Sawin & Shea

MARCH 6, 2024

Being overwhelmed by debt is a stressful situation that can make it challenging to decide on the best path forward. Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debt consolidation. However, the choice between these two approaches depends greatly on individual circumstances. Bankruptcy and debt consolidation are distinct solutions, each with advantages and potential drawbacks.

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy 52

Consumer Finance

MARCH 4, 2024

La CFPB finalizó hoy una normativa que corta el cobro de excesivas penalidades por atraso en tarjetas de crédito al cerrar un vacío legal, explotado por los grandes emisores de las mismas.

52

52

Troutman Sanders

MARCH 7, 2024

In this episode of The Consumer Finance Podcast , Chris Willis is joined by Partners Sheri Adler and Mary Weeks to discuss the recent uptick in SEC enforcement activity related to whistleblowers. They focus on the implications for financial institutions and other companies, particularly those targeted by the SEC for documents potentially restricting whistleblowers from reporting violations of securities laws.

Financial Institution 52

Financial Institution 52

Account Recovery

MARCH 6, 2024

CFPB Finalizes Credit Card Late Payment Rule; Chamber Vows to Sue Judge Vacates Prior Ruling, Says Defendant Not Liable in FDCPA, FCRA Case Report Calls Out Student Loan Servicer for ‘Call Deflection’ Scheme 25 Companies Seeking Collection Talent WORTH NOTING: The best online flower delivery service … Four things you need to know about Bitcoin […]

Student loans 147

Student loans Student Loans Loans Collections 147

Advertisement

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

Collections