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.

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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.

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Consumer Credit Student loans Student Loans Collections 86

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.

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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.

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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

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.

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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.

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Jimerson Firm

MARCH 7, 2024

The Bert Harris Act was enacted in 1995 by the Florida Legislature in response to concerns that governmental regulations and actions could unfairly diminish the value of private property without providing just compensation to the property owners. See Section 70.001, Florida Statutes. The Act addresses situations that may not rise to the level of a “Taking” under the Florida Constitution or the U.S.

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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.

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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.

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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 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.

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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.

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Trade 59

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.

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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 … […]

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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

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.

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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.

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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.

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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 […]

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Collections 147

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For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.

Collections

Troutman Sanders

MARCH 8, 2024

As discussed here , earlier this week the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates the annual inflation adjustments to that safe harbor amount, for larger card issuers. The timing of the Final Rule’s announcement, just days before the State of Union address, did not go unnoticed.

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Trade Financial services Collections 52

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.

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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.

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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.

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Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

Financial services

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

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FFGN COLLECT NY

MARCH 3, 2024

A mechanic’s lien on a private improvement is good for one year and one year only in New York. Suppose nothing is done to extend a mechanic’s lien before the expiration of the initial one-year period. In that case, the lien on the underlying real property will lapse, and you will no longer have a valid lien. You must take action if you want to extend a mechanic’s lien a second year.

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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.

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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 […]

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Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

Banks