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If your business has outstanding delinquent accounts, you may be wondering if it’s worth hiring a professional debt collector to handle them. The answer is yes! Hiring a professional debt collector is an effective way to collect on delinquent accounts and protect your bottom line. If you’re not sure where to start, contact us today. Read more » The post Why Hire Debt Collectors to Handle Your Delinquent Accounts appeared first on JMA Credit Control.
I know, I know, you’re still trying to wrap your head around taking payments via Venmo and PayPal, but there is a new form of payment technology that is becoming more popular out there in the world, and it might represent an even bigger opportunity.
Stop Supply- why doing so is your best chance to be paid. It always astounds us when we get sent debts to collect which are made up of multiple invoices. If you’re owed more than 5 invoices for the same customer at any one time then this could be why you’re not getting paid. So many businesses think that by doing more work they’re increasing their chances of getting paid but it actually has the opposite effect.
The CFPB filed a lawsuit in federal court against auto-loan servicer USASF Servicing for a host of illegal practices that harmed individuals with auto loans.
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?
Severance agreements and releases outlining the terms of separation, including financial compensation, benefits continuation, and other provisions, have utility for both employers and employees when ending an employment relationship. For employers, it is crucial to understand how a signed release can impact potential employee claims brought after termination of employment.
The Federal Communications Commission yesterday imposed a penalty of $300 million against the perpetrators of an illegal “auto warranty” robocall scam that purportedly made more than 5 billion robocalls to 500 million phone numbers during a three-month period of 2021.
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The Federal Communications Commission yesterday imposed a penalty of $300 million against the perpetrators of an illegal “auto warranty” robocall scam that purportedly made more than 5 billion robocalls to 500 million phone numbers during a three-month period of 2021.
In this episode of Payments Pros , Josh McBeain welcomes Isaac Boltansky, managing director and director of policy research at BTIG to discuss the proposed Credit Card Competition Act led by Senator Durbin from Illinois. Josh and Isaac discuss the intricacies of the proposed legislation and how it would affect issuers, merchants, and consumers. Additionally, they address some of the skepticism that the bill is receiving from those in the industry and challenges that may come with the legislation
What Are BINs? A Bank Identification Number (BIN) is the first four or six numbers found on any debit or credit card. Essentially, this set of digits specifies the financial institution that issued a payment card. Every BIN number can be checked to prevent fraud and ensure the protection of both merchants and consumers when shopping. When you run any BIN number through a checking system, you end up with accurate information about the geolocation, card issuer, and card type.
If you’ve ever had to repair your credit, you know how much of a struggle removing inaccuracies from your reports can be. The bad news is that in many cases, after removing negative accounts from your credit history you may only see a slight increase or maybe even no change at all to your credit score. Why? Because you need a healthy credit profile to have a healthy credit score.
EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more?
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.
In our latest episode of The Consumer Finance Podcast, Chris Willis and his colleagues Stefanie Jackman, Joe Reilly, and Jonathan Floyd discuss the CFPB’s advisory opinion related to collection of time-barred debt. The discussion includes a look at the historical events that led up to this opinion, whether or not an FDCPA-covered debt collector can sue to collect a time-barred debt, how this opinion relates to state law analogs, and key takeaways for the industry.
In the vast ocean of business, being cash flow positive is your ultimate compass. Having cash to spend gives you more options–to expand and grow, to invest back into the organization or to share with stakeholders. Cash flow statements, profit and loss statements and other financial management reports steer these financial decisions your company makes.
Number of Businesses closing is on the rise The number of businesses closing saw a further increase in the second quarter of 2023 (Q2). The rate of business insolvencies is now at its highest rate since 2009 according to latest statistics. These new figures are “highly concerning” says John Cullen, business recovery partner at Menzies LLP. Released by the UK government on July 28, insolvency statistics showed there were 6,342 recorded company insolvencies in Q2.
A District Court judge in Maryland has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act class action after the defendants were accused of attempting to collect on unpaid debts without having the proper licenses to do so in the state.
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.
As discussed here and here , D.K. et al. v. United Behavioral Health et al. is a case that has been carefully watched in the health benefits space for its impact on what health plan administrators must include in adverse benefit determination letters. In D.K. , the Tenth Circuit held health plan administrators cannot rely on compliance with ERISA’s claims procedure regulations to establish that the plan engaged in a “meaningful dialogue” with a claimant.
Financial crises can devastate self-esteem and family relationships and hamper a person’s ability to cope with life in general. The good news – the light at the end of the tunnel – is that there is an excellent way to ease these fiscal-related woes: filing for bankruptcy. What is the Best Time to File for Bankruptcy? Many people ask, when should you file for bankruptcy?
Amsterdam-based VanMoof, an e-bike manufacturer, has gone into liquidation in the UK. The Dutch company confirmed through an email to its customers that the company is undergoing a Creditors’ Voluntary Liquidation. The message, signed by The VanMoof team, acknowledges the uncertain times for its customers and states that they are currently working on finding the best way forward for e-bikes locked in its Battersea store, which was repossessed by the landlord last week, reports Sifted.
The good times of the COVID-19 pandemic are over and “normalized consumer behavior” is back, according to the chief executive of Encore Capital Group, using the phrase to explain the company’s second quarter financial performance. Overall, the company recorded net income of $26.3 million during the second quarter of 2023, compared with $60.
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.
On August 1, the U.S. Court of Appeals for the Tenth Circuit upheld a trial court’s order granting summary judgment in favor of a debt buyer holding that claim preclusion barred the plaintiff’s claims brought under the Fair Debt Collections Practices Act (FDCPA) and Utah’s Unfair Claims Settlement Practices Act (UCSPA). The decision in McMurray v. Forsythe Finance LLC involved an allegation that the debt buyer was not licensed as a collection agency in Utah when it attempted to collect the plain
Earlier this year, the Federal Housing Finance Agency (FHFA) released a proposed rule on Fair Lending, Fair Housing and Equitable Housing Finance Plans. This rule would largely codify existing oversight practices and will help ensure regulated agencies like Fannie Mae, Freddie Mac and the Federal Home Loan Banks are dutifully serving low-income communities of color.
In a unanimous en banc decision, the Eleventh Circuit recently held that “a single unwanted, illegal telemarketing text message” is sufficient to allege a concrete injury under the TCPA. Drazen v Pinto, No. 21-10199, 2023 WL 4699939 (11th Cir.
Skit.ai’s conversational voice AI solution enables Southern Credit Adjusters to streamline operations and growth, providing a fully compliant call automation solution to establish RPC and recover payments. NEW YORK, NY (August 03, 2023) – Skit.ai, the leading conversational voice AI solution provider in the Account Receivable Management (ARM) industry in the U.S.
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.
On July 31, the Board of Governors of the Federal Reserve System (Federal Reserve) issued its July Senior Loan Officer Opinion Survey on Bank Lending Practices , which addressed changes in the standards and terms on, and demand for, bank loans to businesses and households in the second quarter of 2023. Banks reported that lending standards are currently on the tighter end of the range for all loan categories.
Rebuilding credit after filing for bankruptcy can seem like a daunting task. However, it's far from impossible. You can regain financial health and rebuild your credit score with time, patience and consistent effort. The first step in rebuilding your credit is understanding your credit report and score. Regularly review your credit report for any errors or discrepancies and take necessary action to rectify them.
Unfortunately, it is all too common for rental property owners in Florida, especially elderly rental property owners, to be taken advantage of by potential tenants when negotiating leases. This generally occurs when the prospective tenant has a prior relationship with the owner that allows the tenant to gain trust from the owner. Once trust is established between the parties, the tenant is able to negotiate very friendly, and occasionally, unlawful lease provisions such as free rent and/or a l
The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against a company that services and collects on auto loans, accusing it of violating the Consumer Financial Protection Act because it allegedly misapplied payments, wrongfully repossessed vehicles, double-billed consumers for insurance, wrongfully activated starter-interrupt devices, and failed to refund premiums to consumers.
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
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