Taurus Collect
MAY 12, 2024
In the realm of debt recovery, the “ no collection no fee ” debt collection strategy stands out as a beacon for ethical practice. This approach ensures fairness and integrity, positioning itself as a vital component within the industry. Employing a strategy where fees are contingent not only aligns the interests of collectors with those of their clients but also fosters a culture of responsibility and respect.
JMA
MAY 16, 2024
When it comes to debt collection, many small to medium-sized business owners worry about the potential negative impact on customer relationships. The perception of aggressive tactics and relentless pursuit can create a cloud of apprehension. However, understanding the realities and best practices of reputable debt collection agencies can not only alleviate these concerns but also.
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Account Recovery
MAY 15, 2024
I came across a trio of articles recently that seem to overlap and connect with one another. The articles paint a picture for the economy and the accounts receivable management industry while also providing context about a hot-button topic — credit reporting.
American Profit Recovery
MAY 13, 2024
There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties. As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why. However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.
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.
Taurus Collect
MAY 12, 2024
In the rapidly evolving landscape of the debt collection industry, staying ahead of emerging trends is crucial for success. 2024 promises to bring significant changes, with the “ no collection no fee ” debt collection model standing out as a key player. This approach is reshaping strategies across the board. It offers a risk-free solution to creditors, ensuring that agencies are rewarded only upon the successful retrieval of outstanding debts.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
Account Recovery
MAY 16, 2024
The Supreme Court ruled today that the funding structure of the Consumer Financial Protection Bureau is constitutional and does not need to change. Had the ruling gone the other way, there was the possibility that the CFPB could have been de-funded.
American Profit Recovery
MAY 15, 2024
If you are a consumer, struggling with debt, you should know that not only can debt collectors help you navigate a challenging financial situation, but you can also have a positive experience and favorable outcome. Gone are the days when collectors just got on the phone and demanded full payment. That’s not the way debt collections work. A professionally trained collector listens to consumers, seeks to understand unique situations, and creates an environment where two people can reach a so
Consumer Finance
MAY 15, 2024
The Consumer Financial Protection Bureau issued a statement today regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America.
Roths Child Law
MAY 17, 2024
A decision to file for bankruptcy is one that’s usually not made without considerable thought. It’s often the result of a realization that there won’t ever be enough money to cover one’s debts unless something dramatic can be done. Many consumers file for Chapter 7, which is known as the liquidation bankruptcy, or Chapter 13, which is known as the wage-earner’s bankruptcy.
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.
Account Recovery
MAY 14, 2024
Connecticut Gov. Ned Lamont last week signed a bill into law that will prohibit healthcare providers from reporting medical debt to credit agencies and void debt that is reported to credit bureaus. The bill is scheduled to go into effect on July 1.
UK debt collections
MAY 13, 2024
A solicitor has been fined more than £1,000 due to invoice late payment. It was found that the solicitor failed to pay an invoice for legal fees within a reasonable time frame. James Lothian Brunton also failed to cooperate with the Solicitors Regulation Authority’s (SRA) investigation into his failure to perform an undertaking to Matthew Waite & Co.
Consumer Finance
MAY 16, 2024
The CFPB sued SoLo Funds, which runs a peer-to-peer lending platform, for lying to borrowers and deceiving them about the total cost of loans.
Jimerson Firm
MAY 16, 2024
Representations and warranties are more than just legal formalities in business mergers and acquisitions (M&A) and deserve careful attention when drafting and negotiating these terms. Representations and warranties are essentially statements made by each party (most importantly, Sellers) about the general state of affairs, including statements about the party’s financial health, assets, and legal compliance.
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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.
Account Recovery
MAY 17, 2024
The Court of Appeals for the Second Circuit has affirmed the ruling of a lower court granting summary judgment to the defendants in a Fair Debt Collection Practices Act case, ruling the plaintiff’s claims were time-barred because they were made more than one year from the alleged violation, and dismissed the plaintiff’s arguments why the […]
UK debt collections
MAY 16, 2024
Former Coronation Street legend Beverley Callard is currently under investigation after her acting firm failed to settle a £100,000 tax bill. The Liz McDonald star, 67, is under investigation by the HMRC after failing to pay £215,000 in debts, according to The Mirror. Beverley and her husband Jon McEwan launched the company in 2020 when she left top soap Coronation Street to supplement their income.
Consumer Finance
MAY 13, 2024
The CFPB distributed more than $384 million to consumers harmed by Think Finance from the victims relief fund, which has disbursed more than $1 billion.
JMA
MAY 16, 2024
For small to medium-sized businesses, unpaid invoices can pose significant financial challenges. The likelihood of recovering debt depends on several factors, ranging from the debtor’s financial situation to the strategies employed by the business or debt collection agency. Understanding these factors can help businesses increase their chances of successful debt recovery.
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.
Account Recovery
MAY 17, 2024
Consumer Accuses Collector of Making False Statement About Duration of Credit Reporting Experts Share Reaction to Supreme Court Ruling in CFPB Case Appeals Court Affirms Ruling in FDCPA Case Over SOL for Filing Suit Credit Card Delinquency, Usage Rates Show More Consumers Are Falling Behind Supreme Court Says CFPB Funding Structure is Constitutional WORTH NOTING: […]
UK debt collections
MAY 15, 2024
New research by Mojo Mortgages has found that 32,000 mortgaged properties at risk of being repossessed. The research also found that there were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, representing a 3% increase from the previous quarter. Within this group, 32,470 mortgages were in the most severe bracket, with mortgage arrears exceeding 10% of the balance, marking a 6% increase compared to the previous quarter.
Consumer Finance
MAY 16, 2024
CFPB Director Rohit Chopra provided remarks regarding the Supreme Court’s decision in CFPB v. CFSA.
Sawin & Shea
MAY 15, 2024
Being in debt is stressful, but trying to pay it off with a low income can feel like an impossible task. However, there are ways to cut your expenses and chip away at what you owe through smart financial management techniques and budget-friendly strategies. With some frugal living tips and discipline, you can regain control of your finances. Make a Debt Payment Plan The first step is getting organized by listing out all your debts – the creditor, interest rate, minimum payment, and total balance
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?
Account Recovery
MAY 16, 2024
Getting to Know Fred Landrum of NRA Group Judge Grants MJOP for Defendant in FDCPA Case Over Responding to Alleged Cease Letter Spring Oaks to Open Second Office in Albuquerque New Call Scanning Tech from Google Raising Eyebrows WORTH NOTING: As the temperatures rise, more people are looking for things to do outdoors — here […]
UK debt collections
MAY 13, 2024
The government has ordered an investigation into Warrington Borough Council as figures reveal it is almost £1.85 billion debt. It follows a report which found the council is the most indebted unitary authority in the country, with “their portfolio of debt-funded investments… concerning” which put not only the council at risk, but could also have “significant impact” for local residents.
Consumer Finance
MAY 12, 2024
The Federal Reserve Board and the Consumer Financial Protection Bureau announce inflation-adjusted dollar thresholds for Regulation CC funds availability
Roths Child Law
MAY 13, 2024
When homeowners face the daunting prospect of foreclosure, understanding the defensive options available can potentially help them preserve their homes and financial stability. For example, two common types of bankruptcy , Chapter 7 and Chapter 13, offer different benefits and drawbacks in the context of foreclosure. Although there are exceptions to this general rule, Chapter 7 might not be the best option for those concerned with foreclosure, although Chapter 13 could potentially provide a more
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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.
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