Account Recovery
SEPTEMBER 12, 2022
Nearly three-quarters of Millennials are carrying non-mortgage debt, with the average member of that generation owing $117,000, according to the results of a recently released survey. Driving the News: Two-thirds of Millennials are carrying credit card debt, following by student loans (48%), personal loans (42%), medical debt (42%), and auto loans (40%).
Sawin & Shea
SEPTEMBER 14, 2022
When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.
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American Profit Recovery
SEPTEMBER 14, 2022
Hold on… not so fast! Before your business decides it’s not a good idea to use a collection agency or you simply cannot afford it, we have a few pieces of advice you should consider before shutting the door on getting third-party help. There is much more to consider before you decide not to use a collection agency to improve your cash flow. If you have customers that continue to pay late, customers that don’t pay at all or both, check out our reasons to seriously consider getting hel
Consumer Finance
SEPTEMBER 15, 2022
Business model relies on data collection, and loans serve as close substitute for credit cards.
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.
Account Recovery
SEPTEMBER 16, 2022
The Consumer Financial Protection Bureau yesterday announced plans to increase its oversight of the Buy Now, Pay Later industry, by issuing guidance or a rule that will more closely align the product with its credit card cousins, and by instituting supervisory examinations of BNPL providers. Use of BNPL products — which allow consumers to make … The post CFPB Announces Plans to Regulate BNPL Market appeared first on AccountsRecovery.net.
Creditor Collections Today brings together the best content for creditors and collection professionals from the widest variety of industry thought leaders.
American Profit Recovery
SEPTEMBER 12, 2022
Your accounts receivables never sleep and it’s always a great time to review your procedures and make any adjustments necessary. After all, the health of your business depends on it. And as we approach the last quarter of 2022, it’s a smart idea to take a pause and conduct a thorough review of all your accounts receivable procedures including how you handle late and non-paying customers.
Nexa Collect
SEPTEMBER 12, 2022
The most successful business owners tend to have a plan for everything. If you ask them where they see the company in one year, five years, or a decade- chances are, they have a plan for that. However, one very important thing that many savvy business owners may forget or procrastinate in planning is how their business will continue after they die. Yes, mortality is not something many of us are prepared to face, causing the idea of planning for your business after you have passed on to seem like
Account Recovery
SEPTEMBER 15, 2022
A District Court judge in New York has granted a defendant’s motion to dismiss after it was sued for violating the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Telephone Consumer Protection Act for allegedly placing more than 200 calls to try and collect on a debt and falsely reporting incorrect … The post Judge Grants MTD in FCRA, FDCPA, TCPA Case appeared first on AccountsRecovery.net.
Nerd Wallet
SEPTEMBER 16, 2022
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. The Federal Reserve’s job hasn’t been easy amid this year’s economic volatility. The Consumer Price Index, a key inflation.
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.
American Profit Recovery
SEPTEMBER 16, 2022
By Sabrine: Employees may not be comfortable asking questions or asking for advice from their peers because of the environment they are working in. Luckily here at American Profit Recovery, it’s unlikely to be the case because we provide professional development opportunities on a consistent basis. Once a week, we hold a meeting called “Best Practices,” hosted by our top debt collection professionals, work team leads, and management.
Troutman Sanders
SEPTEMBER 13, 2022
On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that we are still in the early stages of a significant shift in how banking services are going to be provided in the future.” A copy of his remarks, made at the Clearing House Association and Bank Policy Institute’s Annual Conference , can be found here.
Account Recovery
SEPTEMBER 15, 2022
The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Brian Glass of H
Nerd Wallet
SEPTEMBER 13, 2022
Beth Bourdon, an assistant public defender at the Orange County Public Defender’s Office in Orlando, Florida, was used to her student loans not qualifying for relief that other federal loans did. She had Family Federal Education Loan Program, or FFEL, loans. They’re an older type of federal student loan that may be owned by the. Anna Helhoski writes for NerdWallet.
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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.
Consumer Finance
SEPTEMBER 15, 2022
Director Chopra delivered prepared remarks on a press call discussing the release of a report on market trends and consumer impacts from Buy Now, Pay Later loans.
UK debt collections
SEPTEMBER 13, 2022
In figures released by the Registry Trust earlier this year, data showed that 84% of the County Court Judgements (CCJ) issued were deemed as unsatisfied. This means that only 16% of CCJs were recorded by the courts as being satisfied for the year between 2020 to 2021. County Court Money Claims are often seen as the very last resort when a debt goes unpaid.
Account Recovery
SEPTEMBER 16, 2022
ANOTHER COLLECTOR FACING CLASS-ACTION OVER LOCATION, FORMAT OF EMAIL OPT-OUT DISCLOSURE The disclosure, which was a hyperlink at the bottom of the email, was not “clear and conspicuous” enough, according to the complaint. The disclosure also did not provide instructions for how to inform the debt collector via email that the consumer wished to opt … The post Daily Digest – September 16.
Nerd Wallet
SEPTEMBER 13, 2022
The holiday season rolls around at the same time each year, but unexpected expenses can catch you, and your wallet, off guard. Creating a holiday budget can help turn those surprises into anticipated costs. It can also give you a solid foundation from the start by saving you lots of time and stress — not. Amanda Barroso writes for NerdWallet. Email: abarroso@nerdwallet.com.
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.
True Accord
SEPTEMBER 16, 2022
Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors. Here are four common compliance myths and misconceptions for collections debunked (no detective work needed)!
Taurus Collect
SEPTEMBER 15, 2022
The debt collection industry struggles to get good press. The harmful or illegal actions of a few unprincipled companies have overshadowed the value and importance of debt collection agencies that diligently return money to their actual owners. However, the Financial Conduct Authority (FCA) has set specific rules and guidelines regarding how Debt Collection Agencies should operate and the policies they must follow to support vulnerable customers.
Account Recovery
SEPTEMBER 15, 2022
The number of individuals across the country with past-due medical debts has remained the same since 2015, despite an increase in cost-sharing with employers, according to research that was published by the Employee Benefit Research Institute. The Data: Roughly 22% of adults had a past-due medical debt in 2021, compared with 23% in 2018 and … The post Report Breaks Down Who is Carrying Unpaid Medical Debts appeared first on AccountsRecovery.net.
Nerd Wallet
SEPTEMBER 10, 2022
Although it may be possible to buy a car without insurance, most dealerships require that you have insurance coverage before you can drive off in your new vehicle. All states, except Virginia and New Hampshire, require car insurance. If you live in a state where car insurance is required, you must show proof of insurance. Ciarra Jones writes for NerdWallet.
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?
UK debt collections
SEPTEMBER 12, 2022
Southern Water is threatening to use debt collection agencies against customers involved in a payment boycott in protest against continuing raw sewage discharges. The water company, which was given the lowest one star rating for performance by the Environment Agency, has informed boycotters that it will be using bailiffs if they continue to hold back bill payments.
Direct Recovery
SEPTEMBER 10, 2022
Having a commercial debt collection agency to handle collection efforts is a huge advantage that small businesses around the country would love to have working for them. However, most of those same small businesses don’t bother picking up the phone to arrange such a partnership because they have already led themselves to believe that it isn’t financially possible.
Account Recovery
SEPTEMBER 12, 2022
APPEALS COURT RULES EMOTIONAL DISTRESS, WASTING TIME ENOUGH FOR PLAINTIFF TO HAVE STANDING IN FDCPA SUIT Bucking a recent trend seen in courtrooms across the country, the Eleventh Circuit Court of Appeals has overturned a lower court’s dismissal of an FDCPA suit, ruling the plaintiff did have standing to sue. For the Appeals Court, the … The post Daily Digest – September 12.
Nerd Wallet
SEPTEMBER 13, 2022
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Raising kids is expensive: On average, the expenses of one child from birth to age 17 add up to. Erin El Issa writes for NerdWallet.
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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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