Collection Industry News

JULY 20, 2020

The momentum has reached the federal government. The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. The educational motivations of public-minded debt collectors notwithstanding, consumer advocates aren’t convinced.

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Collection Industry News

MARCH 2, 2021

Democratic senators have reintroduced legislation to prevent health care providers from actions such as wage garnishment in connection with medical debts. wage garnishment, bank account seizure) during the covered period (i.e. wage garnishment, bank account seizure) during the covered period (i.e. Chris Van Hollen, D-Md.,

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Payment Savvy

NOVEMBER 30, 2021

Lost or garnished wages. The activities of debt collectors are governed by these federal regulations, with an effective date of November 30, 2021. Several associations, such as the ACA International , have a wide array of educational resources surrounding Regulation F. Physical or emotional distress damages.

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Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Take your Debtor Education Course – Within 45 days of the 341 Meeting. Debts Discharged – No sooner than 60 days after your 341 meeting, but not until the debtor education certificate is filed and court filing fees are paid.

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Sawin & Shea

MARCH 27, 2024

You must complete credit counseling within 180 days of filing your petition, and you’ll need to complete a debtor education course after your Meeting of Creditors. It is against federal law for an employer to fire an employee due to their bankruptcy filing, and this applies both to government agencies and private employers.

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Consumer Financial Services Law

OCTOBER 16, 2017

11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. Key to the court’s decision was a review of the policies and procedures implemented and followed by Van Ru representatives during live telephone calls with consumers.

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Debt Free Colorado

NOVEMBER 13, 2017

government agency that makes sure banks, lenders, and other financial companies treat you fairly”, Freedom Debt Relief’s offers actually were too-good-to-be-true. Providers cannot stop collection activity, including collection calls, wage garnishment, judgments, and litigation.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

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Collection Industry News

APRIL 11, 2022

Lockert : “Though student loans originally were created as part of the National Defense Act, there was this idea that we need to become an educated society and so we can create student loans as part of that. Johnson created the Higher Education Act of student loans in 1965 to make it more accessible to everyone. Later on, Lyndon B.

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Credit Corp

OCTOBER 31, 2021

You may qualify for forgiveness through the Public Service Loan Forgiveness program if you are employed by a federal, state, local, or tribal government or not-for-profit organization. This program was designed to encourage people to enter the education field. Public Service Loan Forgiveness Program. Teacher Loan Forgiveness Program.

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National Service Bureau

JULY 30, 2015

Federal loans come from the United States national government and are controlled by the Department of Education, while non-federal loans may come from a variety of sources to include state or local governments, the school itself, or a private organization of some sort. Two of the most common are the William D.

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Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. That said, filers cannot discharge all of their debts through Chapter 13.

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Troutman Sanders

APRIL 18, 2022

In the post, the CFPB argues that certain private education loans can be discharged in bankruptcy. The act demonstrates state government tensions of grappling with addressing traditional health care concerns, while simultaneously addressing the lasting impacts of the pandemic. For more information, click here.

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. On July 23, 2020, the Senate unanimously passed S.

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Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. On August 3, Federal Reserve Board announced that it will extend the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service until September 9.

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Sawin & Shea

OCTOBER 5, 2022

According to the Education Data Initiative , 7.8% Federal loans charge high-interest rates, and if you default, the government could sell your loan to a collection agency. When you default on a federal student loan, the government can garnish up to 15% of your wages or social security income without a court order.

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Troutman Sanders

JANUARY 19, 2021

Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic. Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. State Activities. Privacy and Cybersecurity Activities.

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Troutman Sanders

MARCH 4, 2024

The OAG also found that the debt collection law firm illegally continued to pursue consumers for debts that were already paid or partially paid, and sometimes garnished wages for judgments that were completed. For more information, click here.

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Troutman Sanders

JULY 26, 2021

PSLF is a federal student loan program through which certain borrowers can apply to have their federal student loans forgiven after working as a full-time employee for government entities or 501(c)(3) nonprofit organizations for 10 years or more. For more information, click here. For more information, click here.

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Troutman Sanders

MARCH 15, 2021

The American Rescue Plan provides $1,400 direct payments to individuals making up to $75,000 annually, $350 billion in aid to state and local governments, and $14 billion for vaccine distribution. The FTC reminds consumers that the government will never ask them to pay anything upfront in any form to obtain stimulus money.

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Troutman Sanders

APRIL 5, 2021

Department of Education announced an expansion of the moratorium on federal student loan interest and collections on all defaulted loans under the Federal Family Education Loan program. On March 24, New York Attorney General Letitia James released guidance regarding exemption of American Rescue Plan Act stimulus funds from garnishment.

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Collection Industry News

AUGUST 23, 2022

Department of Education is giving federal student loan borrowers who’ve fallen behind on their debt a chance to get into current standing. There will be borrower communications and the Education Department’s website will be updated,” Buchanan said, as to when borrowers can begin the process. Annie Nova, August 19 2022. also qualify.

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Account Recovery

APRIL 22, 2025

The Department of Education announced yesterday that it will resume collections on federal student loans beginning on May 5, ending a five-year hiatus prompted by the COVID-19 pandemic. A lot of those folks did not receive a return on their higher education investment These arent people who overwhelmingly do not want to pay their loans.

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