Sawin & Shea

JANUARY 11, 2024

Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Since 2005, a debtor education course from an approved provider is mandatory for anyone who files for bankruptcy. Staring down mountains of debt can feel overwhelming.

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Nexa Collect

JUNE 23, 2023

This makes it harder for them to get loans, credit cards, or sometimes even jobs in the future. Ignoring the letters can have further consequences, such as lawsuits and garnishments. Impact on Credit Score : If a collection agency reports the debt to credit bureaus, it can negatively affect the debtor’s credit score.

Collection Agencies 100

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Credit Corp

JUNE 3, 2020

Common methods include wage garnishment , property attachments and property liens. This is known as wage garnishment. The Consumer Credit Protection Act caps these types of garnishments. Nonwage garnishment. If you’re retired, unemployed or self-employed, your bank account may be garnished instead.

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Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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Collection Industry News

NOVEMBER 8, 2021

About the author: Sarah Sattelmeyer is the project director for education, opportunity, and mobility in the higher education initiative at New America. More than eight million Americans were in default on their student loans as of June. times as likely to default on their loans as their white peers. Dreamstime.

Student Loans 52

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Troutman Sanders

SEPTEMBER 19, 2022

the plaintiff defaulted on his student loan payment, and the account was sold to Educational Credit Management Corporation (ECMC), a federal student loan guarantee agency, which then contracted with Pioneer Credit Recovery, Inc. In Tavernaro v. Pioneer Credit Recovery, Inc. , Pioneer) to help collect the debt.

Student Loans 52

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Credit Corp

MAY 30, 2023

This is known as wage garnishment. The Consumer Credit Protection Act caps these types of garnishments. Nonwage garnishment. If you’re retired, unemployed, or self-employed, your bank account may be garnished instead. Veterans payments, social security, and disability benefits are not eligible for nonwage garnishment.

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National Service Bureau

DECEMBER 15, 2015

The United States Department of Education (ED) recently announced two additional regulations (designated REPAYE or Revised Pay As You Earn) which are intended to ease the burden of federal student loan repayment. The intent of this rule is to prevent small sample sizes from misrepresenting the institution’s loan practices.

Student Loans 40

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Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

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Collection Industry News

JULY 20, 2020

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. The momentum has reached the federal government.

Garnishment 40

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Troutman Sanders

MARCH 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims. On March 17, U.S.

Financial services 52

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Sawin & Shea

APRIL 26, 2023

If the creditor has your date of birth and social security number, they may be able to garnish your bank account and apply that money toward your debt balance. One of the most significant consequences is the damage it can cause to your credit score, making it challenging to secure loans or obtain credit in the future.

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Collection Industry News

FEBRUARY 15, 2021

Consumer risks included delays in processing suspensions of administrative wage garnishments, potential FDCPA compliance risks associated with new bank attachments or wage garnishments, and delays in payment processing.

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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

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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Taurus Collect

MARCH 5, 2024

Creditors may take legal action to recover the debt, which might result in wage garnishment or a lien against your property. Damage to Business Credit Score: Just like individuals, businesses have credit scores that are impacted by unpaid debts, affecting their ability to secure loans or business credit in the future.

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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. For more information, click here.

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Better Credit Blog

AUGUST 17, 2020

If a debt collector attempts to garnish your wages or bring a lawsuit against you, they’ll have your back, too. According to its website, Cavalry SPV I LLC specializes in the acquisition and management of un-repaid consumer loans. They’ll also handle the basics, disputing claims, and negotiating pay-for-delete agreements for you.

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Taurus Collect

JANUARY 24, 2023

This involves filing a lawsuit against you, which could lead to wage garnishment – where part of your wages are automatically withheld each month until your debts are paid off – or even jail time in extreme cases where fraud is involved. But if you use the right strategies during tax season, you can make a big dent in your debt load.

Collections 52

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Troutman Sanders

MAY 23, 2023

State Activities: On May 19, the Massachusetts Division of Banks and Educational Computer Systems, Inc. administrative penalty for operating as an unlicensed student loan servicer. For more information, click here. ECSI) entered a consent order that required ECSI to pay a $500,000.00 For more information, click here.

Financial services 52

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Credit Corp

MARCH 9, 2021

Going through student loan repayments can be a hassle. However, due to the COVID-19 pandemic, student loan payments and collection attempts have been paused until September 30, 2021. This means you have more time to find ways to repay your student loans before you have a defaulted loan. Table of Contents.

Student loans 98

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Credit Corp

OCTOBER 31, 2021

If you feel burdened under the weight of student loan debt, you’re not alone. In 2019, the average student loan debt total per person was more than $31,000. The good news is that you may be able to get part or all of your student loans forgiven. Here’s how to challenge student loans and how to get your student loans forgiven.

Student loans 98

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Collection Industry News

APRIL 11, 2022

The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 We often break our pink piggy bank that says student loan on it, in an attempt to pay back our debts. The history of student loans. Privatized student loans.

Student loans 40

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Collection Industry News

FEBRUARY 20, 2023

The pandemic-relief policy suspending federal student loan payments has now been extended eight times and spanned nearly three years. 28 over President Joe Biden’s student loan forgiveness plan will solidify the timeline. When will the payments actually resume? It’s still uncertain. Experts say the Supreme Court hearings on Feb.

Student loans 40

Student loans Student Loans Loans Education 40

National Service Bureau

JULY 30, 2015

Student loans generally fall into two categories: federal student loans and non-federal student loans. Federal loans for students: Federal loans fall under one of several categories. Ford Federal “Direct Loan” Program, or the Federal Family Education Loan “FFEL” Program.

Student Loans 40

Student Loans Student loans Education Loans 40

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans. Multiple student loan servicers.

Financial services 52

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Sawin & Shea

JUNE 21, 2023

For example, if a person takes on additional loans or other forms of dischargeable debt right before filing, the court may suspect that the filer took on that debt in bad faith and never intended to pay it. That said, filers cannot discharge all of their debts through Chapter 13.

Chapter 13 bankruptcy 52

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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. The CARES Act offers relief for those with federal student loans.

Financial services 52

Financial services Student Loans Student loans Garnishment 52

Troutman Sanders

NOVEMBER 24, 2020

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. For more information, click here.

Financial services 52

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Sawin & Shea

OCTOBER 5, 2022

Student loan debt is a serious problem in the United States, and it’s an issue that impacts millions of Americans. As of January 2022, around 45 million people have student loan debt, which is 13.5% trillion, and according to Forbes , 7% of borrowers will never pay off their loans based on the current rate of repayment.

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Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Garnishment 52

Troutman Sanders

FEBRUARY 8, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The summary also outlines the FTC’s business and consumer education efforts on fair lending issues. For more information, click here.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

JANUARY 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Troutman Sanders

MARCH 4, 2024

Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products, including credit cards, loans, and bank accounts. Additionally, the company is required to pay $25,000 to the AG’s office, which will be used for public protection and educational purposes. For information, click here.

Financial services 52

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Collection Industry News

MARCH 28, 2022

A new report claims that 8 million student loan borrowers will be at risk if the student loan payment pause ends. Here’s what you need to know — and what it means for your student loans. Student Loans. The California Policy Lab found 4 key takeaways if the student loan payment pause ends on May 1, 2022: 1.

Student Loans 40

Student Loans Student loans Loans Garnishment 40

Troutman Sanders

JULY 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Any attempt to garnish or otherwise seize these funds to collect or attempt to collect a debt violates the AG’s Debt Collection Regulations.”

Financial services 52

Financial services Student loans Student Loans Garnishment 52