Debt Free Colorado

FEBRUARY 21, 2022

Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. The CFDCPA does not apply to anyone who collects their debts or government personnel in the United States. The Uniform Consumer Credit Code (UCCC) is a Colorado state legislation governing how consumer credit is handled.

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Troutman Sanders

APRIL 27, 2023

In contrast, people who have a civil judgment filed against them are much less likely to have a mortgage or auto loan. Civil judgments are governed by state law. Some states prohibit wage garnishment for consumer debts, while others only protect the federally required minimum from garnishment.

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Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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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.

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Credit Corp

MARCH 8, 2023

Find out more about how tax debt impacts your credit , including your ability to pay debts and get loans, below. Another tactic for paying off rising tax debt involves taking out a personal loan or using credit cards. Wage Garnishments The IRS may also be able to get an order for a wage garnishment.

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. The government will look to stop these exploitative tactics and more. In New York, retirement income from Social Security and other sources are exempt from garnishment.

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Sawin & Shea

JANUARY 18, 2023

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. Additionally, your creditors will not be allowed to contact you.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan.

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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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Troutman Sanders

MARCH 12, 2025

The defendants are accused of violating multiple federal statutes, including the FTC Act, the Fair Debt Collection Practices Act (FDCPA), the Gramm-Leach-Bliley Act (GLBA), and the FTC’s Trade Regulation Rule on Impersonation of Government and Businesses. They also misrepresented themselves as attorneys and law firms.

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Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Complete protection from creditors – This includes wage garnishment and debt collection.

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Sawin & Shea

APRIL 3, 2024

Professional Licenses and Loan Defaults While a bankruptcy filing alone shouldn’t ruin your chances of obtaining a license, defaulting on certain loans and debts can. It is against the law for an employer to fire you on the basis of your bankruptcy, and this includes both government and private employers.

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Collection Industry News

MARCH 17, 2024

The governor said: Plans to Outlaw Unfair and Abusive Collection Tactics Concerned with predatory business practices bilking people out of their hard-earned money, the government will focus on looking for bad actors. The government will look to stop these exploitative tactics and more. Over 700,000 New Yorkers have medical debt.

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Sawin & Shea

JULY 20, 2022

Doctors, hospitals, shops, mail-order businesses, and occasionally banks and loan firms all use collection agencies. Specifically, debt collectors may not: Provide the erroneous impression that they are a lawyer or a representative of the government. The majority of debt collectors work for reputable collection companies. Unfairness.

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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.

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Sawin & Shea

SEPTEMBER 28, 2022

For example, if you have been having your wages garnished to pay back a persistent creditor, your employer would be aware that this is no longer necessary since you are in the process of Chapter 7 or Chapter 13 bankruptcy. In rare cases, your repayment plan in Chapter 13 bankruptcy may require your wages to be garnished.

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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.

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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. April Kuehnhoff, a staff attorney with the National Consumer Law Center, pointed out that the new 3.3

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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.

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National Service Bureau

APRIL 6, 2015

Of these, 239 involved medical collections and another 240 involved student loans. Debt collection companies who deal in healthcare collections are governed by the Health Insurance Portability and Accountability Act and its “privacy rule” for Protected Health Information (PHI). Government. 4: False statements or representation.

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Troutman Sanders

NOVEMBER 2, 2020

In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. For more information, click here. For more information, click here.

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Katabat

DECEMBER 7, 2021

The report also notes that auto debt increased by $28 billion in the third quarter and student loan balances grew by $14 billion. Student Loan Borrowers Beware: Government Collection Activities Resume Next Year.”. Total debt balances are now $1.1 trillion above where they were at the end of 2019, the report showed.”

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Katabat

DECEMBER 7, 2021

The report also notes that auto debt increased by $28 billion in the third quarter and student loan balances grew by $14 billion. Student Loan Borrowers Beware: Government Collection Activities Resume Next Year.”. Total debt balances are now $1.1 trillion above where they were at the end of 2019, the report showed.”

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Collection Industry News

OCTOBER 6, 2020

It primarily had the CARES Act to thank: The bill delivered hundreds of billions of dollars worth of stimulus checks and bulked-up unemployment benefits to Americans, while easing pressures on them by halting foreclosures, evictions and student loan payments. The company said it had stopped seeking orders to garnish bank accounts.

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Better Credit Blog

SEPTEMBER 8, 2020

It could only take one missed payment on your car loan, credit card, or phone bill to harm your credit score and wind up on a debt collector like Northland Group’s list. Northland Group collects for businesses in a few industries, such as: Auto loans. Government. Student loans. Credit cards. Healthcare.

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Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

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National Service Bureau

AUGUST 19, 2015

Some of the laws and organizations that govern and oversee these interactions are the Consumer Financial Protection Bureau (CFPB), the Fair Debt Collection Practices Act (FDCPA), and the Fair Trade Commission (FTC). There are legal and common sense restrictions on the tactics that a collector or agency should use when contacting a debtor.

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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.

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Better Credit Blog

AUGUST 31, 2020

Consumer debts: The FDCPA applies to all consumer debts, like credit cards, student loans, and medical bills, but it does not apply to commercial debts. So if your business defaults on a loan or payments, without a personal guarantee, it is not protected by the FDCPA. Threatening to garnish wages without a court order.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. Governments and regulatory bodies continually strive to strike a balance between consumer protection and enabling efficient debt recovery.

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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. The court also detailed Van Ru’s training procedures that all representatives must undergo before contacting consumers.

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Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Certain taxes, student loans, child or spousal support, fees owed the government, and other debts aren’t affected. Sign and File – Generally about 2 – 4 weeks after paperwork is turned in and fees paid.

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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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Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. Not all financial issues can be resolved through bankruptcy. What Should I Consider Before Filing for Bankruptcy?

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Troutman Sanders

DECEMBER 20, 2022

On December 13, the CFPB and the Federal Housing Finance Agency published updated loan-level data for public use through the National Survey of Mortgage Originations. d/b/a Premier Student Loan Center, a student-loan debt-relief company. For more information, click here. For more information, click here.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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