Account Recovery

AUGUST 3, 2023

The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against a company that services and collects on auto loans, accusing it of violating the Consumer Financial Protection Act because it allegedly misapplied payments, wrongfully repossessed vehicles, double-billed consumers for insurance, wrongfully activated starter-interrupt (..)

Loans 130

Loans Repossession Collections 130

Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. In lending terms, this is called repossession. Read on to find out how to remove an invalid repossession from your credit report. Either kind of repossession hurts your credit score. Can A Repossession Be Removed from Your Credit Report?

Repossession 76

Repossession Lender Loans Banks 76

Jimerson Firm

DECEMBER 10, 2021

Many secured creditors are aware of the right to “self-help” repossession—a process that is often fraught with risks and limited to the recovery of assets with a known location. When it comes to recovery personal property and assets, Florida creditors generally have two options for recovery: Self-Help Repossession; and. 2d 752 (Fla.

Secured Creditor 98

Secured Creditor Repossession Collateral Creditors 98

Nerd Wallet

AUGUST 31, 2021

Car loans work by providing a lump sum of money for you to buy a car. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time. Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind. The article How Do Car Loans Work?

Loans 91

Loans Repossession Lender 91

Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla. Brinkley , 282 So.

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

Personal loans 98

Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Credit Corp

JULY 9, 2024

A car repossession can significantly damage your credit score, potentially causing a drop of up to 100 points or more depending on your overall credit history. With prices so high, it’s easy to get behind on your monthly payments, putting yourself at risk of a repossession. What Is a Repossession?

Repossession 59

Repossession Lender Collateral Loans 59

Consumer Finance

JULY 8, 2024

The CFPB took action against repeat offender Fifth Third Bank for a range of illegal activities that would result in the bank paying millions in penalties as well as paying redress to harmed consumers.

Banks 144

Banks Repossession Loans 144

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Liquidation Methods. 679.609(2)(b), Fla.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Credit Corp

DECEMBER 14, 2021

Can you transfer your car loan to another person and have them take over your car payments? We’ll begin this guide with a solid answer to the loan assumption question: can someone else assume your car loan , and if so, how do they do that? Can someone take over your car loan? How do you take over someone’s car loan?

Loans 91

Loans Repossession Lender 91

Troutman Sanders

OCTOBER 15, 2020

Specifically, the CFPB alleged that Nissan violated the Act in four ways: By repossessing vehicles between 2013 and 2020 even though customers had already made payments or taken action that should have prevented repossession; By requiring customers to pay a $7.95 Nissan also agreed to non-monetary relief as part of the Order.

Repossession 72

Repossession Bankruptcy Loans 72

Sawin & Shea

MARCH 23, 2021

Is a car repossession looming in your future? Car repossession is one of the many reasons people contact the Indiana bankruptcy attorneys here at Sawin & Shea. Here’s some good news: You don’t have to just give up and allow your car to be repossessed. Are you behind on car payments? Now’s the time to act.

Repossession 52

Repossession Chapter 13 bankruptcy Bankruptcy Creditors 52

Nerd Wallet

MAY 25, 2022

Ads for “second-chance auto loans” may catch your attention if you need to buy a vehicle and have bad credit, past bankruptcy or previous car repossession. The term “second-chance” implies that making on-time loan payments could offer a fresh start. That’s especially true if your goal is to mend your credit. But you should be.

Loans 75

Loans Repossession Bankruptcy 75

Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. a bankruptcy filing, business shutdown, or foreclosure by a prior lienholder) that caused the loan to be classified in liquidation status or sooner if the collateral could be removed, lost, or dissipated. SOP 50 57 2 ; SOP 50 55. How to Prepare for a Site Visit.

Collateral 98

Collateral Loans Lender Repossession 98

Sawin & Shea

MAY 26, 2020

I’m here to talk to you today about repossessions. I know currently with this current COVID-19 crisis, many car lenders have voluntarily suspended repossessions. There is no state mandate keeping them from repossessing cars. Give us a call, if you have any questions about repossessions. This is voluntary.

Repossession 52

Repossession Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

Consumer Finance

OCTOBER 12, 2020

The Consumer Financial Protection Bureau issued a consent order against Nissan Motor Acceptance Corporation, which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide.

Repossession 98

Repossession Loans Collections 98

Credit Corp

MARCH 7, 2021

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D. What is an online personal loan?

Personal loans 98

Personal loans Loans Collateral Lender 98

Troutman Sanders

MARCH 2, 2022

On February 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a bulletin and accompanying press release , highlighting an issue that the agency has written about frequently over the past several years: inadvertent repossessions. Failing to cancel active repossession orders when a consumer files for bankruptcy.

Repossession 52

Repossession Retrieval Bankruptcy Loans 52

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

Repossession 52

Repossession Lender Collateral Bankruptcy 52

Consumer Financial Services Law

NOVEMBER 12, 2016

Auto loan servicers need to pay careful attention to their repossession practices and particularly, their policies concerning repossession fees. Auto loan servicers need to examine their policies and procedures regarding their repossession practices to insure they are in line with the CFPB expectations.

Repossession 40

Repossession Loans 40

Sawin & Shea

JULY 8, 2020

The kinds of debt that can typically be eliminated are credit card debt, medical bills, utility bills, evictions, repossessions, and personal loans. Is It Impossible to Wipe Out Student Loans With Bankruptcy? It’s difficult, but not impossible, to discharge your student loans through bankruptcy. Section 523(a)(8).

Chapter 13 bankruptcy 133

Chapter 13 bankruptcy Student loans Student Loans Bankruptcy 133

Consumer Finance

MAY 1, 2022

Today the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the second half of 2021. The report details key findings across consumer financial products and services.

Repossession 90

Repossession Loans 90

Account Recovery

AUGUST 19, 2024

The Background: The dispute traces back to 2015, when the defendant took out a car loan with DriveTime to finance the purchase of a vehicle. Years later, in January 2020, the plaintiff filed a lawsuit against the defendant, seeking to recover more than $13,000 following the repossession of the vehicle.

Repossession 130

Repossession Fair Debt Collection Loans Collections 130

Account Recovery

AUGUST 19, 2024

The Background: The dispute traces back to 2015, when the defendant took out a car loan with DriveTime to finance the purchase of a vehicle. Years later, in January 2020, the plaintiff filed a lawsuit against the defendant, seeking to recover more than $13,000 following the repossession of the vehicle.

Repossession 130

Repossession Fair Debt Collection Loans Collections 130

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work?

Repossession 40

Repossession Lender Collateral Bankruptcy 40

Sawin & Shea

JANUARY 18, 2024

As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. Bankruptcy can impact various aspects of your financial life, including existing car loans. How Does Chapter 13 Bankruptcy and Auto Loans Work? What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Loans Bankruptcy Repossession 52

Sawin & Shea

FEBRUARY 28, 2024

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Credit Corp

DECEMBER 3, 2024

When youre late on payments or stop making payments on a loan, the lender can repossess or repo the item youre financing to settle your debt. Lets take a closer look at how to remove repossessions from your report. Table of contents: Step 1: Understand What Repossession is Step 2. Review Your Credit Report Step 3.

Repossession 52

Repossession Debt settlement Lender Credit Bureau 52

Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. We’ll break down when a car payment is late, as well as other common loans, so you’ll be prepared to pay your loans on time. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans?

Repossession 83

Repossession Student loans Student Loans Lender 83

Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

Collections 98

Collections Lender Student loans Student Loans 98

Nerd Wallet

MARCH 21, 2022

Bad-credit car dealerships sell and finance vehicles for people with low credit scores, no credit, past bankruptcies, car repossessions or other credit issues. Their financing sources are more flexible, but their loans can come with a very high. Shannon Bradley writes for NerdWallet. Email: sbradley@nerdwallet.com.

Repossession 71

Repossession Bankruptcy Lender Loans 71

Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Sawin & Shea

JULY 22, 2020

It stops creditors from pestering you and halts repossessions and foreclosures while you work on creating a repayment plan that’s reasonable for you to repay based on your income and assets. In fact, the U.S. courts have nicknamed Chapter 13 bankruptcy the “wage earner’s plan.”. What Is A Chapter 13 Repayment Plan?

Chapter 13 bankruptcy 97

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Repossession 97

Credit Corp

JULY 25, 2021

The Prime Rate Good Mortgage Interest Rates Good Car Loan Interest Rates Good Credit Card Interest Rates Good Personal Loan Interest Rates Good Student Loan Interest Rates. You enter a credit score range, state, home price, down payment amount, and terms of the loan. What Interest Rate Should You Expect on a Car Loan?

Student loans 98

Student loans Student Loans Loans Lender 98

Credit Corp

JANUARY 5, 2021

For example, if you borrowed $12,000 for a personal loan and only paid back $6,000, you still received the original $12,000. Not paying back the other half of the loan means you got the benefit of that money without paying for it. The IRS considers that to be income in many cases. Why Did You Get a 1099-C Form? Check Your Credit Score.

Repossession 105

Repossession Bankruptcy Foreclosure Creditors 105

Debt Free Colorado

MARCH 23, 2020

Dealing with Credit Card, Medical, and Student Loan Debts. Vehicle Repossessions. Surviving Debt tells you what c onsumers need to know about: Stopping Debt Harassment. Which Debts to Pay First. Essential Information about Credit Reports. Collection Lawsuits. Saving Your Home from Foreclosure. When and When Not to Refinance.

Student loans 83

Student loans Student Loans Repossession Lawyers 83

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.

Student loans 81

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81