Account Recovery

MAY 3, 2022

The report spotlighted problem areas, including wrongful auto repossessions and failures to conduct reasonable investigations when consumers dispute debts, but also included violations related … The post CFPB Supervisory Highlights Report Spotlights Issues Found in Debt Collection Exams appeared first on AccountsRecovery.net.

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Indiana Consumer Law Group

MARCH 25, 2020

It is my hope in these trying times that creditors exercise restraint and avoid repossessions altogether. Unfortunately, I am afraid that repossessions are still going to occur during the Coronavirus Covid-19 pandemic. If you are reading this, you are probably either concerned about your car being repossessed or it already has.

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Repossession Lawyers Creditors 75

Better Credit Blog

APRIL 1, 2022

In lending terms, this is called repossession. Read on to find out how to remove an invalid repossession from your credit report. A repossession could happen in two ways: You could surrender the vehicle voluntarily and retain some control over the process. Either kind of repossession hurts your credit score.

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Account Recovery

JANUARY 5, 2023

The Consumer Financial Protection Bureau and the Attorney General of New York yesterday filed a lawsuit against an auto lender, accusing it of tricking consumers into high-cost loans on used cars that resulted in unaffordable monthly payments, vehicles being repossessed, and customers facing debt collection lawsuits.

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Lender Repossession Collections Loans 243

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.

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Banks Repossession Loans 144

Jimerson Firm

NOVEMBER 16, 2020

The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. In Florida, a secured creditor may use self-help repossession without going to court, provided it does not “breach the peace.” § 679.609(2)(b), Fla. Debtor’s Consent to the Entry and Repossession.

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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?

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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.

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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. Don’t let a car repossession happen without talking to an attorney first.

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Repossession Chapter 13 bankruptcy Bankruptcy Creditors 52

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.

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Repossession Retrieval Bankruptcy Loans 52

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.

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Repossession Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

Indiana Consumer Law Group

MARCH 24, 2022

The lawsuit alleges that Financial Center First Credit Union repossessed our client’s car. The lawsuit therefore contends that the letter is misleading and unfair because it falsely states that a consumer or someone associated with them could purchase the repossessed car at auction when that was not the case. Continue reading.

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Account Recovery

DECEMBER 19, 2023

Appeals Court Overturns FDCPA, RFDCPA Case That Was Dismissed Under Anti-SLAPP Statute Bill Introduced in House to Require Banks to Keep Paper Statements Appeals Court Affirms Dismissal of FDCPA Case Over Auto Repossession WORTH NOTING: The best Lego sets for adults, according to experts … […]

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Account Recovery

OCTOBER 14, 2020

The Consumer Financial Protection Bureau yesterday announced it had entered into a consent order with Nissan Motor Acceptance Corp.,

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Repossession Lender 147

Roths Child Law

MAY 11, 2021

When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work? Repossession usually starts with the lender warning and then formally notifying the vehicle owner about arrears on their payments.

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Repossession Lender Collateral Bankruptcy 52

Account Recovery

AUGUST 3, 2023

A […]

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Loans Repossession Collections 130

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.

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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.

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Account Recovery

OCTOBER 8, 2024

Key findings: What they’re saying: CFPB Director Rohit Chopra emphasized, “The CFPB will take action against auto finance companies that charge fees for nonexistent services or repossess cars after borrowers make payments.”

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Indiana Consumer Law Group

JANUARY 12, 2017

over a repossession that allegedly did not comply with Indiana law. Specifically, the repo agent is alleged to have breached the peace in repossessing the plaintiff’s vehicle. Indiana law, like most states’, permits a lienholder to repossess a car when the owner defaults on the note. hooked up to) the vehicle.

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Repossession Lawyers Collections 40

Indiana Consumer Law Group

JANUARY 3, 2018

The lawsuit alleges that agents of Tri-Force breached the peace when they attempted to repossess a vehicle from our client and then, when our client physically resisted the repossession (as was his legal right to do), engaged the police to coerce our client to relinquish possession of the vehicle and thereby accomplish the wrongful repossession.

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Repossession Credit Unions Credit Unions Legal Rights 40

Roths Child Law

MAY 11, 2021

When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. How does repossession work? Repossession usually starts with the lender warning and then formally notifying the vehicle owner about arrears on their payments.

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Repossession Lender Collateral Bankruptcy 40

Nerd Wallet

JULY 9, 2021

The automatic stay temporarily halts most judgments, collection activities, foreclosures and repossessions of the consumer’s property, which is known as the bankruptcy estate. The moment a consumer files for bankruptcy, such as Chapter 7 or Chapter 13, an automatic stay typically takes effect immediately. What the automatic stay.

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Account Recovery

AUGUST 19, 2024

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. On the same day, DriveTime assigned all its rights, including arbitration, to DT Acceptance Corporation (DT Acceptance).

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Repossession Fair Debt Collection Loans Collections 130

Account Recovery

AUGUST 19, 2024

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. On the same day, DriveTime assigned all its rights, including arbitration, to DT Acceptance Corporation (DT Acceptance).

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Repossession Fair Debt Collection Loans Collections 130

Sawin & Shea

JANUARY 12, 2021

Perhaps you can’t wait to file for bankruptcy because you have a repossession pending or a garnishment that’s about to hit your paycheck. We can talk to you about your tax refund and how a repossession or garnishment could impact it. Garnishments, Credits, and Exemptions Impact Your Strategy.

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Bankruptcy Chapter 7 bankruptcy Garnishment Repossession 124

Nerd Wallet

AUGUST 31, 2021

Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time. Shannon Bradley writes for NerdWallet. Email: sbradley@nerdwallet.com. The article How Do Car Loans Work?

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UK debt collections

FEBRUARY 11, 2024

Meanwhile, the number of repossessions remains very low. Repossession is only ever a last resort and after other options have been explored. Across BTL and homeowner mortgaged properties, a total of 1,040 were repossessed in Q4 2023. This compares with nearly 2,000 in Q4 2019 before the pandemic.

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Repossession Lender Government Banks 93

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.

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Roths Child Law

MARCH 15, 2023

When they can't find a job that offers comparable pay, they may find themselves unable to pay their bills at all in facing foreclosure, repossession or lawsuits from creditors. Even successful professionals typically only have enough money in savings to cover their cost-of-living expenses for a month or two.

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Bankruptcy Repossession Foreclosure Unsecured Debt 96

Sawin & Shea

FEBRUARY 16, 2022

If you’re in an emergency situation such as wage garnishment, eviction, or pending repossession filing an emergency bankruptcy may be right for you. Those filing an emergency bankruptcy receive an automatic stay even before completing certain documents. An automatic stay is an injunction prohibiting creditors from collecting debts.

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Bankruptcy Chapter 13 bankruptcy Repossession Debt collector 98

UK debt collections

OCTOBER 8, 2024

The call comes as the government’s Renters’ Rights Bill proposes increasing the amount of arrears a tenant can build from two to three months of rent before landlords can serve notice to repossess a property.

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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?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Repossession 97

UK debt collections

FEBRUARY 10, 2023

Repossessions by landlords hit 5,409 between 1 October and 31 December last year, which was almost double the number in the same period in 2021, according to new Ministry of Justice figures for England and Wales. Social landlord repossessions were highest in Preston, Lancashire, with 146 per 100,000 households.

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Repossession 59

Jimerson Firm

NOVEMBER 23, 2020

Self-Help Repossession: In Florida, a secured creditor may use self-help repossession to take possession of collateral, provided its efforts do not breach the peace. Florida case law provides that a breach of the peace occurs if the secured creditor enters the debtor’s land to repossess the collateral, without the debtor’s consent.

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Collateral Loans Secured Creditor Lender 98

Sawin & Shea

OCTOBER 26, 2022

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Repossession deficiency claims. Unlike unsecured personal loans, secured loans involve some form of collateral that the lender can repossess if the borrower fails to make payments. Unsecured loans are loans that don’t have collateral.

Personal loans 98

Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Sawin & Shea

AUGUST 9, 2022

For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral. It is a contract between the debtor and their creditor stating that instead of having their debt discharged and their property repossessed, they agree to pay some or all of their debt.

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