Fair Debt in the News
Collection News
For the past nine years I have enjoyed all aspects of the DBA conference, from having 40-50 meetings with colleagues, clients and prospects; catching the latest rumors and gossip at the cocktail receptions and late night parties; and sitting in on a few sessions to keep current on industry events. And yes, doing a little [...]
Just When You Thought It Was Safe to Go Back in the Potter! Here’s a weird one for you: a New Zealand man known legally as “the Wizard” claims that the past-due charges on an American Express account are not his, and that the Kiwi debt collectors calling to recover those dollars are barking up [...]
As we bite into a slice of pizza covered with cheese and pepperoni we are reminded of the old adage “You are what you eat.” When it comes to an employee’s attitude, the adage that should come to mind is “You are what you think.” It is a well documented fact that employees that possess [...]
The study, conducted in Fall 2011, showed that the third-party debt collection industry returned $44.6 billion to clients in 2010 and kept $10.3 billion in commissions, for an aggregate commission rate of 18.8 percent. Compare that to five years ago, though, when debt collectors were enjoying an aggregate commission rate of 23.5 percent. What accounts for this unbalanced shift? We're hoping for your comments.
This will undoubtedly be another roller coaster year from an M&A perspective with a lot of mergers among the small and mid-size ARM firms, high profile domestic and international transactions and new private equity and strategic entrants.
A new report proves what I’ve known all along: Our industry makes a difference to the economy!
A recent $2.5 million settlement between a debt buyer and the FTC arising from complaints about collections on time-barred debts sent shock waves through the industry. The proposed settlement also raised new questions about the dangers associated with collecting time-barred debt.
Time-barred accounts (those that are past the statute of limitations) are ticking bombs that, if mishandled, will damage or destroy a collection business. However, like nearly any type of debt collection account, deft strategies can be implemented to collect these accounts in certain states and within the boundaries of the law.
Since the start of the recession, economic, regulatory, and market conditions have played a role in creating a new playing field for grantors, service providers and vendors.
Consumers and their attorneys are constantly seeking to expand the pool of potential FDCPA defendants using principles of vicarious liability. Debt buyers are being sued based on the conduct of their agencies and law firms. Lawyers and agency owners are being sued based on the conduct of their clients and their collectors. Even original creditors, who are not subject to the FDCPA, are being drawn into FDCPA litigation under various theories of recovery.
What are the limits of vicarious liability under the FDCPA? How can debt collectors avoid liability for the conduct of others?
One of the nation's largest consumer debt buyers has agreed to pay a $2.5 million civil penalty to settle Federal Trade Commission charges that it made a range of misrepresentations when trying to collect old debts. The company has also agreed to tell consumers whose debt may be too old to be legally enforceable that it will not sue to collect on that debt.
The FTC also issued a new publication for consumers, "Time-Barred Debts: Understanding Your Rights When It Comes to Old Debts."
Debt Buying
This will undoubtedly be another roller coaster year from an M&A perspective with a lot of mergers among the small and mid-size ARM firms, high profile domestic and international transactions and new private equity and strategic entrants.
DEBT Portfolio HQ, a portfolio management software, will be previewed during the 15th Annual DBA International Conference Expo in Las Vegas, Nevada February 7th - 9th.
California Senators approved a bill Tuesday that would place more restrictions on debt buyers operating in the state.
Since the start of the recession, economic, regulatory, and market conditions have played a role in creating a new playing field for grantors, service providers and vendors.
Since June 2011, Hidden Oak has had a record year closing on several substantial debt portfolio acquisitions.
Consumers and their attorneys are constantly seeking to expand the pool of potential FDCPA defendants using principles of vicarious liability. Debt buyers are being sued based on the conduct of their agencies and law firms. Lawyers and agency owners are being sued based on the conduct of their clients and their collectors. Even original creditors, who are not subject to the FDCPA, are being drawn into FDCPA litigation under various theories of recovery.
What are the limits of vicarious liability under the FDCPA? How can debt collectors avoid liability for the conduct of others?
One of the nation's largest consumer debt buyers has agreed to pay a $2.5 million civil penalty to settle Federal Trade Commission charges that it made a range of misrepresentations when trying to collect old debts. The company has also agreed to tell consumers whose debt may be too old to be legally enforceable that it will not sue to collect on that debt.
The FTC also issued a new publication for consumers, "Time-Barred Debts: Understanding Your Rights When It Comes to Old Debts."
Javlin Capital LLC has entered into a credit agreement with Fortis Capital IV, LLC, a debt-buying affiliate of Presidio Financial, LLC, to provide Fortis with a senior facility to finance purchases of charged-off consumer receivables.
Encore Capital Group, Inc. (NASDAQ: ECPG), a leading consumer debt buying and recovery company, announced Friday that it will release its financial results for the fourth quarter and full year of 2011 on Thursday, February 9, 2012, after the market closes.
Rozanne Andersen, Vice President and Chief Compliance Officer, and Rick Clark, Corporate Security Manager, for Ontario Systems, LLC, will be taking part in a data security panel at the DBA Conference, February 7-9 in Las Vegas.
Debt Recovery
Chain of title requirements are designed to ensure that collectors who file suit have a legal right to enforce the obligation. It's probably also safe to say that it’s going to be a big issue going into 2012. No one wants to pay off a debt only to have the true owner come forward to demand payment at a later date. Mindful of these concerns, legislators, regulators and judges are augmenting the burden of verification, which can result in some fairly substantial obstacles for debt buyers and possibly unduly interfere with interstate commerce.
Teaming up with Interactive Intelligence and Latitude Software, insideARM.com is pleased to offer this whitepaper: A Beginner’s Guide to Data Security & Information Security Compliance Audits. It's a fantastic piece that's best used in tandem with the free webinar we're offering on 2 February 2012. Check inside for download and registration links.
American success story Bill Bartmann is being wooed by several states -- Nevada, North Carolina, and Illinois, among others -- for the possible new location of a satellite office for CFS II. Nevada has sweetened the pot with some nice tax incentives, but the state carnivorous plant of North Carolina is the venus fly-trap, so I can't even begin to wrap my head around the decision Bartmann must make.
Compliance is no longer just about liquidation or dollars collected. If your company is not compliant – or isn’t interested in improving its compliance measures – you're going to find it harder and harder to be competitive, effective, and profitable in the marketplace. That simple.
Bill Bartmann — former traveling carnival denizen, former paraplegic, former strike arranger, former BFF of Mother Theresa — wants 2012 to be the Year of the Bartmann Pledge. And, like any number of reality television contestants, he's not here to make friends. He's here to tell you that you're unethical and he's the way home.
A debt collector for a payday loan shop in Florida was arrested recently after he showed up to a consumer’s place of work dressed as a Sheriff’s deputy. Has the "cosplay enthusiast" defense ever been successful?
Bachmann & Associates wants to collect on a past-due account. The patient claims he canceled according to the policy. But anyone who thinks this is really about a past-due account is getting it wrong.
Most of my conversations in the industry are with those individuals running the call centers who are aggressively striving for every bit of revenue they can get. If I had a dollar for every one of those individuals who expressed frustration over the frequent internal debates with their legal counsel about customer contact rules
A man already in $1.5 million deep with a casino is surprised to see an additional $300,000 tacked on to his total due. That's what the local DA is charging to collection this debt...because he's a DA.
We use these teasers to try to give more interesting information about the news story -- but seriously: the entire story's in the headline. Go watch the video. To be fair, though, this story does have legitimate questions about the company in question's status as a real collection agency.
