Debt buyer Asset Acceptance announced cost-cutting measures that include shuttering a collections office in Cleveland, Ohio and the termination of a relationship with a third-party service provider. The actions will save the company more than $15 million over the next three years.
There were about 526 lawsuits filed against ARM companies under consumer statutes in the first half of December 2010. FDCPA lawsuits for 2010 now stand at more than 10,000.
A new joint venture between the European Bank for Reconstruction and Development (EBRD) and EEDF AG, a company jointly owned by East Capital Explorer, East Capital Financials Fund and Intrum Justitia, was founded on December 22nd, with the sole purpose to acquire non-performing retail loans (“NPLs”) from Russian financial institutions.
Chicago – Tech Lock announces Coast Professional Inc.’s (Coast) achievement in becoming a level 1 PCI DSS merchant. Tech Lock is a PCI DSS QSA and ASV that is certified to provide level 1 PCI DSS assessments for clients who are looking to have an external 3rd party validation off PCI DSS compliance. PCI DSS [...]
The current precarious financial climate has made it even more crucial for businesses to be able to minimize and recover their debt in efficient, cost-effective ways. If they are lucky, that polite reminder letter or follow-up phone call will be all that is needed to bring the account up to date. Unfortunately, sending out additional [...]
A recently dismissed FDCPA case against the U.S. Department of Education reinforced the government’s immunity from certain lawsuits. But it also stands as a an example of the frivolous lawsuits being filed in federal courts claiming violations of the FDCPA.
Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of receivables management and payments processing services, today announced expansion of its credit facility to $407.5 million from $365 million. The credit facility consists of a $357.5 million revolving credit facility maturing on December 20, 2014 and a $50 million fixed rate term loan maturing on May 4, 2012. Upon maturity of the fixed rate loan, the revolving facility will automatically be increased by the $50 million.
Debt Resolve, Inc. announced that on December 21, 2010, a valuation of the Company’s patent license was completed by Rosen Seymour Shapss Martin & Company, valuation specialists, profitability consultants and independent certified public accountants, with respect to the estimated fair value of the Company’s amended and restated limited license agreement covering certain U.S. patents that form the basis of the Company’s DebtResolve online bidding system for the resolution and settlement of consumer debt. The estimated fair value of the license agreement is $13.3 million.
Safe Technologies International, Inc., a technology solutions company which specializes in cloud-based backup, remote tech support, and office solutions that are provided on an outsourced, rapidly-deployed, fixed-cost basis, today announced that CreditorCollections, a law firm has deployed the Company’s Data SafeHarbor cloud-based backup service in its IT environment to provide data backup and disaster recovery services.
The leader of Professional Account Services, Inc. (PASI) — the winner among large companies in the Best Places to Work in Collections 2010 — sees a bright future for his company, but concedes that his primary market, healthcare, is facing some significant change.