Patrick is the senior editor of insideARM.com. Patrick edits the ARM insider and all content appearing on insideARM. His work has appeared in numerous industry trade publications. Since 2002, he has covered or broken nearly every major news story impacting the accounts receivable management industry for insideARM.com. Previously, he was at finance research and consulting firm Corporate Executive Board after initially working in publishing out of college. Patrick holds a Bachelor of Business Administration degree from the University of Georgia, the flagship school of his home state. He currently lives in Silver Spring, Maryland with his wife and two daughters.
A book being released early next week takes an unflinching look at the world of consumer debt buying, specifically the market for secondary portfolio purchases and the unique challenges facing ARM professionals that chase older debt.
In an unpublished opinion handed down last week, the Fourth Circuit Court of Appeals ruled that calls made to a residential line using an autodialer can violate the TCPA if the residential line service charges for incoming calls. In this particular case, the line was using a VoIP subscription that carried per-call charges.
On Sept. 30, AT&T Mobility – the mobile arm of the telecommunications giant – signed off on a proposed agreement to settle a TCPA class action lawsuit in which it and its hired debt collection agencies allegedly called consumers’ cell phones using an autodialer without prior express consent.
The U.S. Department of Education late last week published a list of companies that won contracts under the small business set-aside on its Default Collection Services contract and private collection agency (PCA) program. There will be 11 small business collection agencies on the student loan collection contract. The previous contract featured only five.
The Consumer Financial Protection Bureau (CFPB) late last week filed a response in an FDCPA enforcement action that marked a bit of a shift in tone. The CFPB took direct aim at the defendant’s claims, going so far as to bluntly call some of their reasoning “simply wrong.”
The Pew Charitable Trusts Friday released a report detailing fraudulent and abusive practices associated with payday loans offered online. The study found that many online borrowers report being threatened by lenders or debt collectors and that the vast majority of payday borrower complaints are about online loans.
The U.S. Department of Labor said Friday that the official unemployment rate fell to 5.9 percent in September, the lowest reading since the summer of 2008. Employers added 248,000 jobs last month, combined with significant upward revisions in the July and August jobs numbers.
The total number of debt collection complaints published by the CFPB in August fell by more than eight percent compared to July. But the percentage of complaints specifically claiming that the “debt is not mine” jumped from the previous two months. Complaints about medical debt also increased in the month.
European ARM firm Intrum Justitia announced today that it is acquiring Advis A/S, a leading debt collector in Denmark. Advis is a market leader in the telecom sector, with a good presence also in the media and utility segments.
A New Jersey man currently on trial for murdering his wife with a frying pan consistently referred to his wife as his ex-wife, in contrast to what he was telling her, and was deep in debt according to testimony provided yesterday by a debt collector who was working on the man’s account.