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Debt Buying

A debt buyer is a firm that purchases debt from another company, usually a creditor or bank, at a deeply discounted rate. The debt purchaser then attempts to collect the debt through its own operations or through the use of a third-party debt collection agency. Some debt buyers may sell all or part of the debt to another party at a profit. Most debt buyers are small and privately held, though there is a handful of publicly traded debt buying companies.

Recent changes in law and legal rulings have seen the debt buying industry regulated like collection agencies, or servicers of debt, rather than creditors, or owners of the debt. Debt buyers must adhere to the FDCPA.

taxes

Encore Partners With U.S. Reps. Peters and Hunter On Bill To Exempt Forgiven Debt From Federal Taxation

Encore Capital Group, Inc. (NASDAQ:ECPG) announced yesterday that it has collaborated with U.S. Reps. Scott Peters (CA-52) and Duncan Hunter (CA-50) to create a bill that would exempt up to $2,500 worth of forgiven personal and household debt from federal taxation. The bill (H.R. 2640) was recently introduced as the “Consumer Debt Forgiveness Tax Relief Act of 2015.” This re-raises the 1099-C debate for the collection industry.

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Executive Change: JH Capital Group Announces Garon Robinett as Vice President of Business Development

ST. LOUIS, MO – JH Capital Group, LLC, a diversified specialty finance company, announced today the appointment of a key position within their organization. Garon Robinett will be joining as Vice President of Business Development. Robinett will be responsible for determining new purchase and revenue opportunities, including evaluating current strategies and re‐creating risk assessment and […]

Amendment

Maine Changes Its State Fair Debt Collection Practices Act

Come October, Maine’s FDCPA language will be amended/updated via House Bill 753 (LD 1092). Specifically: These changes will be of especial interest to any agency collecting debt from consumers who reside in Maine. Per DBA International, Specifically, the new law: Requires written payment schedules or settlement agreements be provided to the consumer, Reaffirms the six year […]

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What’s Behind the Surge in M&A in the U.S. ARM Industry?

The following is an excerpt from Kaulkin Ginsberg’s latest bi-annual industry report, The Accounts Receivable Management Review: Opportunities Abound (2015). Kaulkin Ginsberg is the foremost M&A and strategic advisor to the accounts receivable management industry, and this article covers some of the underlying causes for the burst in M&A activity our team observed during 2014. […]

nordstrom

TD Bank to Buy Nordstrom $2.2 Billion U.S. Credit Card Portfolio

Toronto-Dominion Bank (NYSE:TD) on Tuesday announced that it would acquire Nordstrom Inc.’s. (NYSE:JWN), U.S VISA® and private-label consumer credit card portfolio. The transaction is part of a long-term deal to become the retailer’s exclusive U.S. credit card issuer. The retailer’s existing portfolio totaled about $2.2 billion in receivables. Terms of the purchase were not disclosed. […]