Performant Financial Corporation (PFMT), historically one of the Department of Education’s (ED) top performing private collection agencies, yesterday announced financial results for its third quarter ended September 30, 2015. The company also hosted a conference call to discuss the results. Third Quarter Financial Highlights Total revenues of $38.5 million, compared to $39.6 million in the […]
The House is expected to vote later this week on a Highway Bill that includes a funding provision that would once again use private debt collectors (PDC) to collect debt owed to the Internal Revenue Service. Unlike most recent transportation legislation, this is a multi-year bill, which would allow the completion of more significant and […]
The latest congressional budget deal includes a provision to let companies collecting federal student loans (or other debts guaranteed by the government) collectors call cellphones using auto-dialers. A welcome boon to (a select few) collectors that have contracts with the Department of Education amid a sea of recent bad news, the move also highlights the double standard in the way lawmakers treat government vs. private debt.
The Hill (a publication read by those who influence policy in Washington) recently published an op-ed by Chi Chi Wu, a staff attorney at the National Consumer Law Center, about the IRS Private Debt Collection (PDC) program. She argued that it was a disaster and Congress should not revive the program. Yesterday The Hill ran an op-ed submitted by Stephanie Eidelman, CEO of insideARM, in response to Wu’s article.
I read an article last week on The Hill website that concerned me. It was by Chi Chi Wu, a staff attorney for NCLC, and argues that Congress should (again) dismiss the idea of the IRS using private debt collectors. I suspect this publication is widely read by those House members and staffers who will influence this vote. They are clearly getting only one side of the story.
COLLEGE PARK, Md. – Kaulkin Ginsberg, the leading consultancy and M&A advisory firm specializing in the accounts receivable management (ARM) industry, began the fifth semester of its Research Fellows Program earlier this month in conjunction with the University of Maryland, College Park’s Department of Economics. Fellows will focus their research on U.S. government bad debt […]
A U.S. Government Accountability Office (GAO) report released on Septmember 10, 2015 found that the Internal Revenue Service (IRS) lacks written documentation of its collection program objectives and methodology. The GAO study concluded that these deficiencies make it difficult to assess the program’s effectiveness.
The U.S. Department of Education (ED) Private Collection Agency (PCA) program remains an opportunity for small businesses despite recent wrangling over five contractor suspensions in March and a bid process for large (“unrestricted”) contractors still incomplete after two years. Goals have gone up over the last two years, with ED’s prime and subcontracting goals now at 20% and 33%, respectively.
To date, over the 57-year history of the Perkins Loan Program, more than 30 million students with need have benefited from this important source of funds. This proven and longstanding loan program is in jeopardy. In order for the Program to continue, Congress must reauthorize the program or extend the September 30, 2015 sunset date. You can help.
Last week the Huffington Post published an article that just sent me over the edge. The headline read, “Republicans Want Private Debt Collectors To Replace IRS Agents; The GOP thinks it’ll save the government money, but the facts suggest the opposite.” While the headline got my attention, the first two sentences really got my blood boiling…