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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.

Big Boy Bobbles - Victory of the People

Eleventh Circuit Court Cites “Plain Language” of the FDCPA, Rules in Favor of Capital One in Debt Collection Case

If an entity acquires a debt in default and tries to collect on it, does that automatically make it a “debt collector” under the Fair Debt Collections Practices Act? Several courts, including the Third, Seventh, and Sixth Circuit Courts of Appeals, all said yes it does. In a surprise ruling earlier this week, however, the […]

Got ethics ?

DBA International Updates its Code of Ethics

DBA International announced a major update to its Code of Ethics which was adopted at its August 13, 2015 Board Meeting. The comprehensive update adds clarity to the industry’s rigorous ethical standards while seamlessly integrating the consumer protections contained in DBA International’s Receivables Management Certification Program.

Ideas, debate

CFPB Files Amicus Brief in FDCPA case

Last week the CFPB, jointly with the FTC, filed an amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP. In the case a U.S. district court previously ruled that a debt collection law firm violated the Fair Debt FDCPA by filing a complaint without “meaningful attorney involvement.”

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.

welcome!

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 […]