Debt Recovery Feed Link

Debt Recovery

Debt recovery typically refers to internal efforts at creditors to collect outstanding debt, similar to accounts receivable management. Most of the collection effort is conducted prior to a debt being charged off. Debt recovery is also used interchangeably with “debt collection” in many countries, notably India and those in Asia and Africa.

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 […]

Graphs and file folder with label small business.

Dept. of Education PCA Program Still a Driver of Small Business Growth

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.

dental

CFPB Takes Action against Springstone Financial, LLC; Collectors Should Take Note

The CFPB has ordered Springstone Financial to provide $700,000 in relief to victims of deceptive credit enrollment tactics, stating that many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to pay for dental work were led to believe that the product was interest free. In fact, interest accrued from the date of the consumer’s purchase and was charged if the balance was not paid in full before the promotional period ended. Turns out this is a lesson in training, monitoring, and UDAAP violations.

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.