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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.
Higher contact rates – it’s the stat every collections operation strives for. More contacts means more promises. And more promises means more revenue. So it’s no surprise agencies, healthcare offices, asset purchasers, law firms, and every other collections operation under the sun are investing in technology that they hope will dial more lines and waste [...]
We’re all familiar with the constant challenge: being able to maximize payments while staying compliant and up to date with new rules and regulations. A solution? Speech analytics, which can help ease this challenge by analyzing every agent contact – either during or after the call – to eliminate compliance risk, improve agent performance, and increase recovery rates. The folks [...]
In each of the past two years, insideARM.com has conducted a survey of the ARM industry to better understand how these companies are utilizing debt settlement providers to increase collections. In each of these surveys, roughly 50% of survey respondents indicated that they now engage debt settlement providers as part of a strategy to locate collection accounts and increase collections through the use of these third party service providers. While this adoption is significant, still, roughly half of the firms responding to the surveys each of the past two years indicated that they still did not work with debt settlement companies as part of their collection strategy.
Gregory begins his paper by telling us, “Utah’s legal and regulatory environment is unapologetically “pro-business.” Utah is a state that believes in the summary enforcement of contract rights. Utah’s laws reflect that belief. For example, Utah does not have any usury laws, and will enforce any agreed upon rate of interest.” It would seem that the state slogan, “This Is Still The Right Place,” could easily apply to debt collection.
ARMing Heroes is pleased to announce that Coast Professional, Inc. will hold a fundraiser to support military veterans during the upcoming months of April and May. During this two-month drive to raise money for military veterans who are facing financial difficulties, Coast will be rewarding any employees who make a donation above a known threshold [...]
Harvest Strategy Group Inc. is pleased to announce that they have been selected by GM Financial as its service provider for a national litigation recovery program. HSG was chosen after a lengthy and thorough due diligence process. CEO David Ravin stated: “We are very proud to have been selected by GM Financial to meet their legal [...]
As of this year, debt collectors are now under federal supervision for the first time with new guidelines from the Consumer Financial Protection Bureau (CFPB). Extending the CFPB’s regulatory portfolio of financial companies, the guidelines have a broad impact on how the financial service industry outsources to handle and interact with bank customers.
Phillips & Cohen Associates International, Ltd. the global arm of the industry’s leading deceased recovery specialist today announced the formal opening of its Australian operation, headquartered in Melbourne, with the announcement of its Australian business leader. The group, which has delivered market leading compassionate recovery solutions since 1997, has six other offices in the US, [...]
The proliferation of Telephone Consumer Protection Act (TCPA) litigation against the debt industry continues unabated. Damage awards and settlements in TCPA cases costing debt collectors hundreds of thousands — and even millions — of dollars are a common occurrence. The latest development regarding the TCPA is sobering: a Federal Court found a debt collector liable for TCPA violations where some of the calls to a consumer’s mobile phone were made in dialer “preview” mode and an individual collector “clicked” on the number to dial it.
Whether to sell your business or not, that was the question. You and your team labored long and hard, building a successful middle-market business and now you’re at the point in your career when you’ve decided that you want to sell it. Should you sell to a strategic, financial or an industry buyer? Lions and tigers and bears, oh my! Not quite, but the choices could be overwhelming.