Debt Collection agencies and lenders are now using hi tech methods for debt collection. It may sound like science fiction, but some companies can disable a borrower’s car with the click of a button on a screen. Car ignition interrupt devices are the newest high-tech tool that debt collectors use in their information war against…Details
A FDCPA case involving an account number visible through the clear window of an envelope which contained a debt collection letter has been denied a petition to rehear.
The defendant Dougalss V. Convergent Outsourcing had its petition rejected by the Third Circuit Court of Appeals in the US.
Source: Inside ARM, Patrick Lunsford
The International Monetary fund has requested Greece to impose strict rules on operation of the Center for Collection of Social Security Arrears.
The IMF is not happy with the progress of the collections and have doubts about the targets set for the end of 2014.
Source: ekathimerini.com – Roula Salourou
Apple has begun inroads into outdated payment networks with the launch of Apple Pay. The launch is timely with consumers been hit by security breaches and are likely to adopt products like Apple Pay.
It is a similar concept to Bitcoin. Will Apple Pay kill Bitcoin?
Source : Yahoo Finance
A white paper done by SunGard’s Avantgard, a provider of statistical scoring and corporate liquidity solutions shows how statistical models can improve medical debt collections. SunGard writes that statistical modeling triggers scores that can accurately predict payers and the amount to be collected. This enables healthcare providers and medical debt collectors devise a more targeted and…Details
ACA International has submitted extensive comments on the revised proposed debt collection rule issued by New York State Department of Financial Services.
ACA has stated that the proposed regulations will burden the members that collect in New York, whilst providing the consumers with little meaningful benefit.
Source: Inside ARM
Unpaid social security contributions has been mounting to the tune of millions of euros in Greece. The International Monetary Fund has called upon the Greek government to have a private debt collection agency chase these unpaid contributions. But the Greek Interior Ministry has refused to cooperate with IMF despite the debts spiraling out of control. Read…Details
The Queensland Government has offered the management of debts held by the State Penalties Enforcement Registry to a private broker. This broker will engage private debt collectors in a tender that closes on Friday. The Treasurer has said there would be legislative changes to accommodate this. Unpaid fines have been steadily rising over the last…Details
Las Vegas is a favorite destination for gamblers and couples for quick weddings. These days it has also become a paradise for debt collectors. In Sin city the percentage of people who have fallen behind on debts is 50%. These have been turned over to debt collection agencies for collection. Read More.. Source: Vocativ ,…Details
The New York Department of Financial Services has revised a rule that will regulate third party debt collection. Here is one of the sections from the revised proposal – describes the disclosures that debt collectors must provide to consumers when the debt collector creates initial contact with the consumer and the additional disclosures that must be provided when the…Details
Everyone may have these questions on Bitcoin: What is Bitcoin? Why is it a crytocurrency? How much is it worth? Can anyone buy Bitcoins and trade with it? Can I use it to pay for goods and services? Read more to gain answers to these common questions. Source : The Sydney Morning Herald. Written by…Details