The U.S Justice Department announced the arrest of a debt buyer on Friday. The debt buyer was involved in a bank fraud involving $6.8 million dollars. The case was investigated by the FBI.
Source: http://www.insidearm.com/daily/debt-buying-topics/debt-buying/fbi-arrests-debt-buyer-on-6-8-million-bank-fraud-charges/
An increasing number of debt collection agencies and debt collection departments of banks are being forced to change their ways of dealing with delinquent consumers by Federal regulators.
Source:Â http://www.americanbanker.com/
The Consumer Financial Protection Bureau (CFPB) has received more than 10,000 complaints against unfair debt collection agencies since July 2013.
By signing up to the CFPB Portal is the easiest way for a debt collection agency to respond to complaints made against them.
The Australian Financial Security Authority reports that more people in the Australian Capital Territory are struggling with their finances, with personal bankruptcies surging almost 28 per cent and debtors increasing 19 per cent.
Other states are not fairing well either.
Chasing debts through courts is a nightmare for many small business owners. It means taking away time and money from the business and does not guarantee results.
But for anyone who runs a small business it is essential to understand how it works.
Office of Fair Trading in the UK, has revoked licenses of a Debt Buying agency and two debt collection companies.
OFT has found that the companies have been engaging in misleading and unfair debt collection practices.
Johnson, Morgan & White becomes the first B2B debt collection company to accept digital currency for debt repayments. They will begin accepting Bitcoin digital currency for payment of debts its clients.
Though Bitcoins received negative publicity recently, many companies such as Amazon, Overstock and Virgin Atlantic accept Bitcoins as payment.
Billionaire Harry Triguboff’s Meriton development group’s disputed building industry debt has sparked a multi-million dollar extortion attempt by underworld figures.
The NSW and Victorian governments have been blamed for not taking action against such organized crime despite evidence of it.
