Debt collection

FTC Stops Debt Collector’s Alleged “Debt Parking” Scheme, Requires it to Delete Debts it Placed on Consumers’ Credit Reports

Retrieved on: 
Monday, November 30, 2020
Finance, Money, Economy, Credit, Personal finance, Debt collection, Credit history, Credit score, Debt, Federal Trade Commission

The Federal Trade Commission has taken actionagainst a debt collection company that allegedly placed bogus or highly questionable debts onto consumers credit reports to coerce them to pay the debts.

Key Points: 
  • The Federal Trade Commission has taken actionagainst a debt collection company that allegedly placed bogus or highly questionable debts onto consumers credit reports to coerce them to pay the debts.
  • The FTC allegedthat Midwest Recovery collected more than $24 million from consumers on such debts, largely by debt parking.
  • The defendants used this illegal debt parking to coerce people to pay debts they didnt owe or didnt recognize.
  • The settlement also requires Midwest Recovery and Tumber to contact credit reporting agencies and request all debts reported by the company be deleted from consumers credit reports.

Setting the debt parking brake

Retrieved on: 
Monday, November 30, 2020
Finance, Money, Debt collection, Economy, United States federal banking legislation, Contract law, Bankruptcy in the United States, Credit, Fair Debt Collection Practices Act, Fair debt collection, Fair Credit Reporting Act, Debt buyer

Setting the debt parking brakeFor consumers victimized by the pernicious practice of debt parking, the impact on their financial health can be devastating.

Key Points: 

Setting the debt parking brake

    • For consumers victimized by the pernicious practice of debt parking, the impact on their financial health can be devastating.
    • And if youre a debt collector who engages in debt parking, an FTC settlement with Midwest Recovery Systems suggests you could face law enforcement action for violations of the FTC Act, the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act.
    • Just what is debt parking?
    • Its the practice of placing purported debts on consumers credit reports without first attempting to communicate with the consumer about the debt.
    • Some call it passive debt collection, but theres nothing passive about the injury it can inflict.
    • Heres an example cited in the complaint of how the defendants used debt parking to help line their pockets with millions in gross revenue.
    • He contacted the hospital where he supposedly owed the debt, only to be told that he owed just an $80 co-pay.
    • In addition to alleging the defendants made false or unsubstantiated representations in violation of the FTC Act and the Fair Debt Collection Practices Act, the complaint expressly challenges their debt parking tactics as an unfair practice under the FDCPA.
    • This is the first FTC case to address debt parking and thus the first to challenge the practice as unfair under the FDCPA but the message couldnt be clearer.

PRA Group to Present at the Bank of America Securities 2020 Leveraged Finance Virtual Conference

Retrieved on: 
Monday, November 23, 2020
Finance, Money, Debt collection, PRA Group, Financial services, NASDAQ

NORFOLK, Va., Nov. 23, 2020 /PRNewswire/ --PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, will present to investors at the Bank of America Securities 2020 Leveraged Finance Virtual Conference on Monday, Nov. 30, 2020, at 11:15am ET.

Key Points: 
  • NORFOLK, Va., Nov. 23, 2020 /PRNewswire/ --PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, will present to investors at the Bank of America Securities 2020 Leveraged Finance Virtual Conference on Monday, Nov. 30, 2020, at 11:15am ET.
  • A webcast of the event will be available at PRA Group's Investor Relations website, https://ir.pragroup.com/events-and-presentations .
  • As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe.
  • With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt.

Encore Capital Group Completes Upsized Offering of Senior Secured Notes

Retrieved on: 
Monday, November 23, 2020
Finance, Money, Debt collection, Encore Capital Group, Economy, Starz Encore, NASDAQ

SAN DIEGO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today announced that it has completed its offering of 300.0 million aggregate principal amount of 5.375% senior secured notes due 2026, which was upsized by 50.0 million from 250.0 million.

Key Points: 
  • SAN DIEGO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today announced that it has completed its offering of 300.0 million aggregate principal amount of 5.375% senior secured notes due 2026, which was upsized by 50.0 million from 250.0 million.
  • Encore used the proceeds from the offering to redeem 286.7 million of outstanding 7.5% senior secured notes due 2023 and to pay certain transaction fees and expenses incurred in connection with the offering.
  • The completion of our upsized senior secured note offering today represents another example of the ongoing benefits of our new global funding structure, said Jonathan Clark, Executive Vice President and Chief Financial Officer.
  • Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services across a broad range of financial assets.

Contact Defender safeguards consumers and debt collectors with new "National Preference Center"

Retrieved on: 
Monday, November 23, 2020
Consumer, Debt collection

The online platform is a one-of-a-kind solution bridging the communication divide between consumers and debt collectors.

Key Points: 
  • The online platform is a one-of-a-kind solution bridging the communication divide between consumers and debt collectors.
  • Agencies, licensed with Contact Defender, leverage up-to-date contact information to establish dialing behavior based on these consumer preferences.
  • Putting the consumer in control reduces personal stress and frustration while dramatically increasing the contact rate for debt collectors.
  • To learn more about National Preference Center by Contact Defender, visit http://www.contactdefender.com
    Based in Scottsdale, Arizona, Contact Defender is committed to consumer advocacy and championing digital solutions that radically improve when and how consumers interact with sales and collection agencies.

Glancy Prongay & Murray LLP Continues Investigation on Behalf of Encore Capital Group, Inc. (ECPG) Investors

Retrieved on: 
Tuesday, November 3, 2020
Finance, Debt collection, Encore Capital Group, Economy, Whistleblower, Articles

LOS ANGELES, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) continues its investigation on behalf of Encore Capital Group, Inc. (Encore or the Company) (NASDAQ: ECPG ) investors concerning the Companys possible violations of the federal securities laws.

Key Points: 
  • LOS ANGELES, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) continues its investigation on behalf of Encore Capital Group, Inc. (Encore or the Company) (NASDAQ: ECPG ) investors concerning the Companys possible violations of the federal securities laws.
  • On this news, shares of Encore fell$3.59per share, or 10%, to close at$42.29onSeptember 9, 2020, damaging investors.
  • Whistleblower Notice: Persons with non-public information regarding Encore should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program.
  • Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation.

INVESTOR ALERT: Kirby McInerney LLP Continues Investigation of Shareholder Claims Against Encore Capital Group, Inc.

Retrieved on: 
Friday, October 23, 2020
Finance, Debt collection, Encore Capital Group, Economy

NEW YORK, Oct. 23, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Encore Capital Group, Inc. (Encore or the Company) (NASDAQ: ECPG ).

Key Points: 
  • NEW YORK, Oct. 23, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Encore Capital Group, Inc. (Encore or the Company) (NASDAQ: ECPG ).
  • The investigation focuses on the Companys possible violations of federal securities laws.
  • On this news, the price of Encore shares declined by $3.59 (or 7.80%) to close at $42.29 on September 9, 2020.
  • Kirby McInerney LLP is a New York-based plaintiffs law firm concentrating in securities, antitrust, whistleblower, and consumer litigation.

United States Debt Collection Software Market Report 2020: Forecast to 2025 & Cumulative Impact of COVID-19 - ResearchAndMarkets.com

Retrieved on: 
Thursday, October 22, 2020
Software, Technology, Professional services, Finance, Economy of the United States, National debt of the United States, United States fiscal cliff, Articles, Economy, Market research, Debt collection, United States

The "Debt Collection Software Market Research Report by Services, by End User, by Deployment - United States Forecast to 2025 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Debt Collection Software Market Research Report by Services, by End User, by Deployment - United States Forecast to 2025 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
  • The United States Debt Collection Software Market is projected to grow with a significant CAGR in the forecast period.
  • Besides, the qualitative and quantitative parameters provided in the report with detailed analysis highlights the driving and restraining factors of the United States Debt Collection Software Market.
  • What are the inhibiting factors and impact of COVID-19 shaping the United States Debt Collection Software Market during the forecast period?

COVID-19 Impacts and Actionable Research: Credit Collection and Collection Agency Services Market Analysis, Trends, and Forecasts, 2019-2024 by SpendEdge

Retrieved on: 
Sunday, October 18, 2020
Banking, Professional services, Finance, Debt collection, Procurement, Credit

View the full release here: https://www.businesswire.com/news/home/20201018005035/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20201018005035/en/
    SpendEdge has announced the release of its Global Credit Collection and Collection Agency Market Procurement Intelligence Report (Graphic: Business Wire)
    Various end-user sectors are exhibiting their growing demand for express delivery of products which is fuelling spend growth in the Credit Collection and Collection Agency Services market.
  • Request free sample pages
    Top Spending Regions in the Credit Collection and Collection Agency Services Market:
    According to the spend share and forecasts, APAC and Europe will be the leading regions in the Credit Collection and Collection Agency Services market.
  • In the Credit Collection and Collection Agency Services market, service providers prefer to their services based on seasonal demand.
  • Some of the top Credit Collection and Collection Agency Services suppliers listed in this report:
    This Credit Collection and Collection Agency Services procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.

PRA Group to Announce Third Quarter 2020 Results on Nov. 5

Retrieved on: 
Thursday, October 15, 2020
Finance, Money, Debt collection, PRA Group, Financial services

NORFOLK, Va., Oct. 15, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, will report its third quarter 2020 results after market close on Thursday, Nov. 5, 2020, followed by a webcast and conference call at 5 p.m. E.T.

Key Points: 
  • NORFOLK, Va., Oct. 15, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, will report its third quarter 2020 results after market close on Thursday, Nov. 5, 2020, followed by a webcast and conference call at 5 p.m. E.T.
  • The Company is also announcing that it currently plans to report fourth quarter 2020 results after market close on Feb. 25, 2021.
  • As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe.
  • With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt.