Search

The article discusses the U.S. Justice Department's inability to collect significant portions of fines arising from enforcement actions. In September of 2014 Justice said it would be able to obtain just $10 billion of the $97 billion in outstanding debts owed it. In some cases defendants' resources have been dwarfed by the penalties levied against them. Among those owing sizable amounts are Jordan Belfort, who was convicted of securities fraud, and Ponzi schemer Thomas L. Mitchell.

The article discusses changes announced on August 7, 2014 that credit-scoring agency Fair Isaac Corp. will make to how it calculates consumers' credit scores. The company will de-emphasize unpaid medical bills in its calculations, and will no longer take into account unpaid bills that were paid or settled with a collection agency at a later date. Nessa Feddis of the American Bankers Association said the moves would make more people qualified to receive bank loans.

The article discusses a 2013 internal investigation conducted by banking company J.P. Morgan Chase & Co. regarding mistakes made by the company in lawsuits against credit card customers with outstanding debts. Debt collection services, the bank's investigation of foreclosure management, and the U.S. Office of the Comptroller of the Currency's (OCC's) possible consent order against the bank are discussed.

The article looks at business conditions in Europe as of 2013, focusing on business enterprises' receivables and the debt-collection industry. It discusses challenges in the process of debt collection, including court delays, laws protecting debtors, and some debtors' inability to pay. Topics include repossession of goods purchased on credit and trends in the aggregate volume of bad debt in countries including Spain and Italy.

The article focuses on the Rural Housing Service of the U.S. Department of Agriculture, an agency which offers mortgage loans and guarantees of bank mortgage loans to rural homeowners. The debt collection practices of the service, which has the legal authority to seize U.S. benefits and tax refunds before and after foreclosure, are discussed.

The article reports that the U.S. Federal Trade Commission (FTC) announced that as part of a settlement the debt collection company Asset Acceptance Capital Corp. will pay a $2.5 fine. The penalty is discussed as an indication of an effort by the FTC and other U.S. agencies to end a practice in which debtors are pursued by collection services for debts on which the statute of limitations has expired.

The article discusses companies that offer credit cards to consumers with impaired credit records in return for at least partial payment on debts that have expired by law. Industry leader CompuCredit Holdings Corp. collected some $15 million in fees and debt payments during the first nine months of 2011. Federal officials have termed some offers deceptive for failing to inform consumers they have no legal obligation to make payment on the expired debts.

The article discusses questionable debt-collecting practices by banking company Capital One Financial Corp. A court-appointed auditor's report said Capital One tried to collect credit-card debts that had been extinguished via bankruptcy on 15,500 occasions in the U.S. The bank has settled some 130 cases out of over 800 that have been filed against it related to debt collection.

The article discusses an increase in the number of consumer complaints about debt-collection companies filed during 2011 with the U.S. Federal Trade Commission (FTC). Through December 8, 2011 complaints registered with the FTC grew 17% compared to all of 2010. During that period the FTC has initiated four enforcement actions. FTC official J. Reilly Dolan says the Commission targets the largest offenders, such as West Asset Management.

The article reports that several large financial firms including Bank of America and Capital One Financial Corp. employ debt-collecting firms to seek payment from the families of deceased debtors. Although in most cases the families have no legal obligation to pay, collection firms such as West Asset Management argue that a moral obligation exists.

The article discusses the legacy of debt from defunct law firms. Under U.S. law, bankruptcy trustees can seek to recover cash on behalf of creditors by suing both the defunct firm's partners and the new law firms they join if they've brought to their new employers work begun at their old firms. Details are presented about the case of Howrey LLP, a law firm that dissolved with some $107 million owed to creditors.

The article looks at a lawsuit filed by Irving Picard, a court appointed trustee tasked with recovering money lost in a Ponzi scheme run by Bernie Madoff, against Abu Dhabi Investment Authority. Abu Dhabi is suspected of holding 300 million dollars of the money transferred from Madoff's investment firm during his Ponzi scheme.

The article discusses how debt collection firms in the U.S. maneuver to pursue their claims in courts deemed favorable to them. In some jurisdictions collectors are allowed to hold unsupervised meetings with debtors, at which the latter may not necessarily be aware of their legal protections. Special attention is paid to the court of Judge A. Douglas Stephens in Marion County, Indiana.

The article reports that banking company J. P. Morgan Chase & Co. has abandoned more than 1,000 lawsuits in the U.S. aimed at collecting on outstanding credit-card debt. Morgan spokesman Paul Hartwick did not confirm the action, although a lawyer who has worked on behalf of the bank in such cases cited flawed paperwork for Morgan's decision.

The article reports that 38 U.S. state attorneys general are contesting the proposed settlement of a class-action lawsuit against debt buyer Encore Capital Group Inc., which has been accused of using false or otherwise improper affidavits to collect credit-card debts. The states fear the settlement could make it more difficult for them to regulate the debt-collecting industry.

The article focuses on persons employed at making recorded telephone messages which dun consumers for unpaid bills for debt collection agencies and other businesses. The demand for this service is rising significantly in response to the recession. SoundBite Communications Inc., a company which provides these messages, is presented as an example of the trend.

The article discusses difficult times for debt collectors in the U.S. A weakened U.S. economy has left debtors with little cash available to meet their obligations. NCO Group Inc. attributed a $14.8 million quarterly loss to "lower-than-expected collections." Encore Capital Group Inc. sustained a 30% decline in net income for the third quarter of 2008.

The article discusses online auctions of medical debts. Increasingly hospitals are trying to recoup unpaid bills by auctioning them off online. Collection agencies are the usual participants, although hospitals reserve the right to determine who is allowed to submit a bid. Some say the auctions could encourage more aggressive collection tactics.

The article reports that growing numbers of consumers are falling behind on their heating bills. Sierra Pacific Resources in Nevada has seen 50% growth in accounts 30 days or more delinquent. Consolidated Edison in New York state has experienced 12% growth in delinquencies. A spokesman for the firm cites subprime mortgages as a factor.

The article focuses on an announcement from American Express Co. in which the company indicated that its cardholder spending had slowed and that card delinquencies are rising. The company also indicated that it would have to take a $440 million pretax charge against 2007 fourth quarter earnings because it is setting money aside to cover soured loans.

The article reports on regulations which banks in India are facing as a result of their aggressive loan recovery methods, which include the use of hired thugs. A discussion of a growing Indian economy which has led to an increase in lending to Indian consumers and an increase in debt in the country is presented. A lack of experience which Indian banks have had in recovering defaulted loans, which has led to their questionable collection tactics, is discussed.

The article focuses on an increase in delinquencies in automobile loans in the United States. The National Automotive Finance Association reports that approximately $575 billion in loans for cars are made annually in the U.S., and that in 2006 4.5% of auto loans made to top rated borrowers were at least 30 days delinquent as of the end of September, up 2.9% from August. The number of subprime borrowers who were delinquent was up 11.1%. The economic impact of the increase is discussed.

The article focuses on services which are available to U.S. consumers from several companies, including Change: Healthcare LLC and Revolution Health Group LLC, which can help consumers sort through medical bill paperwork and provide them with summaries of their medical expenses. The disadvantages of the services, including a possible incompatibility with the formats of insurance companies, are discussed.

The article focuses on August 2007 data concerning the delinquincies of mortgages which was compiled by the U.S. Federal Reserve Board, the Mortgage Banker's Association and American Bankers Association trade groups. A discussion of the impact increased delinquency rates on mortgages and credit card could have on the U.S. economy is presented.

The article presents advice and information for consumers who have grown children that have left home and insist on having them pay for their cellular telephone bills. Consumers are advised to make the children start paying for overages, pay for the bills no longer than one year after the children graduate high school, refuse to pay the bills once the children are employed and require the children to pay some of the family's bills.

The article focuses on changes in the payment policies of utility providers in the United States in 2006. Several natural gas and electric providers in the country have begun allowing residential customers to pay their bills with credit and debit cards. A discussion of a credit card payment program which is being adopted by California's Pacific Gas and Electric is presented as an example. Factors which have led to the changes are discussed.

Reports that the hospital industry will consider making broad price cuts for the medically uninsured. Details of an announcement made by the American Hospitals Association (AHA), including an admission that some hospital billing and collection practices are unfair to needy patients; Excerpt from an AHA report delivered to the United States Department of Health and Human Services, indicating that Medicare regulations makes it difficult to reduce prices for people who can't afford health care; Number of uninsured patients in America, who are being charged full listed prices for health care; Aggressive debt-collection measures taken by hospitals.

Focuses on the lawsuit filed by Yale University law students against the Yale-New Haven Hospital, the teaching hospital of Yale's School of Medicine, on behalf of poor patients who have tangled with the hospital's aggressive debt-collection tactics. Details of an article that appeared in "The Wall Street Journal" that chronicled a widower still paying off his wife's Yale-New Haven bill 20 years after her death; Legislation signed by Connecticut Governor John Rowland aimed at limiting the interest hospitals can tack onto their bills; Number of hospitals making up the American Hospital Association, who have urged their members to practice kinder debt-collection; Legal strategies to be employed by the Yale law students against the hospital.

Reports that Mitsubishi Motors Corp., which DaimlerChrysler AG controls through a 37 percent stake, has suffered substantial business losses in the six-month period ending on Sept. 30. Expected net losses for the full fiscal year, reversing a previous forecast for a profit of $92 million; Economic history of Mitsubishi, suggesting the company getting back into the black after years of losses; Percentage decline of the U.S. automobile market as the result of bad loans made to younger consumers that favored Mitsubishi's models.

Reports that Fannie Mae could be in trouble on their portfolio of manufactured-housing loans. Value of their mobile-home loans, which is seen as a riskier loan; Amount of mobile-home loan-losses announced by the Federal Home Loan Bank of New York, suggesting that Fannie Mae might be next to get burned by these types of loans; Percentage of Fannie Mae's manufactured-housing exposure in securities from Conseco Inc., which filed for bankruptcy-court protection in 2002; Reaction of credit ratings agencies to Conseco's bankruptcy filing; Comments from Guy Cecala, publisher of "Inside Mortgage Finance," an industry publication, regarding Fannie Mae's exposure to mobile-home loans.

Focuses on the efforts of hospitals to collect on overdue debts. Amount of a hospital bill owed to Carle Foundation Hospital by an Illinois man, who was arrested by police for missing a court hearing about the bill; Other tactics employed by hospitals, including lawsuits, garnishing wages and seizing tax refunds; Number of arrests warrants sent out by Carle, the teaching hospital affiliated with the University of Illinois; View of commercial creditors that arresting a debtor who fails to appear for a court hearing, also known as "body attachment," is too extreme a measure of debt collection.

Focuses on the success of companies in their collection of debt. Impact of the economic recovery on once-troubled customers with respect to debt payment; Statistics related to debt-collection of Lucent Technologies Inc. in its fiscal third quarter of 2003, indicating a drop in its quarterly loss report; Discussion of bad-debt reserves; What the news means for investors in the short- and long-term; Psychological impact on investors in shifting revenue from bad-debt reserves.

Focuses on legislation to shield patients from aggressive hospital billing and collection tactics. Discussion of bills in California and Connecticut which are at various stages of approval within the legislative process; Number of hospitals the American Hospital Association represents and what these bills could mean for medical policy in the United States; Hospital billing and collection practices involving uninsured patients; Discussion of medical debts and personal bankruptcy; Elements of the Connecticut bill involving a reduction in interest rates; Philosophy of medical debt relative to consumer debt.

The article reports that four debt collection agencies in the U.S. have been closed by regulators in October 2015 due to abusive collection practices against borrowers which include BAM Financial and Delaware Solutions.

The article reports that the junior creditors of wireless and electronics stores chain RadioShack have filed a lawsuit in the U.S. District Court in Fort Worth, Texas on August 31, 2015 against hedge fund Standard General LP, the company's largest prebankruptcy shareholder and current owner, in an effort to get repaid.

The article offers financial news briefs as of June 2015 on topics including impact of bad debt on state-owned banks in India, and acquisition of ledger platform HyperLedger and software company Bits of Proof by the technology firm Digital Asset Holdings LLC.

The article reports that banks in the U.S. are restructuring outstanding loans, reducing size of existing credit lines and tightening underwriting policies of oil firms to mitigate the risk of loan losses.

The article reports on the increase registered by Spanish lender Bankia SA's profit in first-quarter of 2015 as the bank set aside fewer funds to cover loan losses.

Letters to the editor are presented in response to articles published in previews issues on topics including the threat of the Affordable Care Act to private medical practice, the practices in debt buying and collection, and the alleged waste of water in California.

The article discusses a lawsuit filed by the U.S. Consumer Financial Protection Bureau against debt-collection firm Frederick J. Hanna & Associates on allegations of consumer-protection law violations as of August 2014, with a focus on corrupt debt collection practices and the debt of U.S. citizens.

The article considers a dilemma for law firms in the Christmas holiday season in which they must put in extra effort to collect fees from clients as they operate on a calendar year basis and work is not accounted as revenue until fees are paid.

The article examines the impact of the U.S. Telephone Consumer Protection Act (TCPA) which limits cell phone calls to individuals by businesses on debt collection companies, which has resulted in many collectors being in violation of the law and subject to litigation from debtors.

News briefs on finance are presented including settlement of complaints against debt collection firms by New York state Attorney General Eric Schneiderman, the barring of accounting Scott London from auditing by the U.S. Securities & Exchange Commission (SEC) and the denial by a U.S. district judge of an SEC request for a retrial of money market fund managers Bruce Bent and Bruce Bent Jr.

The article looks at financial services company J.P. Morgan Chase & Co. as of September 2013, reporting on fines and consumer refunds it is paying to settle charges related to alleged misconduct in debt collections and credit-card cross-selling brought by the U.S. government.

The article notes differences among European countries in how quickly bills get paid, and reports that the European Commission has issued a directive requiring governments and most businesses to settle their accounts within 30 and 60 days, respectively.

The article discusses the growing business in the U.S. of purchasing overdue consumer debt, and presents advice to consumers on dealing with debt collectors.

The article repors that as of November 2012 the government of Argentina is engaged in a dispute regarding the detaining of the navy ship ARA Libertad at the Port of Tema, Ghana at the request of the hedge-fund Elliott Management Corp., which is trying to collect debts owed by Argentina.

The article discusses rising levels of bad bank debt in Vietnam stemming from the government's stimulus efforts amid the global financial crisis of 2009-2009, and notes that central bank governor Nguyen Van Binh said his country would establish a national asset-management company to address the issue.

This article reports on the state of the debt collection market in Brazil in December 2011.

The article reports on a new standard for recording loan losses proposed by U.S. and international accounting rule makers.