Weekly Top 10 – Week of August 29, 2010
Each week we bring you 10 of our most favorite stories from around the industry.
Week of August 29, 2010
1. Collectors sometimes try to stick you with a debt that was never yours
(WBIR.com, 09/02/10)
When the phone rang a few weeks ago at the McColl household the family got an unwelcome surprise: a debt collector on the other end of the line.”
2. Payday Loan Defendant Settles Charges; Illegally Tried to Garnish Borrowers’ Wages
(Statesboro.biz, accessed 09/02/10)
One of the owners of a payday loan and debt collection operation has agreed to settle Federal Trade Commission charges for his role in a scheme that illegally tried to garnish borrowers’ wages and used other illegal debt-collection practices.”
3. Home mortgage servicing company violated debt collection policies
(News Quench, 09/01/10)
The American Home Mortgage Servicing company based in Texas has been accused of violating the Texas Debt Collection and Deceptive Trade Practices Acts. Allegations from the state, including Attorney General Greg Abbot, say that AMHS used unlawful tactics to coerce payments from homeowners.”
4. Creditor sued for not contacting debtor’s attorney
(Southeast Texas Record, 09/01/10)
A Missouri creditor is being sued for violations of the Fair Debt Collection Practices Act after one of its collectors refused to contact a debtor’s attorney.”
5. One Entrepreneur Lost $3.5 Billion And His Finance Company — And Got It All Back
(The Business Insider, 09/01/10)
Twelve years ago, Bill Bartmann was the 25th richest person in the U.S. But when a scandal hit his debt-collection company, Commercial Financial Services, it collapsed and took Bartmann’s $3.5 billion net worth down with it.”
6. AGUEROS v. HUDSON & KEYSE, LLC
(Leagle.com, 08/31/10)
This appeal arises from a debt collection action. Appellee Hudson & Keyse, L.L.C. filed suit against Agueros to collect an outstanding debt. In response, Agueros asserted various affirmative defenses and counter-claims, for actual and statutory damages, under both state and federal debt collection acts. Hudson & Keyse then non-suited its action. Thereafter, the parties went to trial on Agueros’s counter-claims. Based on Agueros’s failure to prove any statutory violations or actual damages, the trial court entered a take-nothing judgment and subsequently denied Agueros’s motion for new trial. The trial court filed extensive findings of fact and conclusions of law in support of the take-nothing judgment. On appeal, Agueros complains that the evidence was legally and factually insufficient to support the trial court’s findings that she suffered no damages and that Hudson & Keyse did not violate the federal fair debt collection laws. Agueros likewise contends that she proved her claims for violation of 15 U.S.C. sections 1692e and 1692f as a matter of law. Finally, Agueros argues that, even absent an award for actual damages, the trial court erred in denying statutory additional damages.”
7. Five Rules for Collecting Late Payments
(Business Week, 08/31/10)
The warning signs of a customer’s cash-flow woes are easy to detect. Reduced orders, slowing payments, a change in phone number or business name, and a reluctance to get on the phone are all signs that trouble is brewing. Requests for duplicate invoice documentation or claims that “the check is in the mail” are also obvious stalling techniques.”
8. Sierra Group Compliance Signs Contact with United Collection Bureau to Launch ETHIcollect Compliance Program
(insideARM.com, 08/20/10)
United Collection Bureau, Inc. (UCB) announces the execution of a consulting service contract with King of Prussia, PA based Sierra Group Compliance, LLC to launch ETHICollect, an innovative new enterprise-wide, fully process-integrated compliance and consumer relationship management program. The program was designed and blueprinted for UCB by Sierra Group Compliance consultant Michael Fiori with UCB’s Executive Management Team lead by Jeff Horner, Chief Development Officer.
9. ACA Joins U.S. Chamber Call to Repeal IRS Reporting Requirement in Healthcare Bill
(insideARM.com, 08/27/10)
As the new health care bill slowly begins to take effect and people begin to examine the small details within the legislation, little known provisions have been discovered that have the potential to impose large burdens on small business in the very near future. One of these provisions is known as the 1099 reporting requirement.”
10. IACC Agency Certification Program Celebrates 10 Years
(insideARM.com, 09/02/10)
The International Association of Commercial Collectors, Inc. (IACC) Board of Directors is pleased to announce the 10th anniversary of its IACC Agency Certification Program. Offering members another step in quality assurance, obtaining this objective, third-party designation demonstrates an agency’s commitment to compliance and the highest standard of operations.”
