Posts Tagged ‘debt collection’
This article explains a few things about debt consolidation and collection agencies, and if you’re interested, then this is worth reading, because you can never tell what you don’t know.
Debt collection agencies are an excellent way of collecting bad debt. Many debt collectors are professional in the way they request payment from your customers and will help collect your accounts quickly. Debt collection is big business: About $40 billion each year is recovered from consumers by collectors, according to the International Association of Credit and Collection Professionals. With so much money at stake, aggressive tactics?
Debt collection practices, whether by creditors, collection agencies, or attorneys, are a frequent and often emotionally charged source of consumer complaints. Many people finding themselves subject to debt collection may already be experiencing a broad range of financial and personal difficulties. Debt collection problems continue to be a top consumer complaint received by federal and state consumer protection agencies. The federal Fair Debt Collection Practices Act (FDCPA), which was passed in 1977, is intended to prevent abusive, deceptive, and unfair debt collection practices in the marketplace.
Accounts are easily reviewed and updated. Accounts receivables that have been delinquent for a substantial amount of time, 180 days or more, are often purchased by collection agencies, in which case, the agency keeps any cash that it recovers.
Think about what you’ve read so far. Does it reinforce what you already know about debt consolidation? Or was there something completely new? What about the remaining paragraphs?
Laws in other states may vary. Overall, our fact sheets are applicable to consumers nationwide. Lawyers don’t take cases on retainer unless they can make money. If you find a qualified lawyer to handle your case, a lawsuit will take months, even years to settle.
Credit cards are unsecured debt, meaning that your word was the only guarantee. They can sue you, but they cannot liquidate assets. Credit card debt and other personal debt is one of America’s most threatening dispositions. Millions of individuals every day are going further and further in to debt. Creditors cannot use “self-help” like an automobile lender, or foreclose like a mortgage lender. In a worst case scenario, a credit card lender has to file a lawsuit against you, win a judgment, and turn that judgment into a wage garnishment or bank account levy – a process that takes time and money.
Bill Collectors really want their money, like the rest of us. The firm gets default judgments in 90 percent of its cases, which are judgments in its favor when a defendant doesn’t respond, he said. Contact them to get the solution for your debt recovery. Contact a consumer lawyer if you are in this situation for advice about your case
Sometimes it’s tough to sort out all the details related to this subject, but I’m positive you’ll have no trouble making sense of the information presented above.
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It was recently revealed in a study that laws that ban cell phone use while driving fail to reduce crashes. According to the new Highway Loss Data Institute, there have been no reductions in crashes since cell phone bans have taken effect.
This information was obtained by a comparison among insurance claims for crash damage in four United States jurisdictions both before and after these bans.
Month to month fluctuations in the rates of collision claims in the place with restrictions were taken into account and it was shown that there was no difference between either jurisdiction. Despite the fact that the cell phone bans have reduced hand held phone use, several studies have established that talking on the phone increases crash risk. It has been determined by two independent studies that people who use cell phones are four times as likely to crash.The information that the HLDI uses doesn’t identify drivers using cell phones when their crashes occur. But the reductions of observed phone use have been so large, one would suspect that crashes should be reduced as well.
“So the new data that we have collected doesn’t match what we currently know about the risk of phoning and texting while driving,” An analyst asserts. “Clearly, if crash risk increases with phone use and there are less people using cell phones, we would expect to see a decrease in crashes. But we aren’t seeing it. Nor do we see collision claim increases before the phone bans came into play. This is surprising, too, given what we know about the growing use of cell phones and the risk of talking on the cell while driving. We’re currently gathering data to figure out this mismatch.”
There are a number of factors that could be diminishing the effects of hand-held phone bans on crashes. One factor is that drivers in areas with cell phone bans might be switching to hands-free phones because no state forbids any type of these phones. If this was happening, crashes wouldn’t go down because the risk is about the same whether the phones are hand-held or hands-free. D.C. and twenty one states do ban beginning drivers from using hands-free phones, but these laws are difficult to enforce.
Rapid Recovery Solution is a third party debt collection company. lawyer based and equipped with skiptracing tools. Get a totally unique version of this article from our article submission service
Many people are made painfully aware that they owe a debt that is being pursued by a collections agency, yet few know exactly how long creditors can go after that debt. Debt Collectors are guided by what is called the Statute of Limitations.
What this means is that after a certain length of time agencies can no longer collect from debtors. Factors include the amount of time, which can vary from state to state, the type of debt, and if there is a signed contract or not.
For example, the state of New Hampshire has the time alloted to collect a debt is 3 years. If it was a foreign judgement, the Statute of Limitations is as high as 20 years; on a domestic one it is also 20 years. For goods the Statute of Limitations is four years but with a written, legitimate and signed contract is is three years.
Debtors that do not believe that they owe the money, they can fight the creditors claim may actually withold information regarding invoices or balances due and request proof demonstrating the validity of the debt.At this point, collection agencies must present backup documentation to support their claim.
To find out about the length of the Statute of Limitations, consult a legal advisor in your own state. While there are many collections agencies out there that use unreputable practices, there is also a number of legitimate agencies who are willing to help out. Agencies such as Rapid Recovery Solution are always willing to help out. For more information, consult rapidrecoverysolution.com. In this trying time of economic hardship don’t be bullied by illegal tactics by illegitimate collection agencies. There are laws out there to protect debtors and everyone should know their rights.
Mallory Megan works for a debt collection company. She also composes articles on business, finance, consumer spending and collection agencies. Get a totally unique version of this article from our article submission service
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In recent news it was revealed that Michigan doctors offices are requiring that, patients present and utilize their credit cards before getting any medical care. A fairly new internet based medical payment program permits medical providers to secure a credit card before medical help is provided.
Claiming that it is a way of ensuring medical providers get paid while also keeping administrative costs down, the company has been around since 2008. It operates like this: when they arrive at their doctors office, patients are told by their medical care provider what the maximum amount a particular procedure will be likely to cost. The patient uses their credit card, gets the procedure done, and walks out of the office with a receipt and a detailed slip of services provided.
At this point the provider will bill the patient’s insurance company. It will tell the provider how much of the work is covered; the balance left over is charged on the card. If a deductible hasn’t been met, then the entire price of the procedure is charged.
As health care costs increase, more and more pressure has been placed on medical patients to pay their bills in the form of co pays, out of pocket expenses, and higher deductibles. With this increasing stress, delinquent and unpaid bills have become huge issues for medical providers.
Health care payments are now up to over three hundred billion dollars a year, and that number is supposed to balloon up to double that number by 2015. From this number, fifty to sixty billion dollars of current health care debts go into delinquency. The program has proven to reduce delinquent accounts by up to eighty percent.
However some researchers are skeptical. The problem of patients who do not pay off their balance each month has not been resolved yet, much less the issue of a patient not having a credit card.
Mallory Megan works for a debt collection agency. She also writes articles on business, finance, the credit industry and collection agencies. Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.
Seeing as debt at an all time high, owing a debt could seem overwhelming. Many people have looked to the internet for an answer and without a doubt they have seen advertisements claiming debt relief as a quick fix. Engaging as these ads may appear to be, it is crucial to be on the lookout for the validity of the claim.
A good deal of these promise a quick fix, but that quick fix might be bankruptcy. Yes, bankruptcy is one way to address your financial problems, but in most cases it should be a last resort. The fact that you claim bankruptcy remains on your credit report for ten years which means that your chances of getting credit, employment, a place to live or insurance are significantly lowered.
It’s always a good idea to consider other options before deciding to file for bankruptcy. Talk with your creditors. Many times a re-payment plan can be worked out that is modified or can be paid in installments. Credit counseling services can work with you and your creditors to make debt repayment plans.
When you are thinking about a second mortgage, be cautious. These loans will require your home as collateral. Bankruptcy also has the capacity to stop foreclosures, debt collection activities and it may get rid of unsecured debts. Exemptions are provided that let you keep certain assets. However, personal bankruptcy does not usually take away child support, fines, taxes, alimony and in a few cases student loans.
It will not usually allow you to keep your property if your creditor has a security lien or mortgage that has not been paid. A relatively recent tweak in bankruptcy laws creates certain hurdles that you must overcome before you can even file for bankruptcy, no matter what type of bankruptcy. First, you have to get credit counseling from an organization approved by the government within six months before filling. Also in certain cases you have to pass a test that requires that you confirm that your income doesn’t exceed a certain amount.
Mallory Megan works for a debt collection agency. She also writes articles on business, finance, the credit industry and collection agencies. Get a totally unique version of this article from our article submission service
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Flourishing numbers of patients that cannot pay their medical bills due to the economic plunge will be the greatest challenge to hospitals going forward, according to more than half (54%) of those answering a survey conducted this month by MedAssist.
The survey, which canvassed health-care executives attending HFMAs Annual National Institute in Seattle, Wash., June 14-17, showed that 1 in 3 respondents believe the next big challenge facing providers will be changes to the American health-care system as a result of President Obamas health-care reform.
Additionally, 80% of those surveyed speculate health-care providers will need more aid administering their revenue cycles in the coming year. Closely reflecting this wide consensus, more than 80% of respondents chose outsourcing financial/revenue cycle services and establishing new IT programs ” over cutting fixed cost ” as the best strategies to reduce hospitals administrative costs. At the same time, three out of four (75%) executives acknowledging the survey believe customer-facing functions (e.g., patient access services, financial counseling) should continue to be handled by providers staff.
Its clear that health-care providers are facing a perfect storm that combines growing costs, declining revenues and industry reform, said Michael Shea, president of global health-care solutions and CEO of North America for MedAssist. Whats also clear is that providers will need to become more innovative than ever in finding ways to boost economic efficiencies without lowering standards of care.
The survey confirms our belief that certain functions are core competencies that belong in the domain of health-care centers, while other areas will continue to be addressed most effectively by experienced providers of financial and revenue cycle management services, said Brenda Snow, executive vice president, strategic planning and analysis at MedAssist. The question is how soon health-care providers can make this transition.
Asked which categories afford the greatest savings opportunities for hospitals, 29% of respondents pointed to improved technology (e.g., electronic health records, computerized physician order entry), while 26% mentioned preventative care and chronic disease management (e.g., asthma, diabetes). Survey participants also cited streamlining administrative costs and reimbursement contingent upon quality outcomes (both at 21%) as viable areas for cutting costs.
Mallory works for a debt collection agency. Also, she writes stories on business, finance, and collections. .
iVolution Medical Systems, a West Hampton, NY-based health care systems firm, is taking a different approach. The four-year-old company, started by former Wall Street consultants to the health care industry, entered the medical receivables space by acquiring experienced billing and collections companies. First there was Professional Health care Billing Services (PHB) of Palm Springs, California in March, and then Continental Collection Services of New York, earlier this month (iVolution Medical Systems Acquires Continental Collection Services, May 13).
Despite the regulatory perplexity surrounding the health care industry, iVolution co-chair and chief financial officer Vince Pipia told insideARM that the medical billing and collection industry is ripe for consolidation. We think (medical billing and collections businesses) are all good cash generators, and they have a coveted relationship with physicians, Pipia said.
Specifically, its that relationship that Pipia wants to capitalize on to provide integrated billing and collections services to health care providers as they transition to health care information systems. Electronic medical records, billing, e-prescriptions and instant messaging are among the solutions offered by the company. Our goal is to build and grow medical billing to cross-sell technology.
In the year since iVolution introduced its products to the market, Pipia said some of iVolutions technology is gaining popularity among its pediatricians. Likewise, iVolutions billing and collections clients are pleased by the benefits of its free instant message technology.
Since conversion to electronic medical records was titled as the one change that the entire health care industry agrees can boost efficiencies and lower costs, dozens of companies have been working to develop technology solutions. Still, only 8 % of health care providers operate fully functioning electronic medical record systems, Pipia said.
Most EMR (electronic medical records) are expensive, Pipia said. Analyst Michael Klozotsky said he expects more ARM industry consolidations and acquisitions as some company owners look to depart from the business to avoid regulatory changes that will come with health reform. However, the health industrys inclination to use more health information technology and the Obama administrations commitment to helping fund the transition leaves an abundance of opportunity for companies that can help health care providers comply with new technology mandates, he said.
Mallory works for a debt collection agency. Also, she writes articles on business and finance, and collections. .
Discover Financial Services, facing the necessity for further funding while income is decreasing and credit card charge offs are increasing, received only a unenthusiastic response from the equity market as a public offering last week of its average shares had to be priced at a 12 percent reduction to the market.
Right now there is a extraordinary accumulation of risk aversion when it comes to credit cards, said Dan North, chief economist at Euler Hermes ACI, a trade credit insurance firm.
The credit panic started last fall. As a result, people started using their credit cards less, meaning less interchange income from transactions. The credit card firms have also become defensive, cutting credit lines, raising fees and changing interest rates from fixed to variable, both in response to the need for more revenue now and to prepare for the restrictions from the Credit Cardholders Bill of Rights, which goes into effect next year.
According to North, Discover cardholders have fragile credit ratings, on a whole, than holders of MasterCards, Visas and American Express cards, though those companies are struggling the same financial challenges.
All of those elements have also made it hard for a new competitor in the market, Revolution Money, a payment platform complete with credit card and money transfer service planed to compete with major card companies Visa, MasterCard, Discover and American Express. Revolution LLC, headed by AOL founder Steve Case, had longed to compete mainly by offering better security through a chip-based card and lower interchange fees to merchants.
A group of niche players that are acquiring more traction now, according to a Scripps Howard News Service report, is peer-to-peer lending (P2P), which effectively avoids traditional financial institutions. P2P lending services bundle pledges from individual investors and offer small loans to other individuals at attractive rates, a model that could evolve into direct competition for credit cards.
Mallory Megan works for a debt collection agency. She also writes stories on business, finance, and collections agencies.
