Debt Buying

A group of Democratic attorneys general have reached out to a handful of Senators in an attempt to lobby against a pair of bills that would allowing debt buyers to bypass state interest rate caps and undo an Appeals Court ruling which ruled that a debt buyer was not privy to …

The Office of the Comptroller of the Currency, a federal regulator that oversees large, national banks, has come forward with an endorsement for the financial services firms it regulates to get into the short-term, small-dollar lending market. Traditionally known as payday loans, small-dollar loans have traditionally been the market of …

Agora Data, an online marketplace for buying and selling portfolios of auto loans, has announced a partnership with Nancy Hughes, an “industry-leading debt acquisitions expert,” to “expand the scope of services and solutions” offered by the company. Agora was started last April after its founders identified a number of roadblocks …

The amount of defaulted debt that is available to be purchased is increasing, and the price to buy that debt is falling, yet most of that debt is unavailable to be bought by the rank-and-file members of the industry, according to a published report. In fact, the larger debt buyers …

February 9, 2018 (Sacramento, CA) – Leaders from Receivables Management Association International (RMA) honored outstanding members this week at the association’s 21st Annual Conference—Play Your Best Hand—in Las Vegas, Nevada. Irwin Kirschenbaum, owner of Kirschenbaum & Phillips, P.C., received the Bud Reitzel Lifetime Commitment Award for his dedication to the …

February 8, 2018 (Sacramento, CA) – Members of Receivables Management Association International (RMA) elected Directors and Officers to its Board yesterday at the association’s annual conference. Of the ten-member Board, nine are continuing service from the previous year (some in new roles) and one is serving his first term. The 2018 Directors …

Bloomberg BusinessWeek has published a must-read story about a man who was being hounded by collectors for debts he did not owe. But rather than make payments or just stop answering the phone, the man started digging. And he ended up digging all the way until he found Joel Tucker. …

Michael Bernstein, the owner of MEB Finance Solutions and one of the founders of CMAX Finance, and Flock Specialty Finance have formed a partnership to help finance debt buyers and their purchases of portfolios. This year has already been a good one for Flock. Originations are up 140% over last year’s …

PRA Group has announced plans to open two call centers – one in North Carolina and one in Nevada – which will employe more than 800 staffers once fully operational. The North Carolina call center, which will be in Burlington, N.C., has a capacity for 500 employees, according to a …

For the first time, the ARM industry has a defined process when buying and selling judgments. The Receivables Management Association last month released an update to its Receivables Management Certification Program (RMCP) that covers the sale of assets secured by a judgment. A copy of the RMCP is available here. …