The Most Powerful Financial CRM Software Available!

Start My Demo

Top News In Debt Management This Month

Published on September 30th, 2017

What’s New and Interesting In Debt Management News This Month

Photo: Credit CardEvery month there is breaking news regarding issues such as debt settlement regulations, debt, FTC debt settlement rules, and new debt management software that can help you. We want to make sure we keep you updated on all that is relevant and informative.

 

 

Justice Department Fines Citifinancial $907,000 for Illegal Repossession of Vehicles

The Justice Department fined CitiFinancial Credit Company $907,000 for violating the Servicemembers Civil Relief Act (SCRA) after the company illegally repossessed 164 cars that were owned by active duty members of the U.S. military. The repossessions were illegal because Citifinancial did not obtain court orders, even though it knew that the vehicles belonged to service members protected by the SCRA.

 

Transworld Systems Inc (TSI) Settles Claim Brought By the Consumer Financial Protection Bureau (CFPB)

TSI – an accounts receivable firm – announced that it has settled a claim brought by the CFPB that had lasted for more than three years. The CFPB alleged that TSI had violated several federal and state consumer protection laws related to the conduct of a legal firm that was hired to make collections on private student loans that were in default. The terms of the settlement were not announced, and TSI made no admission of guilt.

 

Consumer Financial Protection Bureau (CFPB) Acts Against Funding Company For Lying

The CFPB has taken action against Top Notch Funding, a firm that markets loans to consumers, which the CFPB alleges lied in its loan offers to consumers waiting for settlement payments from lawsuits and victim-compensation funds. These consumers included former NFL players involved in the big concussion lawsuit, as well as the families of those killed in the Deepwater Horizon oilrig disaster, and families of first responders that died in the September 11, 2001 terrorist attacks. The CFPB alleges that Top Notch Funding was deceptive about the cost of its loans, the size of the company, and how quickly consumers would receive their funds.

 

Federal Court Finds That Brookstone Law and Advantis Law Lied About Mortgage Relief

A federal court has found that Brookstone Law and Advantis Law, which promised consumers mortgage relief, lied when they guaranteed that they could obtain $75,000 or free-and-clear home ownership to clients who filed lawsuits against their mortgage companies. The Federal Trade Commission (FCT) took action against Brookstone Law and Advantis after winning a $20 million judgment earlier this year against four individuals who were also involved in the case. As part of the judgment, none of the people associated with Brookstone Law and Advantis law will be allowed to work in the debt relief industry in the future.

 

Federal Trade Commission Will Look Into Equifax Breach

The Federal Trade Commission (FTC) said it would investigate the Equifax security breach, which left the personal information of 143 million Americans vulnerable to hackers. Although the FTC does not usually reveal existing investigations, it broke its own rule and admitted that the Equifax data breach was so potentially damaging, that it was actively investigating how it happened.

Back to Blog

See why 1000 Users from 100 Companies use DebtPayPro

Take a Demo of our System

Find out why our customers trust us

Growing my business on the DebtPay platform has been everything I expected and hoped it would be. Their staff is knowledgeable and helpful. I made the best choice for our

David S
Debt Settlement Company

We use DPP to manage our direct mail marketing efforts, manage our leads and get finance applications signed. Using DPP has put us in the 21st century. We're closing more

John M
Lexus Dealership

We've been using DPP for 5 years. We've never considered using anything else. There isnt anything comparable. Our business runs efficiently, profitable and growing on their platform. Its always exciting

Mark C
Debt Settlement Company

I have been a client with DPP for almost 2 years. Their CRM has made our business so simple and easy to use. It has allowed us to grow our

Mary S
Student Loan Company

I've used a few other industry CRM's in the past. None of them compare to the functionality offered by DPP. Hands down the best platform on the market! We're not

Patrick R
Student Loan Company

Having used other CRM's in the past, I can say the value in DPP is un-paralleled. They offer so much functionality, customizations and dealing with their support team has been

Susan A
Law Firm