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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
N.J. STATE APPEALS COURT SHORTENS STATUTE OF LIMITATIONS ON CREDIT CARD DEBT
- The statute of limitations on collecting retail credit card debt in New Jersey has been shortened to four years from six following a court ruling yesterday. The applicable state ruling should be one governing the sale of a good and not the one governing contractual claims, the state appeals court ruled. The statute of limitations on the sale of a good is four years, whereas the statute of limitations on contractual claims is six years. Lawrence McDermott, Jr., from Pressler & Pressler, which represented Midland Funding, the defendant in the case, said: “It appears the Appellate Division misinterpreted existing law or created new law.”
MOST PAYDAY, TITLE LOAN COMPLAINTS INVOLVE ‘EXCESSIVE’ DEBT COLLECTION PRACTICES: REPORT
- A new report from the Arizona Public Interest Research Group Education Fund analyzed 10,000 payday lending and title loan complaints filed with the Consumer Financial Protection Bureau and found that 91% of them “involved excessive debt-collection practices, bank account closures, and/or long-term cycles of debt.” Lenders are basing their decisions on their ability to collect and not the borrowers’ ability to repay, the report concludes.
ACA INTERNATIONAL MEMBERS PARTICIPATE IN CFPB’S SBREFA HEARING
- ACA International provides its summary of last week’s debt collection SBREFA hearing at the Consumer Financial Protection Bureau. A number of ACA International members participated in the hearing and ACA provided information to participants to help them make their case about the impact of the proposals on their businesses and the collections industry as a whole.
TELROCK INTRODUCES NEW AGE COLLECTION & RECOVERY PLATFORM
- Telrock Systems, an emerging leader in collections and recovery software, has announced the launch of Optimus, a new Software as a Service (SaaS) enterprise-wide solution that will serve as the new standard for what modern collection platforms require to meet the high and ever increasing demands of credit granting organizations today.
WORTH NOTING: Hotels are taking their cues from airlines and are ramping up charging for additional services, like in-room coffee … Why anti-to-do lists might make you more productive … Here are 19 tiny habits that lead to big results(#18 is not as easy as it sounds) … Here are some of Gene Wilder’s greatest quotes … The 12 books that Goldman Sachs thinks everyone should read this fall … The European Union just smacked Apple with a $14 billion tax bill … The nine best foods to buy in bulk … Five things you can fudge on your resume and five things you can’t … Examining more than 3,700 pages of Hillary Clinton’s schedule … According to a study, 85% of Americans suffer from financial anxiety … Seven ways to control your fear and advance in your career … Which workers are most full of themselves?
How to sway a defiant child
Inside Amtrak’s new high-speed trains
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
