What Happens When the Professional Repossession Industry Dies?

EDITORIAL

Well, this isn’t likely to help in my job hunt in lending and collections, but I’ve got to get it off my chest.

A friend of mine who works in a repossession related business, recently had a meeting with a leader of a large financial organization who assigns their work through a large forwarding company. Their conversation turned to fees and my friend brought up the fact that many repossession agencies are closing due to decades long stagnant fees created by the forwarding model. The leader of this organizations indifferently said, “that’s their problem.”

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Developing World-Class Debt Collectors

cu_academyFOR IMMEDIATE RELEASE

The science behind success? Training formulas that work

WYOMING, MN; March 6, 2013. The best debt recovery strategy includes a tool box filled with formulas that work, even when circumstances change. Industry experts at CU Recovery, the leading collection solution for credit unions, see the future of training trending towards establishing resources that are member- focused and dedicated to supplying collectors with the working knowledge and skills that are needed, when they are needed. And studies continue to show that workers learn best from one another, or from peers in the same industry. CU Recovery will be providing essential training and resources for tough collection challenges at their September CU Recovery Collection Academy.

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Capital One to Pay $10K for every Wrongful Repo on Servicemen

July 28, 2012 – In its second settlement in eight days, Capital One Bank will pay $12 million in restitution to troops who were unlawfully denied reprieve from high interest rates, foreclosure and car repossession while on active duty. As the result of alleged violations of the Servicemembers Civil Relief Act (SCRA), Capital One has agreed to settle on allegations it is accused of denying legal process and protections to during the period of July 15, 2006, to November 21, 2011.

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