“Repos Gone Bad” – The Huffington Post Article

Editorial

Dallas, TX – Mach 22, 2012 – I had just checked in at the Omni Mandalay in Las Colinas for the North American Repossessors Summit (NARS) when I received an email. The Huffington Post had just published an article about the state of the repossession industry titled “Repos Gone Bad: Are Big Lenders To Blame for Driveway Violence?” Having been one of many interviewed by Dave Jamieson, I confess some apprehension in what was to be published. Upon reading it several times, I felt that for the most, he got it right.

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Dismantling Atomic Bombs – 8 Things in the Repossession Process that Get Lenders Sued

To the outside world, collections looks pretty simple, call people and guilt and threaten them into paying money they owe. The reality is, collections is perhaps the most complicated and litigious area of any lending institution. Think of all of the interconnecting regulations pertaining to bankruptcy, credit reporting, the FDCPA, the UCC, California’s Reese Levering Act and the archaic FTC rules on telemarketing and they’ll see just how simple it really is.

Amazingly, most of us dance through this legal minefield daily with no trouble at all. Regardless, it is always wise to put on our “thinking caps” from time to time and keep the thought processes of both ourselves and our staff sharp.

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