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Debts have a shelf-life. From the moment a consumer defaults on payment, a clock starts ticking down. If the clock runs out entirely, the creditor or current owner of the debt cannot legally sue to recoup or collect on it.
That's an important distinction, however: a collection agency or debt buyer may not legally sue to recoup or collect a debt; that doesn’t mean that a collection agency can’t attempt to collect it at all.
This To the Point distills the information presented in our insideCompliance webinar. It comes complete with a link to the full video recording of the webinar -- great for use for all-staff trainings and quarterly in-services -- as well as a Certificate of Completion and the full transcript of the webinar. This is a great resource for tracking training, allowing regulators and clients to see your agency's commitment to continuing compliance and education!
Product: PDF Download, including link to webinar video and Certificate of Completion
Pages: 55 pp
Published: October 2015
About the Presenters
How to Use This To the Point Guide
Statute of Limitations: An Overview
New York State Law: A Look at Specific Requirements
Statute of Limitations: From a Regulatory Perspective
Risks and Mitigations
Encore Capital Group Consent Order
Portfolio Recovery Consent Order
Statute of Limitation Chart (up to date as of Nov 2015)
Where Collection on Out-of-Stat Debt is Barred
The Effect of Partial Payments
Where Partial Payment Does NOT Revive the Debt
Written Notification: Where and How?
What Does the FTC Say About Out-of-Stat Language?
Appendix A: insideOperations Out of Stat Transcript
Appendix B: insideOperations Out of Stat PowerPoint
David Kleber, Bedard Law Group: David Kleber joined Bedard Law Group in 2015 after 20 years as a collections attorney, including 5 years as managing attorney of a national recognized firm. David is a frequent speaker and published author on such topics as bankruptcy and garnishment law. David is one of three Board Certified creditors’ rights specialists in the State of Georgia, and he has served as President of the Georgia Collectors Association.
Kelly Knepper-Stephens, Stoneleigh Recovery Association, LLC.: Kelly Knepper-Stephens is General Counsel and Chief Compliance Officer for Stoneleigh Recovery Associates, LLC, a debt recovery solutions company. Her work focuses on government regulation, compliance, and civil litigation; she advises her employer and its clients on the FDCPA, FCRA, TCPA, GLBA, HIPAA, and other federal and state regulations. She is a Debt Buyer Association International Certified Receivables Compliance Professional and has earned the Credit & Collection Compliance Officer designation from the American Collectors Association.