ComplianceOnline

Consumer Debt Collection - Best Practices

Instructor: Scott Transue
Product ID: 704063
  • Duration: 90 Min

recorded version

$149.00
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Recorded Link and Ref. material will be available in My CO Section

Training CD

$299.00
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CD and Ref. material will be shipped within 15 business days

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Read Frequently Asked Questions

This webinar will describe the Act in general, along with the other four laws that affect debt collectors as a whole: the Fair Credit Reporting Act, HIPPA, the Truth in Lending Act, and the Uniform Commercial Code. Attendees will learn what you can and cannot say and do with regard to consumer debt collection. In addition, the course will discuss tools you can use to hasten collecting consumer debt, without going to court in many instances. Finally, it will discuss the advantages and disadvantages of getting judgments, forgiving debt, and how to handle being sued by a debtor for allegedly violating the law.

Why Should You Attend:

Consumer debt collection is among the most highly-regulated arenas you will ever encounter within the accounting profession. Even though you are legitimately trying to recover money owed to your firm, it can often feel like the debtor has more rights than you do. The goal of this webinar is to minimize uncertainty regarding what you are allowed (and not allowed) to say and do. It will cover the three major areas of the Fair Debt Collection Practices Act that get even veteran collectors in trouble. It will also cover the other four laws that affect collections: the Fair Credit Reporting Act, the Truth in Lending Act, HIPPA, and the Uniform Commercial Code.

In addition, the course will:

  • Examine in detail the different types of bankruptcy and how to protect your interests if a debtor includes your firm in a bankruptcy proceeding.
  • Discuss tools you can use to recover more money quickly without necessarily having to go to court.
  • List the pros and cons of securing judgments and forgiving debt.
  • Detail how to handle getting sued by a debtor for allegedly violating statute.
  • Discuss real-world case studies to demonstrate just how complex the collections world can be.

Areas Covered in the Webinar:

  • The Fair Debt Collection Practices Act – Origins and Who it Applies to
  • The Fair Credit Reporting Act, Truth in Lending Act, HIPPA, and Uniform Commercial Code
  • The Big 3 – Areas that Trip Up Even Veteran Collectors and Staying Compliant
  • Bad Check Recovery – A Tool You May Not Be Aware Of (Subject to State Law)
  • Post-Dated Checks – Should You Accept Them?
  • Bankruptcy – Protecting Your Interests
  • Judgments and Forgiving Debt
  • Civil Liability
  • How to Handle Being Sued by a Debtor

Who Will Benefit:

  • Credit Managers
  • Collection Managers
  • Accounting Managers
  • Controllers
  • Chief Financial Officers
  • International Sales Managers
  • And anyone who has a direct or indirect responsibility for maintaining their company's cash flow and minimizing the risk of selling on credit.

Instructor Profile:

Scott Transue is an enrolled agent based out of Albany, New York. He owns his own tax preparation and representation firm, and has personally completed over 500 individual tax returns. He has unlimited representation rights for taxpayers and companies experiencing issues with the IRS.

He received a Master of Public Administration degree from the State University of New York at Albany. His professional career has included time as commissioner of finance for the city of Gloversville, New York and as a senior accountant with the New York State Department of Environmental Conservation.

Topic Background:

The Fair Debt Collection Practices Act is the single most important piece of federal legislation affecting consumer debt collection. Abide by it and you’re fine. Violate it and the fines can be severe.

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