Debt Collection India Recovery India USA Europe

Crowdfunding Crowdfunding is the process of funding your projects by a multitude of people contributing a small amount in order to attain a certain monetary goal. Goals may be for donations or for equity in a project. The USA is in the process of making rules to control the crowdfunding.  Supporter of regulation claimed that crowdfunding would open up the flood gates for fraud, called it the “wild west” of fundraising, and compared it to the 1980s days of penny stock “cold-call cowboys.” The process allows for up to 1 million dollars to be raised without a lot of the regulations being involved. Companies under the then-current proposal would have a lot of exemptions available and be able to raise capital from a larger pool of persons which can include a lot lower thresholds for investor criteria whereas the old rules required that the person be an “accredited” investor. These people are often recruited from social networks, where the funds can be acquired from an equity purchase...

Fair Debt Collection Practices Act USA There is abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors. Abusive debt collection practices contribute to the number of personal bankruptcies, to marital instability, to the loss of jobs, and to invasions of individual privacy.   Existing laws and procedures for redressing these injuries are inadequate to protect consumers.  Means other than misrepresentation or other abusive debt collection practices are available for the effective collection of debts. It is the purpose of this title to eliminate abusive debt collection practices by debt collectors, to insure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent State action to protect consumers against debt collection abuses. Please read the complete Act at  Fair Debt Collection Practices Act USA

Are you aware of the benefits of debt management plan? Debt management plan can be beneficial for you, if you’re struggling to keep up with your monthly payment. The credit counselors associated with the debt management companies can help to negotiate with the creditors to lower the monthly payment. The counselor may determine a budget plan after reviewing your  financial situation . He may conduct a credit counseling session in order to guide the consumers to inculcate a good spending habit. Therefore, enrolling in a debt management program can help you avoid filing bankruptcy. In order to know about other benefits you need to continue reading the article. Here are some of the advantages of debt management plan: 1.  Negotiation with the creditors:  The credit counselors associated with the debt management company can negotiate with the creditors on your behalf to lower the interest rate on the principal balance. Your monthly payment is reduced once you manage to lower...

Skip tracing In my experience, company should try to have all the requisite information at the time of the first contact with their customer. Asking the right questions so that your file is equipped with the right information up front lays the foundation for getting what you need later on.  I discuss herein below various type of skip tracing and methodology.   One can broadly define the three Types of Skips and successfully fit each and every skip that I worked into one of these categories. The theory here is that once you know what type of skip you are looking for, you can immediately know what direction to take your investigation without wasting time on leads that don’t fit the profile. Out of Pocket: This skip can sometimes be difficult to locate, but they usually are not intentionally hiding. He / She might have had to relocate to a new area for a job, marriage, divorce, etc. They had to use all of their available cash on hand for the relocate. Once this skip is lo...

Debt Collection Letter U.S. 9th Riggs v PROBER & RAPHAEL Opinion by Judge Callahan  we have previously held that a collection letter, called a “validation notice” or “Dunning letter,” violates § 1692g(a)(3) of the FDCPA “insofar as it state[s] that [the debtor’s] disputes must be made in writing.” Camacho v. Bridgeport Fin., Inc., 430 F.3d 1078, 1082 (9th Cir. 2005). Unlike the validation notice at issue in Camacho, Prober’s notice did not state that Riggs must dispute her debt in writing. Riggs argues that Prober’s notice nonetheless violates § 1692g(a)(3) because it implicitly requires written disputes. Assuming without deciding that Prober’s notice can be understood implicitly to require written disputes, we hold that a validation notice violates § 1692g(a)(3) of the FDCPA only where it expressly requires a consumer to dispute her debt in writing. We hold that Prober’s notice does not violate § 1692g(a)(3) of the FDCPA by impermissibly requiring Riggs to dispute her debt i...

Indian banks write off Rs 15,000 crore bad debts annually Recently the Parliamentary Standing Committee on Finance complained against the government policy on issuing license. The Committee earlier suggested for giving priority to financial inclusion and other social objectives while issuing addition bank license to the private banking sector. The Standing Committee is headed by the Bharatiya Janata Party leader Yashwant Sinha. It also suggested for evaluation on the basis of the Banking Correspondent Model (BCM) and rationale of levying charges on banking services through the model. The suggestions were given on the basis of Finance Minister Pranab Mukherjee’s announcement in the Budget 2010-11 on extending the geographical coverage of banks and improving access to banking services through issuance of new banking licences to private players and nonbanking finance companies (NBFCs). Despite the measures taken by the government and the RBI to extend the rural reach of banking, there a...

India’s government debt structure mitigates macro-economic imbalances According to Moody’s Investors Service the structure of India’s government debt which is largely owed domestically, in rupees, at relatively low real interest rates and at long tenors has mitigated the credit challenges stemming from India’s high fiscal deficits and large government debt burden during a period of slower growth, currency volatility, and rising interest rates. The government’s debt financing profile benefited from an increase in India’s domestic savings during previous years of high GDP growth, as well as from capital controls and bank liquidity requirements which channel a portion of private savings into government debt. Over the last decade, the domestic financial system absorbed longer term government debt at relatively low real interest rates. Interest rates paid on Indian government debt have been significantly lower than India’s GDP growth rate, and this interest-growth differential has led lo...

Government’s total public debt India The total public debt of the Government marginally decreased to Rs.4, 625,037 crore at end-March 2014 from Rs.4, 629,689 crore at end December 2013 accounting for (QoQ) decline of 0.1% (provisional) compared with an increase of 3.1% in the previous quarter (Q3 of FY13). Government Finances— The gross fiscal deficit of the Central Government in revised estimates (RE) 2013-14 (FY14) was placed at Rs.5,24,539 crore (4.6% of GDP) as against budgeted level of Rs.5,42,499 crore (4.8% of GDP). The gross and net market borrowing requirements of the Government were, however, reduced in RE for FY14 to Rs.5, 63,911 crore and Rs.4, 68,902 crore from budgeted levels of Rs.5, 79,009 crore and Rs.4, 84,000 crore, respectively. Gross fiscal deficit for FY15 is budgeted (in interim budget 2014-15) at Rs.5, 28,631 crore (4.1% of GDP) with corresponding gross and net market borrowings at Rs.5, 97,000 crore and Rs.4, 57,321 crore, respectively. During the year 2013-...

Credit Industry India Credit to industry increased by 12.3% in April 2014 as compared with 13.1% in March 2014. Deceleration in credit growth to industry was observed in all the major sub-sectors, barring mining and quarrying, beverage and tobacco, rubber, plastic and their products, petroleum, coal products and nuclear fuels, leather and leather products, glass and glassware, vehicles and construction.  The services sector credit increased by 17.1% in April 2014 as compared with 16.1% in March 2014. Personal loans stand at 14.5% in April 2014 as compared with 15.5% in March 2014. Growth in the components of personal loans in April 2014 stood at housing (17.1%), advances against fixed deposits ((-)1.4%), advances to individuals against shares, bonds, etc. (13%), education (9.7%) and vehicle loans (17.4%).  Source: PHD Research Bureau, compiled from RBI

Cheque Bouncing Jurisdiction Law India IN THE SUPREME COURT OF INDIA Dashrath Rupsingh Rathod Versus State of Maharashtra & Anr   Once the cause of action accrues to the complainant, the jurisdiction of the Court to try the case will be determined by reference to the place where the cheque is dishonoured. The general rule stipulated under Section 177 of Cr.P.C applies to cases under Section 138 of the Negotiable Instruments Act. Prosecution in such cases can, therefore, be launched against the drawer of the cheque only before the Court within whose jurisdiction the dishonour takes place except in situations where the offence of dishonour of the cheque punishable under Section 138 is committed along with other offences in a single transaction within the meaning of Section 220(1) read with Section 184 of the Code of Criminal Procedure or is covered by the provisions of Section 182(1) read with Sections 184 and 220 thereof… .read more

Gross Bank Credit grows at 10.2% On a year-on-year basis, gross bank credit stands at 10.2% in Aug 2014 as compared to 12.6% in July 2014. The growth of food credit stands at 9.5% in Aug 2014 as against 14.8% in July 2014 and the non-food bank credit increased by 10.2% in Aug 2014 as compared to 12.6% in July 2014.  The credit to NBFCs increased by 4.1% in Aug 2014 as compared with 11.5% in July 2014. The credit to agriculture increased by 18.8% in Aug 2014 as compared with 19.5% in July 2014.  The gross bank credit stands at Rs. 57,293 billion as on Aug 2014 as compared to Rs. 51,991 billion as on Aug 2013, posting a growth of about 10.2%. Credit to industry increased by 7.6% in Aug 2014 as compared with 10.1% in July 2014. Deceleration in credit growth to industry was observed in all major sub-sectors, barring construction, glass and glassware, rubber plastic and their products, leather and leather products, beverages and tobacco and mining and quarrying. The services sec...