Drobot Dean / AdobestockIt can be hard to keep on top of all the developments in the ARM space, but we have you covered with our weekly recap of some top stories.
On Tuesday, we highlighted an analysis of Q2 data from the Federal Reserve on credit card charge-offs and delinquencies. The 2024 numbers from the second quarter still indicate an increase in charge-offs and delinquencies, marking a 12-year high. This is the kind of information that can allow you and your business to plan for what is coming. With an estimated 9-12 months between charge-off and litigation, this data can help collectors know when to expect an increase in volume.
On Wednesday, we shared how a Pennsylvania federal judge sanctioned two attorneys from J.P. Ward & Associates, LLC, for having employees draft falsified dispute letters on behalf of clients in debt collection cases. U.S. District Judge Cathy Bissoon found dispute letters, written by firm staff, were filled with nonsensical and irrelevant content. The attorneys admitted to drafting the letters, claiming client permission, but Bissoon rejected the explanation. She ordered the attorneys to pay all defendant fees, write apology letters to their clients, and attach her memorandum detailing their misconduct to any future debt defense cases they file in her court.
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