As a result of a Federal Trade Commission lawsuit, a federal court has temporarily halted the operations and frozen the assets of a phantom debt collection scheme and its operators. The scheme has operated under numerous names, including Blackrock Services, Blackstone Legal Group, Capital Legal Services, Quest Legal Group, Viking Legal Services, and others.
For years, enhancing payment security often came at the expense of user convenience. Complex authentication processes, multistep verifications and transaction delays were the norm.
The use of pay later plans has grown as consumers seek more flexible payment options.
The PYMNTS Intelligence eBook “10 Impact Statements: The 2024 Pay Later Report” explored how these installment plans are being used, who benefits from them and the reasons behind their adoption. The findings revealed key trends in consumer payment preferences and offered insights into the future of financial flexibility.
In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act (WCA), reversing a judgment in two debt collection actions.
The financial tech revolution is reshaping the landscape of debt resolution, presenting collections executives with both challenges and opportunities. As automation and advanced negotiation tools become integral to the industry, staying ahead of these trends is essential for optimizing processes and outcomes.
.jpg)
.jpg)