Partners Financial Services, Inc.

Day-to-Day with Partners Financial Services, Inc. where "Your success is our success!"

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In-House Sales Representative

As an In-House Sales Representative, you will be responsible for building and creating new prospect relationships, turning newly built relationships into hot prospects, closing hot prospects and maintaining your client portfolio for future placements. We collaborate with our client base to design programs that are unique to their individual companies, and with the use of our Quality Plan forms, you will be responsible for finding out what the prospects needs are when it comes to Debt Collection, Loan Servicing, and Billing solutions and proposing  solutions based on their needs and our capabilities as an agency. There will be several out of town conferences and client visits per year, and the ability to travel is necessary.

The position is a Salary plus commission compensation package. Salary is based on experience within the Collection & Sales industries, and commission is a percentage of generated fee income from your client portfolios. We offer medical and dental benefits, vacation time, and a health reimbursement plan.  

Please reply with your resume & salary requirements. Website: www.partners-mo.com    

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Economists Anticipate Stronger Economic Growth in 2014 - By ACA International

"Projected gains in spending and employment contribute to the most optimistic economic growth forecast from the American Bankers Association’s Economic Advisory Committee since 2005.

Bank economists are predicting improvements at many levels of the U.S. economy in 2014, including the gross domestic product, housing market and unemployment rate. The improvements are expected as private-sector demand accelerates and fiscal drag eases, the American Bankers Association’s Economic Advisory Committee reports.

The committee projects GDP  growth, adjusted for inflation, for 2014 to be 3 percent, compared to 2.3 percent each year since the end of the recession in mid-2009. The highest GDP since the recession was 2.8 percent in 2010.

"This will be the strongest economic growth since the expansion began in 2009, and the committee’s strongest forecast since 2005," said chairman Christopher Low. "We expect faster growth in business investment and stronger job creation as the economy  improves," he said.

Housing market growth is expected this year as wages increase and the unemployment rate continues to decline. Nationwide, home prices are expected to rise with residential investment increasing 12.3 percent in 2014.

The committee reports consumers are more confident about their finances in the new year and that spending will support economic growth during the coming months. That trend is expected to influence growth  outside of the housing market and consumption for stronger business spending and exports in 2014.

The upcoming approval of a two-year federal budget agreement without significant tax increases or spending cuts will also benefit the economy, according to Low.

"For the first time since 2009, businesses and consumers can plan with much less worry about disruptive policy battles," he said.

Jobs and consumer credit are also expected to  improve in 2014. Job growth could increase to more than 200,000 each month this year, according to the committee. The members also predict loan delinquencies will be at low levels in 2014 and 2015.

"Banks will continue to meet the needs of their consumers as we work to make the loans that help drive our economy forward," Low said."

Written by ACA International

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Student Loan Debt Levels Surpass Other Consumer Borrowing - Written by: ACA International

Federal Reserve seeks to provide more data about national trend.

Economists with the New York Federal Reserve are monitoring student loan debt trends as the amount of money people owe for their education continues to grow, according to a recent Moneynews article.  

The Fed economists are researching the trends to determine if high student loan debt will damage U.S. growth, in part by limiting  sales of houses and cars.

Education debt was more than $1 trillion in the third quarter of 2013, and the amount of loans in delinquency for 90 days or more increased to 11.8 percent, according to article.

Mortgage, credit card and auto debt loan delinquencies have all decreased from their peak levels.

According to the Fed, 43 percent of 25-year-old Americans had student debt in 2012 compared to 25 percent in 2003. The average loan  balance increased 91 percent to $20,326 from $10,649.

The Fed is not the only source of data about student loan debt trends, but economists did find there are gaps in how often that information is released and the type that is available.

The Department of Education releases information on federal loans, not private loans, once per year for borrowers who have missed payments for at least 270 consecutive days, according to Moneynews. Its  data is released during two- and three-year periods after students graduate or drop out.

Private student loans make up about 15 percent of the market.

“Our job is to really understand what’s happening in the financial system,” said New York Fed President William C. Dudley in the Moneynews article. “People can have trouble with the student-loan debt burden—unable to buy cars, unable to buy homes—and so it can really delay the cycle,”  he said.

Written by: ACA International

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Private Colleges’ Student Lending Practices Face Scrutiny

"Student lending practices at for-profit colleges are under investigation by state attorneys general and the Consumer Financial Protection Bureau, The Wall Street Journal reports.

States and the CFPB are working to uncover “deceptive” student lending and other practices, Kentucky Attorney General Jack Conway told the Journal.

Conway is leading 32 state attorneys general in the investigations. “I expect in 2014 you’ll  see action by the CFPB in coordination with states in coming months,” Conway told the Journal.

The investigation includes student loans from outside investors issued through the colleges and the promise of job placement for their students.

The for-profit college industry is under overall scrutiny from the Obama administration and Democratic lawmakers for allegedly issuing student loans with high interest without providing complete  information about the lending terms.

CFPB may take legal action against Corinthian Colleges Inc. and ITT Educational Services Inc. because of their lending practices.

The Securities and Exchange Commission and the Education Department are working on a plan to not issue federal student aid to for-profit and community colleges if past students had high loan default rates or debt levels after graduating, according to the Journal.

Corinthian  and ITT are under investigation by the SEC. Additionally, Corinthian is part of a Justice Department review to determine if they changed attendance records to keep federal education aid.

ITT and Corinthian have lending agreements to help comply with federal requirements that private colleges have at least 10 percent of their revenue from sources other than federal education aid.

However, critics say the colleges will take losses on student  loans to meet the requirements and keep the federal revenue coming in.

For-profit colleges take in approximately $30 billion in federal grants and loans, supported by taxpayer dollars, each year.

Read more about the CFPB and states’ investigation in The Wall Street Journal. (Subscription required)." - ACA International

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Question of the Day

Question: How can I find out if the debt collection agency I'm speaking with is a legitimate company? Answer: The most effective way is to go to website of  the Secretary of State's office in which the debt collection agency is located and see if they agency is registered as a business in that state.

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Important Tips for Consumers to Identify Legitimate Debt Collection Activity

"

ACA International and its state units issued a press release in an effort to combat debt collection scams.

In response to recent news reports about debt collection scams, ACA International offers the following tips for consumers to identify legitimate collection activities.

“Unscrupulous scams hurt consumers and unnecessarily impedes legitimate debt collection efforts,” said ACA International CEO Pat Morris. “The recovery of consumer debt is vitally important to our local, state and national economies. Those who purposely violate the law to exploit consumers should be held fully accountable for their actions.”

In addition to federal and state regulatory oversight of the debt collection industry and state law, the federal Fair Debt Collection Practices Act (FDCPA) outlines several important items that consumers can use to discern a legitimate attempt to recover a debt. Generally:  

A debt collector may not contact a consumer at times known to be inconvenient to the consumer - assumed to be contact prior to 8 a.m. and after 9 p.m. in your time zone.  Further, a debt collector may not contact a consumer at his/her place of employment if they know that such contact is prohibited by the employer or consumer.

A debt collector may not communicate, in connection with the collection of the debt, with anyone other than the consumer in question or his or her attorney (or the consumer’s spouse unless prohibited by state law). 

For debt collection communications, a debt collector must disclose its identity to the consumer and notify the consumer that the communication is from a debt collector, and (in the initial communication) that any information obtained will be used to effect collection of the debt.

A debt collector may not make false representations and may not threaten to take action (e.g., lawsuit, jail, garnishment, etc.) against a consumer if it doesn’t actually intend to seek such action.

A debt collector must notify consumers of their right to dispute the validity of the debt, in part or in full, with the debt collector. The notice is required to be sent by debt collectors within five days of the initial communication with the consumer and the consumer has 30-days to request verification of the debt from the debt collector.

If the consumer disputes the validity of the debt within the 30-day time period, a debt collector must cease collection of the debt until it provides verification of the debt.

Consumers should also take great care when giving out personal information including a credit card, bank account or Social Security number until certain of the authenticity of the other party. Consumers should monitor his/her credit report, as well as accounts and immediately report any suspicious or unauthorized purchases to the bank or credit card provider. If a consumer believes his/her identity has been stolen, [s]he should contact the local police department and visit www.ftc.gov/idtheftfor information on what to do.

“Debt collectors are not an enemy of consumers,” Morris said. “We are advocates for protecting consumer rights while balancing the ability to recover rightfully owed obligations that maintain America’s credit-based economy.” For more information about working with a debt collector visitwww.askdoctordebt.org." - ACA International

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ACA International Update on the FCC's revised TCPA Regulations

"FCC’s Revised TCPA Regulations Take Effect October 16

New FCC rules provide more stringent regulations on telemarketing calls.

In February 2012, the Federal Communications Commission (FCC) issued new rules under the Telephone Consumer Protection Act (TCPA) that further distinguish between telemarketing calls and non-telemarketing calls. One of the main amendments will soon become effective, but will primarily impact telemarketers, not debt collectors.

Effective Oct. 16, 2013, persons must obtain a consumer’s “prior express written consent” in order to make telemarketing calls to a wireless number using an automatic telephone dialing system or prerecorded voice, or to residential lines using a prerecorded voice. Notably, this new prior express written consent requirement does not apply to non-telemarketing calls (such as debt collection calls). Although debt collectors still need “prior express consent” to use an automatic dialing system or prerecorded voice to call a consumer’s wireless number, such consent is not expressly required to be in writing.

The 2012 FCC ruling also eliminated the established business relations exemption for calls to residential lines, which allowed for prerecorded calls to residential lines without obtaining the consumer’s express consent. However, debt collection calls that are made to residential lines will still fall under an exemption for calls that are “made for a commercial purpose but that do not include or introduce an unsolicited advertisement or constitute a telephone solicitation. . .” Therefore, debt collection calls to residential lines should not be impacted by the change—debt collectors may continue to make prerecorded voice calls to a consumer’s residential line without obtaining the consumer’s prior express consent.

Overall, the new regulations essentially leave the collection industry in the same place it was before the new rules. Debt collectors are still permitted to use automated dialing systems or prerecorded messages to call a consumer’s residential line without obtaining the consumer’s prior express consent, but still need the consumer’s prior express consent to call a wireless phone using an automatic telephone dialing system or prerecorded voice.

For more detailed information on the TCPA and the new restrictions, members are encouraged to review the following Fastfaxes: An Overview of the TCPA and the FCC’s Regulations, Fastfax #9515; and Autodialers and Prerecorded Messages, Fastfax #9518. Members can access ACA’s Fastfax library on the Fastfax page of ACA’s website." - ACA International

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CVTA Members - Please Read

CVTA Members,

Fred Stamey, Director Truck Driver Program, Sampson Community College received a call from a man calling himself Michael Davis from Martin Transport. Mr. Davis called the school  looking for students  drivers.

  He indicated that he is a recruiter for Martin Transport. (HE IS NOT) and once he has access to the students, he instructs them to wire funds to him for orientation and transportation. He assures them that the student will be reimbursed upon arrival. He is asking for $150 - $175.

  The number he is providing is a throwaway phone so it can't be tracked.

  Please be sure to warn all your staff and students that Carriers do not require funds up front for a job.

Thank you Mr. Stamey for the heads up!

[partnersfinancialservices-blog]

We're Hiring!!!!

3rd Party Collection Agency in Fenton, MO 63026

- Collection and Loan Servicing Accounts

  REQUIREMENTS:

*Full time

* MUST have 2 YEARS 3rd-party debt collection experience

* Typing speed at least 45 wpm

*Knowledge of FDCPA, FCRA, TCPA

  PERKS:

* MONTHLY BONUS potential

* NO WEEKENDS and NO LATE NIGHTS              

        M-TH 8-6, F 8-4:30

* Vacation & Benefit package

* Casual attire

  PLEASE INCLUDE ANSWERS TO THE FOLLOWING QUESTIONS IN YOUR REPLY EMAIL:

1) What is your average monthly bonus?

2) What is the average number of your daily outbound calls?

3) What is your collection style?

4) What is a high point of your collection career?

  To be considered you MUST REPLY WITH YOUR RESUME' & ANSWERS TO THE QUESTIONS

APPLY & RESPOND HERE: http://stlouis.craigslist.org/csr/4105145175.html

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Hi Ben, Thank you so much for following up! That is “stellar customer service!” Yes, everything went smoothly. And I appreciate the instructions for getting the report I need. Thanks again and have a great day!

A great morning compliment from a valued client.

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New Federal Communications Commission (FCC) regulation affecting all businesses

As members of APSCU, Partners Financial Services, Inc. received an email in regards to the Federal Communications Commission's (FCC) new regulations under the Telephone Consumer Protection Act (TCPA. Please review the following information.

"We want to draw your attention to a new Federal Communications Commission (FCC) regulation affecting all businesses. On October 16, 2013, the new Telephone Consumer Protection Act (TCPA) regulation goes into effect and any business making marketing calls to cell phones and/or on phone equipment that has the capacity of becoming an automated dialing system could face significant fines ($500-$1500 per violation) if the business contacts an individual who has not given the business express prior written consent to do so.

The document provides a general background on the TCPA regulations, frequently asked questions businesses may want to ask themselves or their vendors, and several articles from or prepared on behalf of APSCU Allied Members. Should you have any questions or comments, please do hesitate to contact APSCU's Director of Government Relations, Don Lefeve, at 202-336-6816 or by email at [email protected].

Sincerely,

Steve Gunderson                                       Mitch Talenfeld CEO, APSCU                                              President, MDT Direct"

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President Proposes Student Aid Overhaul

Funding would be tied to a new college rating system.

President Barack Obama on Aug. 22 proposed an overhaul to the federal student aid program that would link funding to how well colleges and universities score in affordability and student performance.

The president unveiled the plan during a speech at the University of Buffalo. He said schools would be evaluated on several criteria, such as average tuition and student loan debt, graduation rates, and the average income of graduates. Federal financial aid distribution would be tied to the ratings, meaning students attending schools with better ratings would receive larger grants and more affordable loans.

Obama’s plan calls for the rating system to be implemented by 2015, with aid distribution based on the ratings occurring by 2018. Congressional approval would be needed for this to happen.

Higher education financing—particularly student lending—has been a topic of much discussion in recent months. On July 1, interest rates on federally subsidized Stafford student loans doubled. On Aug. 12, the president signed a bill that ties interest rates to the financial markets—retroactively lowering current rates, but setting up future rates to increase.

The Consumer Financial Protection Bureau also recently announced that total student loan debt in the U.S. has now reached roughly $1.2 trillion.-ACAInternational

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U.S. Consumer Borrowing Continues to Grow

U.S. borrowing increased by $13.8 billion in June to a seasonally adjusted $2.85 trillion, the Federal Reserve reported on Aug. 7 in its monthly report on consumer credit.

Revolving credit, the category that includes credit cards, dropped $2.7 billion in June. Nonrevolving credit, which includes auto and student loans, increased by $16.5 billion.

The May to June increase was down from the April to May increase, which was $19.6 billion. That was the largest single-month increase since May 2012, and was spurred by a more than $6 billion bump in revolving credit.

See the full Federal Reserve report. 

*(This Article was written & published by ACA International @ http://www.acainternational.org/news-us-consumer-borrowing-continues-to-grow-28639.aspx)

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"Need some "reel" help?" Partners Financial Services, Inc. is a leader in client tailored recovery solutions. We know that all schools aren't built the same and that's why we partner with our clients to tailor make a recovery program that works for them. Come see us at the FAPSC 2013 Annual Conference in Miami, FL!

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ACA International's 2013 Annual Conference

This year Partners Financial Services sent senior management to the ACA International Annual conference in San Diego, CA for continuous improvement, federal updates and vendor research. Two days prior to the start of the conference all of senior management attended the CFPB (Consumer Financial Protection Bureau) update and compliance seminar to better explain the new federal regulations to clients and update internal compliance to be inline with the moral and ethical standards of ACA International and consumer risk prevention and protection standards of the CFPB. "As a company we are always striving for continuous improvement and compliance perfection. It's good to know that with the new regulatory power of the CFPB that the agencies who are causing problems within our industry will now be held to the same standards we have always held ourselves to." - Holly McNabb, GM at Partners Financial Services, Inc. The 2013 Annual Conference proved to be of great value for Partners. "At this conference we were able to build relationships with new vendors and like minded agencies within the debt collection industry. New vendors and industry collaboration leads to happy clients, happy consumers and better recovery." - Ben McNabb, Recovery Consultant at Partners Financial Services, Inc. "Through our collaboration with other agencies we were able to identify new KPI (Key Performance Indicators) to judge portfolio productivity and dive deeper into individual collector productivity which will lead to higher account liquidation rates for our clients." - Bill McNabb, GOM at Partners Financial Services, Inc.

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The Partners Financial Services, Inc. Team at the 2013 Susan G. Komen Race for the Cure St. Louis

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Should I Update My Consumer Contracts to Allow Cell Phone Contact From 3rd Party Vendors? Yes you should!

CDC Statistics Show the Number of Cell Phone Only Households Continues to Grow

The U.S. Centers for Disease Control and Prevention (CDC) conducts a semi-annual survey of general health in the U.S. As part of that survey, they measure the connectivity of U.S. households and their chosen methods of communication. The latest survey from the CDC released in June 2013 contains several noteworthy findings:

Nearly two in every five American homes (38.2 percent) had only wireless telephones during the second half of 2012—an increase of 2.4 percentage points since the first half of 2012.

In addition, nearly one of every six American homes (15.9 percent) received all or almost all calls on wireless telephones despite also having a landline telephone; these are classified as “wireless mostly” households.

Thus, 54.1 percent of U.S. households rely either exclusively or predominantly on wireless telephone service. - ACA International

Read the full study here: http://1.usa.gov/11lputE