Learn customer service strategies and best practices that will enable you to avoid or minimize payment disputes.
Borrowers seeking to repay consumer debts have various options for making payments. This material will discuss those options and the potential business complications presented by each option. Unfortunately, payment disputes between borrowers and consumer lenders and servicers of consumer debts are all too common. This material will discuss the most common types of payment disputes and the litigation claims produced by these disputes, including the risks that these claims present for consumer lenders and servicers of consumer debts. Good customer service practices can avoid payment disputes, assist with promptly resolving them before they result in litigation, and position consumer lenders and servicers of consumer debts for successful outcomes when lawsuits are filed. This topic will discuss customer service strategies and best practices that will enable lenders and servicers to achieve their goals and expand their businesses.
Learning Objectives
- You will be able to identify common payment methods that borrowers seeking to repay consumer debts have for making payments as well as potential complications.
- You will be able to recognize key components of regulations which govern payment disputes and claims.
- You will be able to recognize violations and damages under the FDCPA
- You will be able to identify customer service strategies and best practices that will enable consumer lenders and servicers of consumer debts to avoid or minimize payment disputes.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Payment Methods Available to Consumer Borrowers and the Laws Governing These Payment Types
- Checks, Including Cashier's Checks
- ACH and Other Electronic Payments
- Telephone Payments
Common Payment Disputes and Resulting Litigation Claims, With Case Examples
- Pay to Pay Claims - Fees Charged for Certain Types of Payment Methods
- Claims Based on Fees for Missed Payments and Overdrafts
- Claims Based on Alleged Misapplication/Misdirection of Payments
- Claims Based on Alleged Misrepresentation of the Amount Due and Owing
- Other Claims Based on Customer Service Conduct, Including Alleged Harassment and Abuse
Customer Service Recommendations for Avoiding and Resolving Payment Disputes
- Clear, Complete, and Easy to Understand Disclosures in Account Agreements and Other Written Documents
- Use of Scripts in Customer Service Calls and Adequate Training of Customer Service Reps
- Flexibility to Waive Certain Fees or Make Other Accommodations to Resolve Disputes
- Whether to Record Calls With Customers and the Importance of Note-Taking
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on September 13, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 1.6 including Business Management and Organization 1.6
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Management and Organization for 1.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Eric M. Hurwitz
Stradley Ronon Stevens & Young, LLP
- Partner in the office of Stradley, Ronon, Stevens & Young, LLP
- Co-chair of the firm’s Financial Services Litigation practice group.
- Practice focused on defending financial institutions from claims arising out of nearly every type of consumer and commercial financial product.
- Defends both single plaintiff and class action lawsuits against banks, mortgage lenders and servicers, student lenders, credit card companies, auto finance companies, debt collection companies and other financial services institutions.
- Conducts regular seminars and workshops on numerous consumer finance topics.
- Author of publications concerning the mortgage industry, including the Fair Credit Reporting Act, Equal Credit Opportunity Act, and regulations promulgated by the Consumer Financial Protection Bureau.
- B.A., University of Texas at Austin
- J.D., Boston University School of Law
- South Jersey Biz, Best Attorneys in Business for litigation
- Contact information [email protected] or 856-321-2406
Christopher A. Reese
Stradley Ronon Stevens & Young, LLP
- Associate in the Cherry Hill office of Stradley Ronon Stevens & Young, LLP
- Practice focuses on defending financial institutions from claims arising out of nearly every type of consumer and commercial financial product
- Defends both single-plaintiff and class-action lawsuits against banks, mortgage lenders and servicers, student lenders, credit card companies, auto finance companies, debt collection companies, and other financial services institutions
- Author of publications concerning legal issues affecting the consumer finance sector, including mortgage lending
- J.D. degree, Temple University Beasley School of Law; B.A. degree, University of Maryland Baltimore County
- Can be contacted at 856-321-2408 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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