Collecting an Unpaid Debt in New York

New York debt collection requires street smart, a proactive game plan and the assistance, often, a debt collection lawyer in New York.  The following is the NY basic debt collection legal jargon that you should know. A creditor is a person or entity to whom money is owed.  Normally, a creditor gives something of value to a borrower (money or services) in exchange for a promise that the borrower will pay them back.  In most cases, repayment is accompanied by an additional payment of interest.  Examples of creditors include credit card companies, banks, or any other person or company that lends money.  However, other businesses, such as medical professionals, lawyers and accountants are creditors when they provide services in exchange for a promise to pay. A secured debt is a debt or loan that is guaranteed by collateral.  Collateral is an item of value that the creditor takes as payment if

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Ongoing Investigation in New York into the NY’s P2P Lending Industry

New York is investigating whether peer-to-peer lenders are required to be licensed to operate in the state of New York. Peer-to-peer lending, sometimes abbreviated P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers. Since these peer-to-peer lending companies offer their services online, they are run with lower overhead and provide services cheaper than traditional financial institutions like those licensed in New York. As a result, these online peer-to-peer lenders can earn higher returns compared to savings and investment products offered by New York licensed financial institutions, and borrowers can borrow money at lower interest rates, even after the P2P lending company takes its fees for its services. P2P lenders are used around the world as an alternative means for businesses in many countries to access funds for start-ups, expansion and improvement. However, these companies are also subject to

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