New York State Courts and now using ODR systems. Thanks to stay-at-home orders and most courts closed this past year because of the coronavirus pandemic, we are seeing increased interest in the use of online dispute resolution (ODR) systems by state and local courts. While only a handful of state courts have adopted ODR systems, …
New York State Courts Join the Ranks of Those Using ODR Systems Read More »
A solid debt recovery strategy is crucial for banks. As a one-off, a defaulted loan at a bank is not ideal, but it is usually a tolerable loss. When many defaults are taken together, non-performing loans en masse can result in the proverbial death by a thousand cuts. In tenuous economic times, during this unprecedented pandemic, defaults …
How to Use Online Arbitration (ODR) as a Collection or Debt Recovery Strategy Read More »
Arbitration is one option for resolving financial disputes and an arbitration award is also legally binding but many people still ask how to enforce an arbitration award. With arbitration, an impartial arbitrator will decide who pays money, if any, and how much. An award acts as a judgment, and it is a legal determination of …
Financial institutions, credit unions, CMBS, and other lenders are all too familiar with non-performing debt and currently find themselves in a unique situation with enforcement mechanisms limited due to the shutdown of many courts and offices, the curb on enforcement by certain authorities, or the perceived cost of enforcement. Each borrower who defaults on a …
The Cost-Saving Measures of ODR Designed to Resolve Debt Read More »
