Debt collection industry faces "perfect storm"

[AAD News Feed]

Debt collection industry faces "perfect storm"

This is a duplicate of the Blog Entry made on 15th May 2012 11:54.

The debt collection industry is facing a “perfect storm” because the current methods of pursuing debt are not working, a survey has concluded....

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[SaltnVinegar]

Re: Debt collection industry faces "perfect storm"

One survey respondent summed up the problem by saying: “Increasingly, there are more debt cases that cannot pay, rather than simply won’t pay.”

Although that may be the case, I also think what you will find is that the 'cannot pays' are now more aware of their consumer rights, and are not frightened by bully boy collection tactics into paying more than they can afford.

Consequently, you are now finding that people who were frightened into using the mortgage, council tax, utility bill money to pay debts are now pushing back, hence the longer payment arrangement terms.

You reap what you sow fellas, if you hadn't been so arrogant and greedy in the first place this position wouldn't have occurred as people wouldn't have started setting up forums like this to combat your 'industry'

SnV