Debt collectors face hard times


Robin T Cox

"There is a general perception that running a debt collection agency will
be easy and lucrative. This is wrong. Even large debt collection agencies
are finding the market tough, with small profit margins and very
competitive trading conditions. Consequently, it will be difficult for
new companies to enter the market successfully. Contrary to popular
belief economic downturns do not bring good news for debt collectors as
the recession tends to lead to increased reluctance or inability to pay
debts by companies and individuals alike..."

- From a fact sheet issued by the Debt Buyers and Sellers Group of the
Credit Services Association (the debt collectors' union).

However, there are cheering words for those whose business is buying and
selling debts:

"As a sub division of the Credit Services Association (CSA) the DBSG works
for the benefit of those involved in buying or selling debts (or
intermediaries in the sale process).

Debt sale and purchase has truly established itself as a key part of the
recovery process working in, and with, the debt collection industry. It is
estimated that debts with a face value of £6 billion will be traded in the
sector this year."

Indeed, and the list of members reveals many well-known household names:

In the interests of dispelling the widespread ignorance about this
industry, and its vital contribution to our national economic well-being,
I'm very happy to recommend readers to view the published fact sheets:

Employment as a Debt Collector

Frequently Asked Questions about UK Debt Collection Practices

Starting in business as a Debt Collection Agency


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