Greece creditors have expressed serious concerns over the sustainability of the country’s debt, midst of the Greek parliament preparation to vote on the third bailout. However they believe extending debt maturities and ease terms will bring back borrowings to a sustainable level. The Greece economy has grown at a quarterly rate of 0.8% in the…
The Mexican agency for protecting bank customers has fined debt collectors for harassment.
Debt collection agencies have been fined approximately $12 million.
Most of the complaints to the Mexican regulator was due to people getting calls for debts they were not aware of.
Source: ABC news
Bulgaria is deeper in debt arrears in the first half of 2015 than last year. Debt collectors were asked to recover more than 983 million leva which is about 502.5 millions Euros.
Mobile phone operators made the most requests to debt collectors to recover 432 million leva in 2015.
Source: The Sofia Globe
The state of Queensland in Australia is fast approaching $1billion in debt from unpaid fines. The government has abandoned the plan to use debt collectors to collect the fines. The outstanding fines were at $980 million dollars at the end of April. The new government is looking at other measures to recover the unpaid fines. Read…
GCS Partners Greg Cohen and Albert Knowles have been elected to the 2015 IACC (International Association of Commercial Collections) Board of Directors. IACC is made up of commercial collection agencies, associate, law list and affiliate members. IACC serves members in the US and 25 other countries. Members of IACC recover millions of dollars annually for their…
The percentage of Americans having at least one account in a third party debt collection system has fallen to a post-financial crisis low in the fourth quarter of 2014.
The average balance of accounts in collection has also fallen for a second straight quarter.
Source: Inside Arm, Patrick Lunsford
South Africa has a spending culture with low savings levels, which is evident in many segments of the population. With a low growth rate and a tough economic environment in South Africa, consumers have turned to accessible unsecured credit facilities. Data analytics can be used to predict the best possible date to collect debts from…
British businesses are being hampered by late payments, where 60% of firms are having to wait for 60 days or more for payments. According to research done by Sage, 457 small businesses in the UK expressed that late payment had improved only marginally compared to 12 months ago. However it shows the continuous failure in…
A State Duma lawmaker and member of the ruling party in Russia has submitted a bill in parliament to introduce a temporary ban on the collection of mortgage debts in foreign currency. This bill has been drafted to prevent mass default of individual clients and public tension, protection of consumer rights and prevent the real…
The US Securities and Exchange Commission has filed legal action against a hedge fund and its owners for defrauding customers.
Investors have lost millions as the hedge fund run by a former debt collector who had no experience in hedge fund management.
Source : Inside ARM, Patrick Lunsford
