10 bad habits keeping you in credit card debt
We’re constantly amazed at some of the collection practices we’re advised about, and the fact that no action seems to be taken.
All to often it seems lawyers, on behalf of debtors, are the only ones out there taking real action against rogue collectors. Should we not be policing our industry more affectively ourselves, before we find it over-policed, by various legislative and regulatory bodies worldwide? History suggests they may be more stringent than is sensible, if creditors hope to have a fair chance of recovering their debts.
We are a global company with headquarters in Australia & Partner offices in over 90 countries. We pride ourselves on our name, our reputation & the knowledge that all our people are compliant with the strictest regulations.
Others seem to ignore the culture change that has occurred, and we believe they do so at their peril. Not only because of action from regulators and debtors, but because we are seeing clients all over the world distance themselves from those who don’t value these standards.
Being at or near the top of Google search, we are constantly contacted by debtor complaints, who have experienced the most appalling actions from (a) collection company/s with a name similar to ours. So much so that we are now forwarding all such complaints to the FTC & relevant international regulators. However, it is sad to read these days of alleged harassment, calls to work, friends and relatives and the taking of funds from bank accounts without authority, and this is coupled with little or no contact information from the companies, other than correspondence by email which goes unanswered.
We are, I am confident fully compliant, but the bad apples affect us all and we should be taking collective action against it.
Times are not changing – they HAVE changed. It’s time everyone took an interest in compliance & the changing culture within our industry. Most importantly, we must create a culture where all our peers are encouraged to take similar action.
Michael N Collyer | General Manager, Global Credit Solutions
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