"Whilst London House is not a
debt collection agency (DCA), what do you make of the recent figures released
by The Credit Services Association?"
Frankly, they are mind
boggling! We are not a DCA but do of course become involved in tracing the
debtors, interviewing them or indeed serving papers on them. The figures
released by the CSA (based on member information submitted to them) show that
agencies are currently recovering nearly £6m debt everyday. As at the end of
March, the total value of unpaid consumer debt held by CSA members for
collection was £58billion.
The total number of
consumer debts awaiting collection stands at a staggering 32 million. The CSA
members have reported a trend of new consumers falling into debt for the first
time, with many consumers having nothing left to cushion them from any
emergencies which may arise. It appears that the double dip recession has
resulted in an increase in the number of debtors from more affluent households
seeking financial help and advice.
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