Monthly Archives: January 2011

35 debt management firms close, 15 face action

The Office of Fair Trading has announced that in its latest action to curb wayward practices in the ‘debt management’ sector that 35 debt management firms have surrendered their consumer credit licences, and at least a further 15 firms are facing licensing action as a result of the OFT’s latest compliance review. The announcement is on [...]
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Icelands only growth industry, Debt Recovery

According to a report in the Financial Times by Andrew Ward, when Iceland’s banking sector collapsed in 2008, there was a ready replacement industry to lead the country forward and attract the foreign investors who kept their economy busy during the boom years with the banks. The industry wasn’t tourism or manufacturing but debt recovery and [...]
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Debt Recovery 2.0 as US debt firms use Facebook for debtor tracing

In looking through debt industry news and debt related articles this month from around the World and in the UK, we noticed an item from the US, in which it claims that apparently some US based debt collection agencies are now turning to social networks to track down on-the-run debtors? Debtor tracing is a service that [...]
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Businesses crack down on big debts and wayward debtors

According to many in the Debt recovery industry, patience is wearing thin with late payers and that despite companies still wanting to preserve good relations with their client’s, they are nonetheless not hesitating to issue late payers with the threat of legal action much sooner. For those in business, taking a customer down the debt recovery [...]
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Irish couple owe €800m to banks after property spending spree

Recent reports in the press have highlighted an eye watering debt level that would scare most Blue Chip businesses. According to reports, Brian and Mary Pat O’Donnell have claimed the Bank of Ireland is attempting to force sale on a prime London property asset without legal entitlement to do so. Property developer Mr O’Donnell is one [...]
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