Debt Collection Complaints Rise 50 per cent
According to latest statistics released by the Financial Ombudsman Service (FOS) the number of people complaining about debt collection has risen 50% in the last 12 months.
The statistics include complaints about harassment from agencies who may have been a little too heavy in the way they have handled client cases. The results show that it is more important than ever for the correct procedures to be followed in the recovery of debts.
A reputable debt collection agency will have the experience to work within guidelines resulting in less claims of harassment from debtors.
The complaints cover all areas of the financial industry with the biggest increases seen in payday lending, credit broking and packaged accounts. Payment protection insurance is another area presenting a heavy case load for financial ombudsmen.
Whilst PPI claims have begun to fall dramatically with many claims having already been worked through the system. There is however a growing intolerance to the practices of some debt collection agencies leading to the overall 50% increase in complaints.
To avoid having your business reported to the ombudsman for harassment, some of the key areas to avoid are repeated phone calls at inconvenient times or what can sometimes be seen as threatening behaviour when attempting to recover debts.