November 2nd, 2020.

Recent reports in the press advising that banks may be looking to bring in third-party debt collection to collect Bounce Back Loans (BBLs) that go “bad” raises a number of important issues.

Debt collection agencies have always supported banks in collecting non-performing loans, credit card debts, mortgages etc. so to that extent the story is nothing “new”. What is new, perhaps, is the tone in which the story is being reported, and that seeking professional help is a sensible step for banks and government to protect what is, in many ways, the public purse.

Certainly, whether directly or indirectly, the availability of credit impacts us all, and we should applaud those who take steps to strike the correct balance. Banks fear they may be “overwhelmed” with the task and are, understandably, concerned about protecting their reputations. They are also concerned about the increased blurring of the lines between personal and business debt, and the accelerated focus on vulnerability. Which is precisely why expert help is required.

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