Debt collectors offer to help collect unpaid COVID-19 loans


Debt collectors offer to help collect unpaid COVID-19 loans

The Credit Services Association has urged the Government to give debt collectors a bigger role in collecting unpaid coronavirus support loans. With concerns growing that up to 60% of loans may not be repaid, a total of £26bn, the CSA believes it can recover twice as much as banks – 30p in the pound on each defaulted loan, rather than 15p. The CSA says a policy of frequent contact could yield an extra £3bn-£6bn. CSA chief executive Chris Leslie said: “When such vast sums of taxpayer money have been lent to business in the expectation it will eventually be repaid, ministers have a responsibility to pursue an effective, as well as a sensitive, approach to recovering that debt.”


Read more: The Times


 

www.sardison.co.uk


Log into your account here, or click here to sign up!


Visit our website here for more news and product information, or click the button below to submit a short enquiry form for your finance needs.