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
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.