And you thought your collection agency was bad. It has been revealed in recent news that an Irish gangland boss has found a new calling- debt collection. This criminal progidy has been associated with twelve deaths; a threat even more looming than a collections letter.
Most of the time, legit creditors who aren't gang members will hire out third party collection agencies to retrieve debts. Bill collectors work on commission, where they receive a percentage of the amount of money that they collect. Oftentimes collection agencies will purchase debt from the creditors so that they can collect the entire sum of money owed.
The Irish thugs seemed to have borrowed inspiration from this practice, but the similarities end there. The boss of the notorious Irish gang has established his own collection agency, purchasing debt and using his reputation to bully his way into gathering the money owed. The unfortunate debtors are drug users who are unable to repay dealers.
Lawful collection agencies will generally start with a gentle "reminder letter." If the debtor is hostile or evasive, the letters will become sterner. Phone calls are used as well to remind those who owe money to pay up. If these tactics fail, the agency has the right to report a debt to credit bureaus, or file a lawsuit.
Conversely, the Irish gangland collection agency will use its reputation as a group of ruthless murderers and criminals to intimidate debtors into paying back drug money. Fortunately, the head of this operation has been arrested, and the Justice Minister of Ireland has vowed to do everything in his power to ensure that the accused will be brought to justice.
So next time you get a telephone call from a bill collection company, try to keep things in perspective. And if you are ever in Ireland, it is probably not a good idea to take out a loan with a heartless gang.
Most of the time, legit creditors who aren't gang members will hire out third party collection agencies to retrieve debts. Bill collectors work on commission, where they receive a percentage of the amount of money that they collect. Oftentimes collection agencies will purchase debt from the creditors so that they can collect the entire sum of money owed.
The Irish thugs seemed to have borrowed inspiration from this practice, but the similarities end there. The boss of the notorious Irish gang has established his own collection agency, purchasing debt and using his reputation to bully his way into gathering the money owed. The unfortunate debtors are drug users who are unable to repay dealers.
Lawful collection agencies will generally start with a gentle "reminder letter." If the debtor is hostile or evasive, the letters will become sterner. Phone calls are used as well to remind those who owe money to pay up. If these tactics fail, the agency has the right to report a debt to credit bureaus, or file a lawsuit.
Conversely, the Irish gangland collection agency will use its reputation as a group of ruthless murderers and criminals to intimidate debtors into paying back drug money. Fortunately, the head of this operation has been arrested, and the Justice Minister of Ireland has vowed to do everything in his power to ensure that the accused will be brought to justice.
So next time you get a telephone call from a bill collection company, try to keep things in perspective. And if you are ever in Ireland, it is probably not a good idea to take out a loan with a heartless gang.
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Experiencing difficulties collecting credit? Collections can aid you. This article, Irish Gang Branches Out Into Bill Collection has free reprint rights.
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