“UK banks and building societies wrote off £9.5bn of loans to individuals in the 4 quarters to end Q1 2011.” (The Credit Action Group)
Such large figures being written off are never a good thing for the economy. With debtor’s credit ratings being devastated and in many cases, bankruptcy resulting, whilst the banks and debt collection firms loose out on monies they are owed. Investment in sound processes make sense for both parties. If debts go unpaid everyone stands to lose out.
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