Return of the bailiff as banks hire hundreds to chase wave of credit defaulters

Industry News | 07/06/20

Banks are building teams of debt collectors in anticipation of a large wave of credit defaults once payment holidays and coronavirus state aid schemes come to an end in the autumn, Telegraph Money can reveal. Some high street banks are putting together teams of outsourced contractors of up to 250 people at a time to chase unpaid bills. Others have already set aside profits to offset losses or are consulting on how to deal with anticipated large-scale redundancies, which will lead to people not being able to pay back what they owe.

Source: The Telegraph