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jimbo45

Barclays reducing staff -- Debt Collection no longer profitable

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Hi there

Over the weekend -- can't remember the exact reference -- Barclays said it was going to have to shed some staff mainly in the Debt Collection business as this area "due to poor Client growth prospects" doesn't have the capacity for growth that we are looking for in our future investment stategy.

 

In "Money speak" or "Stock Exchange" terms this means that people who can are paying off debts too quickly while the one's that are having trouble can't pay sufficient to make the business profitable enough any more.

 

Thanks to CAG etc -- many people have been able to reduce payments to 1 GBP a month in many cases where the OC or DCA has wanted a LOT MORE or even due to faulty paperwork get the debt annulled altogether.

 

So expect a few more really Bottom feeders to emerge but they won't last too long.

 

It's good to see finally that DCA's etc are beginning to have financial problems -- but expect some desperate tactics from these people as they finally languish in their death throws before extinction sets in.

 

Cheers

jimbo

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Sounds like a death bell beginning to toll for this miserable industry... I always understood industry to be a word that meant people worked and grew and the area they were in profited... with the DCAs they may be having their last meal.

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