Dear Editor,
This is an open letter to the Minister of Finance and Planning Peter Phillips:
I would be failing my duty if I did not make mention of the commendable job you have been doing in your portfolio responsibilities and with a high level of professionalism.
Unfortunately, I cannot make a general statement for the rest of the Government but, as the saying goes, "Recognition is highlighted by outperforming your peers".
I wish to query the following issue relating to debt collection companies:
1. Are these companies licensed under the Banking Act and subject to the same rules and regulations as commercial banks?
2. Are these institutions allowed to charge whatever interest rates they wish, not related to the commercial bank rates?
3. Are they required to appraise clients of their balances on a regular basis giving breakdown of interest charges?
4. Should they refuse to tell clients what is their balance when requested?
5. Should they meet with clients without having the customer's file during the meeting?
6. Do they have legal authority to dispose of a property to recover alleged balances, despite their reneging on their fiduciary responsibility as per 2,3,4, and 5?
7. Is an oral acceptance to settle an account legally binding?
8. Is it acceptable for debt-collecting companies to not be able to show any written correspondence over a 12-year period advising clients of their indebtedness?
9. Is the company taxed similar to the commercial banks?
10. What's the legal status of an unserviced account after 9 years?
Your response to these questions is anxiously awaited.
Tony Miles
tonymiles1940@gmail.com
Debt collection companies need regulation
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This is an open letter to the Minister of Finance and Planning Peter Phillips:
I would be failing my duty if I did not make mention of the commendable job you have been doing in your portfolio responsibilities and with a high level of professionalism.
Unfortunately, I cannot make a general statement for the rest of the Government but, as the saying goes, "Recognition is highlighted by outperforming your peers".
I wish to query the following issue relating to debt collection companies:
1. Are these companies licensed under the Banking Act and subject to the same rules and regulations as commercial banks?
2. Are these institutions allowed to charge whatever interest rates they wish, not related to the commercial bank rates?
3. Are they required to appraise clients of their balances on a regular basis giving breakdown of interest charges?
4. Should they refuse to tell clients what is their balance when requested?
5. Should they meet with clients without having the customer's file during the meeting?
6. Do they have legal authority to dispose of a property to recover alleged balances, despite their reneging on their fiduciary responsibility as per 2,3,4, and 5?
7. Is an oral acceptance to settle an account legally binding?
8. Is it acceptable for debt-collecting companies to not be able to show any written correspondence over a 12-year period advising clients of their indebtedness?
9. Is the company taxed similar to the commercial banks?
10. What's the legal status of an unserviced account after 9 years?
Your response to these questions is anxiously awaited.
Tony Miles
tonymiles1940@gmail.com
Debt collection companies need regulation
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