Dirty Tricks Uncovered in Debt Collection Department

The Sunday Times yesterday [12 April 2009] published an excellent report on its investigation into LloydsTSB debt collections department. The Insight team had a reporter working in the department.

This long article confirms what we have all been saying about the disgraceful treatment of debtors by the banks and other financial institutions. The Lloyds revelations are repeatedly described as ‘industry practice’. So this stands as a marker for other banks.

The only counters to the report are a comment about an annual inspection [Oh! Per-lease!!!] and a statement of ‘what jolly good chaps we are’ from the bank.

Staff are poorly paid and work to an incentive scheme. The pressure is on them and clearly there is either no monitoring or it is to push the staff harder. The latter is more likely. As I have always thought the problem is systemic and starts right at the top. People are mere milch-cows to them.

But we are people and, dammit, we now own the miserable organisation.

Some of the stories of the behaviour of these staff relates better to the wartime Gestapo and the old Soviet KGB.

The failure to observe the rules such as the Banking Code and the Consumer Protection Regulations is obvious. But, as I point out, we have to fight hard to remind these organisations of their duties.

Please note my encouragement and instructions as to how to do this here in previous blogs, on my website – where you will also find the first part of my book on sale: Control Your Debt Crisis on Your Own Terms: How to make Creditors and Debt Collectors Obey the Law.

Any incentive scheme is doomed to distort and cause difficulties. The biggest one of them all – the world casino run by the banks like Lloyds would you believe – has just tumbled the world into the worst disaster it has known for at least 80 years; and by some reckonings even longer.

So I think it is time they cleaned their act up and behaved like responsible parts of the society which protects them through Company Law, rather than as leeches –  a term they seem keen to make stick to them.

So my thanks – and I am sure yours – for such an excellent article which we know to be accurate, and a welcome support to efforts to get the law and its parts observed.

Joseph Harris

Debt Control Man


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