Collection Agency Rapid Recovery Solution Comments on an Article Regarding a Correlation between Gold Lending and Outstanding Loans

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The CEO of the collection agency Rapid Recovery Solution responds to an article published by Vietnam Net regarding a connection between outstanding loans and gold lending.

On October 9, collection agency Rapid Recovery Solution reacts to an article published by Vietnam Net which reveals that gold lending may be responsible for a large portion of outstanding loans.

The article explains that in the second quarter of 2012 The State Bank of Vietnam planned to submit to the government the strategy on “mobilizing gold from the public,” but the drafted plan is not public information yet. According to Vietnam Net, “Analysts have warned that the bad debt ratio in lending in gold now accounts for a relatively big proportion in the total outstanding loans. Therefore, if the State orders to stop mobilizing gold right now or in some days, banks would fall into the liquidity problem, which means that they would not have gold to pay to customers.”

John Monderine, CEO of collection agency Rapid Recovery Solution, advises, “The gold problem has gone on for years. Ever since the US came off the Gold Standard, we have been printing money trillions of times over what we can afford. The credit problem goes all the way up to the highest points of government, why should the people think any differently?”

The article explains that while some banks are only accepting one or two month long short term gold deposits, other banks are raising gold deposit interest rates in hopes to appeal to gold depositors. According to the article, “A banker has assured that the gold deposit balance has seen many big changes since May 2012 because of the gold price fluctuations. When the gold price exceeded the 47.4 million dong per tael threshold, people sold gold in big quantities to make profit.”

Founded in 2006, Rapid Recoverys Solution Collection Agency is headquartered at the highest point of beautiful Long Island. RRS Collection Company is committed to collecting your funds. We believe that every debtor has the ability to pay if motivated correctly. Rapid does not alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.

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