Bohemia, NY (PRWEB) November 26, 2012
On November 26, 2012, debt collection company Rapid Recovery Solution released a statement following an article on BBC News regarding the warning issued to the payday loan industry to improve their methods of loaning money and collecting debts.
According to the BBC News article, “The Office of Fair Trading (OFT), in an interim report, says most of the 50 big firms it has been inspecting do not operate fully by its rules.” The article states the OFT has been worried about the way these firms loan money and the methods they go about when collecting debts. The article mentions that the OFT, “has now begun formal investigations into several payday lenders over aggressive debt collection practices.”
According to the article, OFT director of consumer credit, David Fisher, has notified 240 payday lenders with warning to improve. Fisher stated in the article that, "What we are discovering is that right across the sector problems exist and the industry as a whole certainly needs to raise its game.” The article mentions that the industry is now lending out double the amount they did a year ago, eclipsing £1.8 billion a year.
John Monderine, CEO of debt collection company Rapid Recovery Solution, understands the risk of lenders loaning money out, but stresses the importance of paying those lenders back. “Although I wouldn't recommend borrowing money from a payday lender, I understand the need. If the industry is going to be regulated on how they collect the money they lend then the borrowers need to also be held legally to have to repay the debt. The risk is too high for the lenders and most of these people really need the money or else they wouldn't borrow it,” said Monderine.
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO 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.