Rapid Recovery Solution Reacts to OFT in the U.K. Protecting Consumers From Abusive Commercial Collection Agencies

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Rapid Recovery Solution responds to an article published in The Financial Times in the United Kingdom on the Office of Fair Trading’s (OFT) authority to penalize commercial collection agencies that use abusive tactics to collect debts from consumers.

On February 27, New York-based collections agency Rapid Recovery Solution responds to an article published in the UK's Financial Times about the Office of Fair Trading’s (OFT) authority to penalize commercial collection agencies that practice abusive tactics to collect debts from consumers.

According to The Financial Times article, “With concern growing about the debt collection practices of payday lenders and loan sharks, the regulator now has the power to suspend licenses with immediate effect for a year.” During the suspension year, licensees will be considered and will be treated as non-licensees, the OFT guidance stated.

The article reports that the OFT is currently conducting “several investigations” on companies they suspect are using abusive tactics to collect debts from targeted consumers. In the article, David Fisher, OFT’s credit director, said, “This important new power strengthens our ability to protect consumers from harm.” Fisher added, “We will not hesitate to use it in the most serious cases where there is an urgent need to protect people.”

CEO of Rapid Recovery Solution, John Monderine, is pleased with the OFT’s new roles. “With mounting concerns of debt collectors’ abusive behaviors worldwide, we support OFT’s new role and we’re glad they’re addressing abuse issues and protecting consumers from companies using dubious tactics, or, worse, pressuring consumers to pay debts that are inaccurate or non-existent,” Monderine says. “It’s crucial that consumers know that this type of behavior is unacceptable and that the guilty parties will be penalized for their actions.”

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.

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