London House: Influx of employment indicates huge growth ahead for debt collection
With personal debt in the UK now over £1.1 trillion, risk control services franchise London House highlights a recent report from the Credit Services Association (CSA), which found that debt collection agencies are dramatically increasing their employment to cope with the workload of collecting on personal debt.
The survey of the CSA's 200-strong membership found that 61 per cent had increased the size of their workforce over the last 12 months, with 72 per cent believing that staff numbers will further increase as the market continues to grow. One employer expected to recruit 120 new employees by the end of the year, with half of these recruits expected to be women.
'There are currently only a finite number of people with relevant skills and aptitude to work in the collections industry,' says Godfrey Lancashire, Managing Director of London House and President of the CSA. 'It will take companies some time to train new recruits to the level of expertise required to do what can be a difficult and demanding job. Increasingly, agents work with the debtor in managing a solution, with the emphasis on rehabilitating the debtor to return to financial stability as a future consumer. Being able to distinguish between the 'won't pays' and the 'can't pays' is not something that can be learned overnight.
'With our national franchisee network of investigators nearing completion, we are keen to speak to professional individuals interested in a stimulating and varied business to help us meet the demands of this growing industry.'