Wednesday, September 16, 2020

How to Report Harsh Debt Collectors

    September 16, 2020   No comments

Mshwari and KCBMPESA

If you default on your loans, most lenders will look for help from Debt Collection Agents to recover their money from you.

The Debt Collection Agent  business started becoming popular in Kenya especially when the loan apps invaded the lending market.

The number of defaulters immediately crossed of over a million ,data reported by the Central Bank from the Credit Reference Bureaus (CRB).

With this high number of defaulters, lenders especially the loan apps began looking for debt collection agent services to get their money back from the borrowers.

We already have well known debt collectors like Finley International a company we never knew before till when Tala and the rest started seeking debt collection services from the company.

Debt collectors have a history of being abusive,sending threats and never understand. They can call you more than 10 times in a single hour, send multiple messages and even threaten to take legal actions against you.

Mr Joseph Njuguna ,Head of FirstIdea Consulting , a debt collection company, also East Africa Managing Director for International Centre for Professional Debt Collection (ICPDC) says all debt collectors causing harassment are scammers.

Professional debt collection should be friendly, allowing the borrowers to give any possible way of making the repayment within the terms convenient to the customer.

If you've read the loan facility terms properly, you can even go ahead and sue the agent threatening and harassing you to the police for being too much on you.


Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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