Irish Gang Branches Out Into Bill Collection

And you thought your bill collector was bad. In recent news it has been revealed that a gangland boss in Ireland has taken on a new career – debt collection. This criminal mastermind has been associated with twelve deaths; a threat even more serious than a collections letter.

Usually, legitimate creditors who aren’t criminals will hire out third party bill collectors to retrieve debts. Collection agencies work on commission, where they receive a portion of the amount of money that they collect. Frequently collection companies will purchase debt from the creditors so that they can collect the whole sum of money owed.

It appears that the Irish hoodlums have borrowed inspiration from this practice, but the likenesses end there. The head of the notorious gang has made his own collection agency, buying debt and using his reputation to bully his way into gathering the money owed. The unfortunate debtors are drug users who are unable to repay dealers.

Reputable collection agencies will usually start with a gentle “reminder letter.” If the debtor is antagonistic or evasive, the letters will become more serious. Telephone calls will be used as well as a reminder to those who owe money to pay up. If these ploys fail, the company has the right to report a debt to credit bureaus, or file a lawsuit.

Conversely, the Irish gangland “collection company” will use its authority as a group of cold-blooded murderers and criminals to bully debtors into paying back drug money. Fortunately, the head of this operation has been arrested, and the Justice Minister of Ireland has sworn to do everything in his power to ensure that the accused will be brought to justice.

So next time you get a phone call from a bill collection agency, try to keep things in perspective. And if you are ever in Ireland, it is probably unwise to take out a loan with a ruthless gang.

Mallory McGuinness-Hickey is employed by bill collection company Rapid Recovery Solution and writes free lance articles on financial news.

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Category: Finance