2006RUS

And you thought your collection agency was bad. It has been revealed in recent news that an Irish gangland boss has found a new calling- debt collection. This criminal progidy has been associated with twelve deaths; a threat even more looming 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.

The Irish gang members seemed to have gotten inspiration from this practice, but the similarities end there. The boss of the disreputable Irish gang has created his own collection agency, purchasing debt and using his notoriety to bully his way into gathering the money owed. The unlucky debtors are drug users who are unable to repay dealers.

Legitimate collection agencies will normally start with a mild “reminder letter.” If the person in debt is hostile or evasive, the letters will become more severe. Phone calls are also used as a cue to those who owe money to deliver. If these tactics fail, the agency 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 letter from a collections agency, try to keep things in perspective. And if you are ever in Ireland, it is probably not smart to take out a loan with a notorious gang.

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