1. Who Are The Debt Collectors?
Debt is the situation undergone by individuals when they have borrowed some money from any
individual or institution and are facing difficulty to pay it back. The debt collectors are professional
individuals, firms or companies who work for any financial institutions which lend money to other
individuals and firms. The job of the debt collecting individuals and institution is to extract the money
borrowed by individuals and companies who are failing to pay it back or are facing difficulties to do so.
These collection agencies and individuals contact you over a stretched period of time until and unless
you come up with the money. This period is stressful as the collection agencies will continuously ring
you, visit your home and office places and almost make your life a living hell. These collectors are the
link between the lender and the borrower.
The debt collectors have a share of profit out of the money they
extract from the borrowers. The system starts with the financial
institutions contacting them to extract the money from the
burrowers. These debt collectors brisbane thereafter contact the
individuals who have borrowed the money from the banks and
the other financial sources. The first demand placed in front of
you is to re-pay the full amount of your debt along with the
interest. In case that you do, the collection agency takes a certain percentage out of the total sum and
then returns the majority of the extricated amount to the financial house worthy of the amount.