Debt collection conditions ‘stable’

Conditions for companies trying to retrieve debts from individuals living in the UK have stabilised over the course of the past few months, according to the latest data.

The credit risk management group TDX has revealed that its figures show that the credit crunch has not made it any more difficult for creditors to retrieve money they are owed.

Millions of consumers are feeling the financial pinch and are facing serious debt management problems but they are as forthcoming with their repayments as they were at the beginning of the year.

However, the rising scale of debt management woes around the country meant that creditors now struggle much more to enforce debt collection than was the case three years ago.

Demand for credit among British consumers is being constrained at present by a range of economic factors, according to the latest assessment from the British Bankers’ Association.