Debt Collection & India
the New York Times reports. Indian collectors are “very polite, very respectful, and they don’t raise their voice,” says one CEO. And a big payout in India can be a quarter of the salary American collectors expect.
Ever since outsourcing to India took off in a big way, Americans have been used to receiving calls from India for health care claims, calling cards and credit card sales. However debt collection today has become a big business for business process outsourcing companies in India. Especially as the American economy slows down, its consumers are finding it difficult to pay for their purchases. While country cousin mortgage loans involve complex state and national laws for collections, they are almost always handled by debt collection companies using their teams in the United States. Credit card, auto and other sundry debts have become prime candidates for collection from overseas BPO centers.
As the US financial crisis plunges Americans into debt, the debt collection business today is one of the fastest growing sectors in Indian outsourcing. Though its good for Indian BPOs the agents are on the receiving side of the crisis with frequent cries of "how do you expect me to pay, i don't even have money to eat" and even more frequent claims of declaring bankruptcy after trying all means of debt consolidation through debt settlement companies, that is if they manage to reach the debtor. In most cases debtors have moved houses or changed their numbers adding to the woes of collectors. However industry experts feel, that the debt collection business will continue to grow as debt rises and companies look to cut costs and find more innovative and cost effective means to collect on their debt.
How does this impact the debt collectors? Have they wisened up to the debt economy, do they themselves pay off their credit card bills and other payments religiously? Have they vowed to stay clean of debt? Or will they also receive a collection call one of these days as banks and FIs fight to stay liquid.
Ever since outsourcing to India took off in a big way, Americans have been used to receiving calls from India for health care claims, calling cards and credit card sales. However debt collection today has become a big business for business process outsourcing companies in India. Especially as the American economy slows down, its consumers are finding it difficult to pay for their purchases. While country cousin mortgage loans involve complex state and national laws for collections, they are almost always handled by debt collection companies using their teams in the United States. Credit card, auto and other sundry debts have become prime candidates for collection from overseas BPO centers.
As the US financial crisis plunges Americans into debt, the debt collection business today is one of the fastest growing sectors in Indian outsourcing. Though its good for Indian BPOs the agents are on the receiving side of the crisis with frequent cries of "how do you expect me to pay, i don't even have money to eat" and even more frequent claims of declaring bankruptcy after trying all means of debt consolidation through debt settlement companies, that is if they manage to reach the debtor. In most cases debtors have moved houses or changed their numbers adding to the woes of collectors. However industry experts feel, that the debt collection business will continue to grow as debt rises and companies look to cut costs and find more innovative and cost effective means to collect on their debt.
How does this impact the debt collectors? Have they wisened up to the debt economy, do they themselves pay off their credit card bills and other payments religiously? Have they vowed to stay clean of debt? Or will they also receive a collection call one of these days as banks and FIs fight to stay liquid.
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