When debt collectors come knocking

Various Federal Reserve Notes, c.1995. Only th...

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Debt collectors are the most feared people by people who are in debt. Their every call is so displeasing that debtors want to run away somewhere forever. Debt is such a fatal disease. It spreads, and spreads. Till nothing can be done about it. The brave face it. The meek think of devastating measures.

A class of debt collectors is High Court Enforcement Officers. They are the debt collectors in the United Kingdom. They come knocking on the doors of debtors. Armed with orders from high courts, they execute what the court would have otherwise had.

This kind of debt collectors somehow manage to collect the debt from debtors. They make the debtor’s sell their possessions and release the money to the lender. Most financial organizations take the help of High Court Enforcement Officers.

Debt collection is a necessary evil. Without it people would never bother to pay up. And then there is also a case of the banks going bust. Your valuable money will never come back to you. Because the bank has used your money to give loans and make a profit. So when it does not get it back, even you do not get your money back.

That’s specifically what happened during recession. Banks went bust. People just didn’t pay up. Banks were operating at a loss. Their account holders didn’t have any money, although their accounts showed it did. It was complete apocalypse. When people didn’t pay up, they could not obviously kill them to get money. Wonder what the debt collectors did.