Creditors forgive up to 50% of older debts

evgeni_sirakov@abv.bg

Creditors are ready to make all sorts of concessions just to collect their dues. They offer special terms for old liabilities, including forgiving interests and other penalty charges. “Thus, the sum due can be reduced even by 50%,” announced experts from collecting companies yesterday.

It turns out that, in general, debtors do not resort to their savings in order to pay their debts, especially if the owed amount is less than BGN 100. According to data by the industry, such are about 41% of the liabilities. “Citizens resorted to them only when the situation gets tight,” said Dimitrinka Grinko, Director of the Cycle Credit company, a member of the Association of the Collection Agencies in Bulgaria (ACAB). “They resort to their "white money for a rainy day" only if they face serious consequences, or if the creditors offer them special terms for repayment. Then they are inclined to interrupt their saving plans at the account of the accumulated debts.”

Contrary to the expectations, it is not the poorest that are most in debt. The debtor is most often a man between 40 and 50 years of age, from the middle class, living in a big city and hit by the crisis. These are former owners of small business, people who become unemployed or who have had a good standard of living when they earned well. They have tried to maintain that standard with their own funds or through loans, walking on the edge. So, things come to the point where any additional expense is able to bankrupt them. When such situation occurs, they stop paying the banking products and the leases, and even small bills.

Still, delayed wages remain the major reason for the outstanding debts, reported experts from the ACAB. Some 42% of debtors by April 2012, indicated exactly this point, while at the end of last year their share was 44%. Unemployment was pointed out by one in six of the indebted persons, given that they were 14% in November 2011. The number of those, who indicated the poor planning of family costs, as a reason for the indebtedness, has increased by 3% within the last 6 months.

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