Suicides Prompt Government Action on Debt Collectors

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005349-suicides-prompt-government-action-on-debt/

The government in Taiwan is planning to whip debt collection firms into line as the firms are driving more people to suicide.

The Ministry of Economic Affairs (MOEA) has completed drafting a new law to tighten the operations of debt collection firms. There will also be harsher punishments for those violating the rules.

The widespread complaints from people intensively pursued by debt collection firms and a sharply rising number of suicides by debtors prompted the government to make a fresh review of the operations of debt collection firms, which are all registered as financial service companies and handle collection work for financial institutions.

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