Spain's Fake Monks Make a Habit of Dunning Debtors

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

Written by: Unknown Author –

http://www.insidearm.com/news/00012633-spains-fake-monks-make-a-habit-of-dunning/

A humorous account of a Madrid, Spain-based collection agency’s unique way of dealing with debtors appears on Bloomberg.com today. An excerpt from the story follows:

In Spain, a visit from a monk may have nothing to do with the spiritual.

El Monasterio del Cobro, a Madrid-based debt collection company, employs 15 men in Franciscan friar outfits to harass deadbeats into paying their bills.

“First of all, we try to talk to the debtor to persuade him to pay what he owes,” says General Manager Miguel Gonzalez. “If that strategy fails, the monks pay a visit.”

Spanish debt collectors in fancy dress, whose roots go back to the Middle Ages, are bracing for a surge in business as rising interest rates begin to slow economic growth, squeezing companies and consumers.

For the complete story, please visit Spain’s Fake Monks Make a Habit of Dunning Debtors.