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Regulation of Debt Collection in Europe - Understanding Informal Debt Collection Practices (Hardcover)
Loot Price: R3,849
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Regulation of Debt Collection in Europe - Understanding Informal Debt Collection Practices (Hardcover)
Series: Routledge Research in Finance and Banking Law
Expected to ship within 12 - 17 working days
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Due to the absence of due process and other procedural guarantees
generally offered by judicial enforcement, informal debt collection
practices (IDCPs) can become abusive, harming both consumers and
the economy by threatening consumers' physical, psychological, and
economic wellbeing; exposing lawabiding debt collectors to unfair
competition; undermining the financial system; and negatively
impacting social peace by resorting to criminal activity. The need
to control and harmonize IDCPs surfaced in connection with the
European Commission's Action Plan to tackle the high level of
non-performing loans caused by the financial crisis and the
Covid-19 pandemic -specifically the Proposal for a Directive on
Credit Servicers, Credit Purchasers, and the Recovery of Collateral
(CSD). Harmonizing the regulation of abusive IDCPs is vital for
several reasons. First, IDCPs have a cross-border dimension due to
the freedom of movement, enabling debt collection operations across
the internal market. Second, the internal market's size amounts to
over 450 million citizens potentially exposed to abusive IDCPs. The
regulatory frameworks addressing IDCPs in the E.U. display
divergent characteristics that may be difficult to navigate and
require creating a level-playing field for consumers and debt
collectors, especially when approaches vary at Member State level.
This book addresses this gap by providing a comprehensive guide to
regulating informal debt collection practices in eight Member
States of the E.U. and the United Kingdom (U.K.). It serves as a
comparative law instrument for implementing the recently adopted
CSD. It will be important reading for students, academics, and
stakeholders with an interest in debt collection practices and the
law.
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