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NavigatorHome > Polish Property and Real Estate Articles > Bad debts not getting out of hand

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Bad debts not getting out of hand

Article added on: 2010-02-07
Data from Poland's largest debt collection agency show that Poles are most often having problems paying off small bank loans and bills, rather than mortgages or other large debts.

According to a report released by Wroclaw-based Kruk, Poland's largest debt collection agency, the average bad debt sent to the company for collection was PLN 3,900, but when only the debts of individuals and not businesses were included the number dropped to PLN 2,250.

The report provided one of the first comprehensive pictures of the kinds and amounts of loans that ended up in collection. Kruk's portfolio includes some PLN 10 bln in bad debts, roughly a quarter of the national total. Most accounts are held on behalf of banks unable to collect on loans.

The company also reported that last year most people preferred to put off dealing with their debts. Only 95,000 individuals agreed to a monthly instalment plan to pay off their arrears. For those that did, the average payment varied from PLN 198 to PLN 275 per month, depending on the region.

The report's data show that the average debtor comes from the Silesia or the Warsaw region and is 35 years old. He is in debt for not paying a bank loan or for falling behind on the bills for a cell phone, cable television, or internet access.

Iwona Slomska of Kruk's board of directors noted that the statistics show most overdue debts are not astronomically high. "This is good news for both the debtor and the collection agency. The current level of debt of our company's average client means he has a good chance of being able to manage the problem."

The company did not reveal how many cases had to be brought to court due a lack of willingness among debtors to cooperate.

Published courtesy of New Poland Express

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