Debt collectors use social media to track down debtors

The Office of Fair Trading have warned that debt collectors are targeting people through social media sites such as Facebook and Twitter.

Commenting on this announcement, Steve Rees, Managing Director of Vincent Bond & Co., said: “The use of social media by debt collection agencies to chase people in debt is very concerning. Yes, people have the responsibility to pay their debts, but there is clear guidance set out by the Office of Fair Trading on how to do this.

“My first worry is about how quickly information can spread over the internet, creating a potentially serious breach of data protection, but there is also the personal effect that such contact can have. There have been several cases involving social media sites, where people using the internet have experienced bullying or abuse, which has lead to tragic outcomes. People who are in debt experience extreme stress levels, often at the worst times in their lives, leading to mental health issues, family breakdown and employment issues, all of which will certainly worsen if debt collection agencies chase debtors through channels such as Twitter, where their information is in the public domain.

“It is vitally important that such practice by debt collectors is prevented, whilst ensuring that appropriate means of collection are employed to enable people to pay what they can afford towards their debts.

“Users of social media should also be very careful when updating their status and giving away too much personal information. Remember, when you have stated you have been on a holiday, or made a large purchase it may not just be your friends that are reading your updates.”

A former teacher, Steve Rees is now Managing Director of debt consultant Vincent Bond & Co, whose firm deals with over 10,000 credit agreements per month. Steve is also a regular commentator in the national press.

To read his weekly blog, visit vincentbond.wordpress.com.