Government targets debtors
Feb 15 2012
Categories: Data Driven Insights
The government has issued a report on the issue of tracing some of its major debtors and forcing them to pay what they owe the nation.
According to the Cabinet Office, about £25 billion is currently owed to the national authority and, with the Treasury facing a large deficit, it is important that it is recouped, the Guardian stated.
It is said that debts have been built up by various people and companies in a variety of manners, from simple carelessness to fraud.
The government's approach is now described by the newspaper as sophisticated and offers a good framework for the future in terms of tracing the debt.
Bodies that are owed cash could be wise to invest in specialist debtor tracing technology.
Credit Action recently revealed that outstanding personal debt in the UK stood at £1.451 trillion at the end of December 2011, with the average household owing more than £55,000.
