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Debt Collecting Business
Debt collecting business is the process of starting your own company that collect credit card debts, mortgage debts, loan debts and other types of debts of individuals and businesses.
In most cases, a debt collecting agency works for a percentage of the amount of money it collects, or for a fee.
In South Africa, an average citizen owes more than 76 percent of their monthly income and is considered one of the biggest borrower in the world!
It wouldn’t be a problem if we were paying our debts on time. But the reality is, debt collection agencies are thriving here!
● Debt collecting agency business;
● Debt collection franchise business;
● Debt collection education centre business.
Tools & Equipment
Buying debt is profitable, but chasing debts is very daunting. You don’t need guns or weapons. In South Africa, debt collecting is known for at least 55 years and is regulated by the national debt collection act 114.
You will have to register your company, obtain a license, train your workers and have enough money to buy debts from banks, credit unions and other financial institutions.