THREE-FOLD INCREASE IN DEBT SALE TO COLLECTORS FOR THE FIRST HALF OF 2016

Banks are cleaning up their portfolios from bad debt and this is the reason to report growth in the debt sold to collectors since the beginning of the year, Raina Mitkova, chair of the association of the debt collection agencies said on 31st of August.

The average debt of individuals has increased by nearly 40%. If so far they were in debt to suppliers, they are now in debt to banks. Half of the debt collectors’ clients in Bulgaria are banks, followed by telecommunication companies and service providers.

There is an increase in the insurance sector - 7% of the total debt has been sold to debt collectors in comparison to previous 1%-2%.

By 1/5 is the increase at the market of inter-company indebtedness. The volume was 74 million BGN for the first half of 2015 in comparison to 89 milion BGN now.

Debt collectors report the IT sector, pharmacy, social services and water purification as good.

They say that negative are the wholesale and retail trade, construction and land transport. 245 companies have declared insolvency since the beginning of the year. Insolvency procedure has been initiated for further 252 companies.

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