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Debt - More debt collectors for Northern Rock - 18/06/2008
Northern Rock, the British bank which almost collapsed last year before being nationalised earlier this year, is hiring new staff despite previous plans to carry out staff cut backs which would result in the release of 2,000 employees.

The bank is setting its sights on enhancing it's debt collection operation, increasing the debt collecting team from just 170 members of staff to 440, almost three times that number.

Ron Sandler, the executive chairman for the bank says that he wants to hire debt recovery experts in order to identify borrowers who are in trouble and fix the problem before it is too late.

He also said that Northern Rock are investigating taking legal action against the banks previous board of executives over the banks failed strategy to stay afloat which resulted in the Bank of England stepping in to bail them out before finally being nationalised.

Mr Sandler said: "I am not looking back trying to apportion blame . . . any correct board would look at the conduct of any previous board and seek to establish whether that previous board had discharged all of its duties.

"I have initiated an investigation and that is ongoing. As and when it produces its results I will know more about whether or not there is the basis of any action," he said.

On hiring more debt collectors, Mr Sandler said “There are organisations out there which have more expertise in this area than we have.”

“The approach to debt management is geared around high levels of contact and a detailed understanding of the circumstances of each borrower and managing the loan of that borrower through the process.

"We are working hard to ensure we have a good understanding of financial circumstances and engage with them closely so we can minimise the likelihood of them getting into difficulties."
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