Viper Debt Recovery visits Cavan

Representatives from the debt collection agency owned by Martin 'The Viper' Foley called to a number of locations in Cavan and Longford in the middle of last week. As the economy flounders people of all descriptions find themselves in debt: normally those seeking to recover money take the debtors through the courts and seek to get judgements against them. But as people who are owed large sums of money grow increasingly impatient, they are turning to private debt recovery and repossession companies to chase defaulters. Representatives Viper Debt Recovery & Repossession Services Ltd left cards indicating who they were. They asked for specific people at the various locations and identified themselves as debt recovery agents. They mentioned specific debts owing to a number of people. They said in a polite manner that they would be in the area in the near future, that they would call again and left their cards. Garda sources say this debt collection agency has earned thousands of euro over the last year because of the recession. Even reputable business people have been hiring Viper Debt Recovery and Repossession Services Ltd to recover debts and pay a commission of around 20%. One senior garda source said debt collection agencies can purchase debts from clients and then go after the debtor for the full amount owed: for example they purchase a €200,000 debt for around €110,000 and pursue the debtor for the entire amount. The garda source said this saves the business person owed the money the hassle of going to court and having to wait years for payments. The mention of Viper Debt Recovery & Repossession Services in this region is understood to have sent panic through a number of communities. A garda spokesman said they can't intervene unless representatives from a debt collection agency make menacing threats or act on those threats. Some of the visits to this region by the Viper Agency has been notified to the Gardaí.