Activities of Professional Plaintiffs: Current State and Future Development

Lending is a key area. A range of special measures has been taken to ensure easy access to financial services. These measures include developing remote financial services, and simplifying procedures related to applying for and receiving loans. However, it also needs to be recognized that the overall level of consumer debt has risen. What’s more, there has been an increase in loan arrears. Financial institutions have the right to recover these overdue debts themselves as creditors. Alternatively, they may hire professional collection agencies for this purpose. Protecting the rights and legitimate interests of the public when conducting such activities is an undertaking carrying significant social implications, and it is essential to strike a balance between the rights and obligations of all parties involved. It is crucial to recognize that recovering people’s overdue debts is one of the most sensitive areas of the financial sector. What can be done to ensure that professional recovery agencies focus on mediation, so that problematic situations are resolved out of court? Should the scope of federal state control exercised by the Federal Bailiff Service of Russia be expanded? Should limits be set on amounts loaned to individuals? How important is it to consider a potential borrower’s financial situation and track their credit history when deciding whether to issue a loan?