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– We expect an increase in debt collection cases that will be greater than during the financial crisis, since there was a doubling of debt collection amounts. This is because the level of debt in Norway is considerably higher now, and most importantly, many more are laid off and unemployed, says debt economist Morten Trasti in Lindorff in a press release.
The debt collection company believes that there will be the greatest pressure on the industries most affected by the coronavirus, including tourism, accommodation and restaurants, as well as some parts of retail trade.
The most affected individual groups will be the underpaid ones.
– In principle, low-wage workers are more at risk of non-compliance. They earn enough to access credit, but on the other hand, so little that an unforeseen drop in income can overturn their finances, Trasti says.
According to historical figures, Lindorff expects that there will be the majority of collection cases during the fall and winter. This is in part because it takes about 45 days for an unpaid invoice to collect. Many have some savings and credits to use, and this delays the effect.
According to the company, there was an increase in collection amounts even before the crown pandemic broke out. In the first quarter, each average customer was owed NOK 20,000, up from around NOK 10,000 in 2014.
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