26 Jul 2006

Tongan banks hire foreign debt collection agencies

7:14 pm on 26 July 2006

Foreign debt collection companies have been working with some local banks in Tonga to collect unpaid loans from people who have migrated overseas or are out of contact.

Banks have been working together with debt collection bodies like the BayCorp company in New Zealand to retrieve loans.

The Managing Director of the Tonga development Bank, 'Afualo Matoto, says BayCorp is responsible to collecting unpaid loans from Tongans who have now based in New Zealand.

Samoa has also made similar efforts seeking help from New Zealand to collect loan debts amounting to thousands of US dollars.