People who owe money may get more protection from debt collectors.The promise was made in last week’s Throne Speech, which said Government was looking to standardise protocol for credit agencies to ensure fairness to consumers. The Government is also considering lowering the statutory interest rate imposed on debtors that end up in court for non-payment. At present, the standard interest rate applied is seven percent.The speech noted “there are inconsistencies with the practices of debt collection agencies which are currently unregulated”.Government intends to review existing practices to “ensure they are fair for consumers”.“Consideration will be given to providing oversight and guidance to debt collection agencies where it is found to be needed,” it stated.But according to one person in the business, debt collectors are already regulated and follow laws set out by the court system. Bermuda has a handful of debt agencies on the Island, including some law firms involved in the business.“We have guidelines and laws in Bermuda — and we follow the laws set by Magistrates’ Court,” said a debt collections manager, who asked not to be named. “We have certain steps that have to be followed and laws we have to abide by. We have never had a complaint.”The collections manager, who has ten years experience in the business, said any new guidelines or laws would most likely protect the debtor, making it more difficult for people and companies to collect the money they are owed.As for the “inconsistencies” the Throne Speech speaks of, debt collectors aren’t aware of them. “I don’t know what they are referring to,” said the manager. “We all have the same laws we have to follow.”As expected during a recession, debt collection has picked up although according to those in the industry, that doesn’t mean business is booming.“While business has picked up that doesn’t necessarily mean payments have increased,” said the manager, explaining that most people can’t pay their debts.The manager added that debtors come from all socio-economic segments of Bermuda’s society — not just the poor. From unpaid hospital, cell phone, nursery and internet bills to overseas doctors looking to be paid — debt collectors see it all.“From the people who are giving those speeches to the people who are listening, we deal with them all,” they said.An example of how someone who is owed money could be hurt with further regulation would be landlords, who already have a very tough time evicting tenants who don’t pay their rent, he said.“It’s not an easy job — many of those who can’t pay their bills are those who are genuinely in financial trouble — without jobs and barely scraping by.“What are you going to do if you have to go to the hospital but can’t afford it? Not go? That’s hard to see,” said the manager.Once a debtor is found, debt collection agencies will work out a payment plan that works for all parties involved.But there are still others, they said, that are looking “to beat the system”. And those are the ones that prove difficult to find.“Believe it or not, even on this tiny Island, some people are hard to find,” she said. “We literally have to chase them down. They change their name, their phone numbers and their addresses.”