Debt Collection: what help is available?
If you owe money and have missed several monthly payments, you may be contacted by a debt collection agency. This is usually a company employed by your lender to try and reclaim the money they are owed.
What should I do if I am contacted by a debt collector?
If you receive a letter or phonecall from a debt collector, it`s important that you don`t panic. There should still be plenty of time to address your debt problems.
Firstly, establish who you currently owe the money to. Sometimes, the company you owe money to will actually assign or sell the debt to the debt collection company (although they are legally obliged to issue notice of this). This means you`ll legally owe money to the debt collector, and you should contact them regarding the debt in future.
Whether you owe money to the debt collector or the original company, contact them as soon as possible to explain the situation, and what you intend to do about it. In some cases, you may be able to agree some kind of alternative repayment plan, in which you`ll repay the debt at a pace you can manage.
If you can`t come to any such agreement, it may be time to take the next step and speak with a professional debt adviser, who can advise you on a range of debt solutions that could help.
How can a debt adviser help me?
A debt adviser can offer advice and guidance on how to clear your debts if you can`t come to any informal agreements with the company you owe money to.
There are a number of debt solutions available, all of which are designed to help people in different situations and with varying amounts of debt.
For more information on various debt solutions, click here or call 0800 195 2911 to speak with one of our expert debt advisers.
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