Debt collection basically refers to the practices of specialist debt collection companies.
Debts are often referred to debt collectors when creditors want to apply pressure and recoup money that’s owed to them.
Debt collection companies acting on behalf of creditors will write letters warning you of the consequences involved if the debts remain unpaid. They will also increase pressure by phoning you about your outstanding debts.
If you have multiple creditors and more than one debt is referred to a debt collection company, then you could receive several letters and telephone calls a week from a number of debt collectors as these agencies rarely communicate with each other. This type of contact can be very distressing and cause a great deal of worry and anxiety. It’s essential you try and deal with your debts before it gets to this stage – a Debt Management Plan or Individual Voluntary Arrangement could be the solution. If your debts have progressed to a debt collection agency, we will contact the company and your creditors directly to reduce this pressure and to negotiate lower repayment rates on your behalf. Call us on for debt advice and information on DMPs and IVAs.
If you are being pursued by a debt collection agency, it’s important to remember that there are rules in place regarding debt collection practices in the UK. To learn more about protecting your rights, visit the Office of Fair Trading (OFT) website and take a look at their guide to fair debt collection practices.
What is debt elimination?
In recent years we have noticed companies advertising debt elimination solutions and boasting that they can write off debt due to a legal loophole.
Unfortunately, this is untrue and many people already suffering with debt have been duped out of hundreds of pounds. In fact, more than 15,000 people in the UK have fallen victim to this scam.
As these companies often operate overseas, they are notoriously difficult to track down – so if you are contacted by a company offering a debt elimination service, please act with caution.
As a DMP specialist company, Baines & Ernst do not offer a debt elimination service. We offer tried and tested debt solutions that enable people to turn their finances around, repay creditors at a rate they can afford and work towards clearing debts.
For expert debt advice, speak to Baines & Ernst, .
Baines and Ernst Ltd