Coronavirus, Recession and Debt Collection, what will happen?

Coronavirus, Recession and Debt Collection, what will happen?

These are difficult times and the entire world has been affected.

Although the Government has promised help to the nation, it often takes time and not everyone can take advantage of it.

Debts already owed and debts that will be sold to debt collection companies, will not stall. It is an unfortunate situation, but we only have to look at the last two recessions, to see how the banks and industry acted.

Traditionally in a recession, debt collection companies make the most profit, banks are covered by insurance and will sell the bad debt on.

I remember last recession, the banks were berated about overdraft charges and interest etc to a certain extent they buckled a bit, but debt collection agencies were left untouched.

Phone operators, credit lenders, almost ran a sale of the bad debt and the debt collection agencies were in a bidding war to buy all the debt for pence in the pound.

It is not feasible for every company you owe, to write your debt off. So it is better to deal with them quickly and in a group.

Now we are all on lockdown thanks to Corona, with debts mounting and jobs massively affected. Unfortunately, job losses and recession fears, are the exact time debt collection companies have traditionally made the most money. So do not sit there and be bullied by a company that bought your debt for 10% and added 90% pure profit on top. Fight them legally and beat them.

Get rid of Debt Collection companies, before the end of lockdown

If they are harassing you already and charging unfair amounts on top of original debt. Maybe calling mobile, sending letters, contacting your work, tracing you on social media and messaging friends/family to embarrass you into paying.Then beat them at their own game. Debt collection companies have to legally adhere to a set of rules here in the UK, but rules you can instead use to stop them. I’ll share with you a company that specifically deals with debt collection companies  and stops them. They are aware of all the regulations and legislation, these companies use and can get rid of your debt. I used them when in debt, simply because I owed so many, they were brilliant…….. Check them out here