You have just been contacted by a debt collector, you remember it was for an old credit card or loan, but you don’t recall the exact amount. So you ignore it.
A couple of months pass and you are receiving calls to your mobile all day and letters have started to arrive. The sales agent (paid commission) on the other end of the line, states you owe twice as much as you thought the debt actually was.
Sitting at work you begin to stress, until HR/Accounts contact you and say a debt collector has contacted them looking for you and you owe £24,000!?
Furthermore, if you don’t pay, they are going to seek a garnishee and start taking 70% of your wages.
There is no hiding now, at home, in bed, at work and in fact anywhere, the harassment is borderline abusive.
Get rid of the Debt Collection company ASAP
This company in particular, never gives up chasing you for the debt. Calling mobile, sending letters, contacting your work,tracing you on social media and messaging friends/family to embarrass you into paying. So 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 daily 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
How much did they buy the debt for?
Debt Collection agencies have contracts with creditors/lenders. All the bad debts the banks could not retrieve, are sold in bulk to the agency. 1000’s will be bought at a time, for around 5p in the £1. So they might pay £50 for a £1000 debt. They will also add on interest and charges, meaning your debt could be 3 times larger than the initial debt owed to the bank.
Sales staff will convince you to enter a payment plan, that means you effectively only pa the monthly interest charges and the actual debt never reduces.