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Experienced debt help

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Hi there everyone.

Firstly about myself in a nutshell,

I've done alot of research on debt collection companies and debt management companies over the last 3 years

All my findings are 100% accurate and I'd be more than happy to help people with their financial problems.


Ok. Where to begin...


The good old debt collection companies. Youve got 2 types of collection companies.


The 'internal' debt collection company/ the contingency companies..

This is where the debt is still 'owned' by the creditor.

For example Mercers is just Barclaycards inhouse collections and Blair Oliver Scott is Halifax' inhouse collections.

These will often give a more strict line approach to you as techinally they can forsee that they will be in for a struggle in terms of recovering there debt back.

They will tend to be very 'difficult' to say the least and more often than not will provide only short term solutions. Ie paying interest only etc.


A problem I encountered where debts have been passed to contingency companies is, generally the collections company will have approx 12 weeks to retreive payments/ arrange suitable payment plans.



Sometimes even if payment plans are being paid the creditor can still call back the debt, if they feel it will take too long or they are not happy with the given company.



This is a big problem especially with Halifax debts.

You must remember by the time the creditor has banged multiple charges etc on your account, by the time they sell the debt they really havent made a great loss on what money they lent you which is why they dont offer great help.


Then the good old 'bought' debts, Where the creditor has sold the debt to a collections company and therefore they no longer have dealings with the debt. Theyve come to the end of the road in 'helping you' :!:


Invariably with companies like these they employ some inexperienced staff who generally have little or no knowledge of the financial industry, which outlines why there are so many posts about staff being rude to them or not willing to listen. They recruit alot of people early 20's.


Companies like these also offer bonus schemes, which is another pointer on why you may come accross advisors wanting more money without listening to you. These companies target there staff on cash collected, payment plans, payment plans with payments.


They also have trace teams who will check experian for previous address, known alias, they will check BT Directories and in some cases Facebook (so beware Facebookers). Also when dealing with Debt collection companies you dont have to provide a contact telephone number. And you dont have to put payment arrangements on Direct Debit (3/6 months down the line Ill guarentee they'll increase your payment).


Some companies will work with legal offices, but in most cases than not they wont do anything unless you have assets. Most CCJ letters you get are campaigns to scare people to call, its the hook to get you to speak to them.


One vital lesson when dealing with debt collection companies is make sure you take names, Id numbers, dates and times of when youve spoken to people and maybe just contact the company every 6 months to make sure all is ok on the repayments all as back up.


Onto the debt management companies... and I'll keep this short and sweet.


They in my opinion should be stopped. They dont act on the customers best interests. For example with Catalogues (where payments are due every 28 days) they will still send payments monthly. And youll incur charges and interest.


Another big problem is you could pay them on the 1st of each month, yet your creditors wont receive payment until the 14th. This is because most will send cheques and only do so about twice a month. Again this is a problem when you start making payments.


They often tell their customers 'let us deal with it' this then puts the customer in the frame of mind they are no longer dealing with the debt. Again a big problem when your technically legally responsible.


These people are just sales people, you pay them and they do very little other than send a few letters out to the creditors and even then they very rarely chase them for you.


My advice is face your debts head on yourself, make notes of names, times, dates etc and just log them and then youve more of a back up. Youll stand more of a chance of sorting things out that way.


Ive used this as general guide from my findings and I hope it helps and gives people a bit of a insight as to who and what they are dealing with. :-)

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