Debt collecting agencies 

A high percentage of the time people find that their debts get passed to debt collecting agencies, by their creditors, in order for them to pursue the debt in full. Debt collecting agencies will send an initial letter, generally quite intimidating, direct and straight to the point, asking for the debt to be paid in full or they will pursue court action.

Don’t Panic.

This is their way of making a presence. If you are unable to make the payment in full, reply to the debt collecting agency in writing, with an outlined budget of all your expenses and income, offering a monthly payment that you can afford. By doing this you are clearly making an effort and an offer to clear the outstanding debt. You may find yourself negotiating, but any sensible debt collecting agency will realise that the court will give you this opportunity, and for this reason it is wise for them to accept a realistic offer.

Debt collectors don’t have the same rights as a bailiff and cannot take possessions like a bailiff can. They are solely there to collect debts via phone and letters, requesting you to pay the outstanding debt.

Start sending the payment you have offered them via the post or better still pay them directly into their bank account.  By doing this you have the security of knowing that they are in receipt of payment. This is going to show them that you are willing to pay the outstanding debt, but just can’t afford to pay the full amount straight away. If the debt collecting agency pursues the full amount, resend the budget you previously sent them, confirming you cannot afford to pay this and also send them an account of what you have paid.

Don’t stop paying the amount you have offered them until the debt is cleared, and don’t offer more than you can realistically pay.

Also see:

Country Court Judgements
Default Notices
Mortgage arrears
Bad credit 
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