Debt Collection Agencies – UK residents having issues with creditors chasing

Debit collection

One of the main issues for people in debt in the UK at present is the incessant chasing from debt collectors, bailiffs, and large debt purchasing companies (two examples being: Cabot financial and Moorcroft debt recovery)

Cabot Financial Issues

Cabot financial is one of the more common companies that purchase debts from creditors and pursue people owing money over a period of time to recover as much of that personal debt as possible, some people have actually stated Cabot have treated them with fairness, however other people in debt have cited cabot financial as a company that have given them problems and harassed them.

The company is one of the largest debt collection agencies in the UK, and many people have debts with cabot financial which have been chased for a considerable period of time and as a result the relationship between the debtor and Cabot have deteriorated as pursuit of repayment has ‘come to a head’, so to speak.

Their are also other debt collection and debt recovery companies which have been mentioned extensively by debtors being chased for repayment.

One other company that has been mentioned extensively is ‘moorcroft debt recovery’ which are another collection agency which runs a business model where they purchase debt from creditors and chase debtors for repayment.

Moorcroft Debt Recovery Issues and mentions

Moorcroft are a stockport based debt recovery agency which represents a number of creditors including barclaycard, with many people making reference to both positive and negative experiences with this large scale debt collector.

Peoples’ experiences with moorcroft debt recovery like any other collection firm will be largely dependant on the details of the relationship between them and the company, the amount of time the outstanding balance has been pending, the communication, and the amount of money owed, also the nature of the creditor as some creditors have different requirements than others, in terms of timescales to collection.

So how do we deal with these debt collection (debt recovery) agencies?

There are a range of different ways to get these companies’ off your back, you can make increased repayments to them if you can afford it.

If you cannot afford to make increased repayments to these companies don’t panic, many people are in this position and there are solutions available so read on.

Another way to get debt collectors off your back is to enter into what is known as an IVA (Individual Voluntary Arrangement) which is a debt solution which can and will protect you from creditor harassment and will help you to renegotiate your monthly repayments to make sure you repay your debts at a monthly rate which you can afford.

The will also enable you to write off any remaining debt once the scheme is completed (usually after 5 years however they can be extended to 6 years), it is a popular debt solution that is seen as an alternative to bankruptcy which can protect people’s assets so that they don’t need to sell their possessions in order to repay their debts.

Another financial solution is a debt management plan (DMP) which can be considered a less formal version of an IVA, however the IVA is recommended because it is backed by government legislation which gives it extra powers to protect the consumer and bind the creditor into a reasonable arrangement to repay debt..