Debt Collection Process:
How companies collect debt?
What is the debt collection process?
Different lenders have various ways to collect unpaid debts. The faster they act when they contact you could mean they may take further action against you.
This means we cannot tell you when and what will happen if you have fallen into arrears, but we can give you an idea of what to expect.
Your creditors may direct you to a free debt agency such as us for impartial debt information. The sooner you get help the better.
The payments that you miss will get recorded on your credit file so you will find it even more complicated to get credit. But if your financial difficulties are short-term and you can pay off the debt or arrears at this stage, you might be able to keep your accounts open and continue paying them off as usual.
We ar Free Debt Helpline do not provide you with any debt advice. We are only an information provider. Should you wish to obatin debt advice, we can recommend you to one of our panel partner who are fully qualified to provide you with debt advice.
Your credit file may have already been affected by now but that shouldn’t be your main cause of concern. If things have reached this stage, it is important to get the correct information and start looking for way to resolve your debts. It is never too late to contact us to start getting your finances back in order.