Help! I Am Being Hassled By Debt Collectors!

After you have missed several payments and have defaulted on several loans, you may find yourself hassled by debt collectors.

In the UK, there are over 20,000 debt collectors that are ready to do whatever it takes to get the money they are owed. Some of these debt collectors go about their business the right way, reminding you only when necessary that your debts need to be paid. But some debt collectors are far more aggressive, and in order to get the debt collector to leave you alone, you must take one of the following actions:

 

Contact a Debt Collections Assistance Line
If you are being hassled by a particularly aggressive creditor, a debt collection's assistance line that is licensed by the office of fair trading will be able to report any illegal behavior taken upon you by your creditors and at the very least remove some of the aggressive behaviors that the lending agencies are exhibiting. They will also help you learn how to get your debt payments back on track.

File For Bankruptcy
Once you have filed for bankruptcy, debt collectors will leave you alone. While it is never ideal to file for bankruptcy and other options should always be considered, it may be one of the last resorts you have and legally requires that the debt collectors stop hassling you.

File for Insolvency
Link bankruptcy, insolvency requires that your creditors leave you alone. It is also a far better option than bankruptcy for many people, though it requires the loss of much one one's personal belongings which some people are unwilling to do.

Consolidate Debt
One final way to get away from these creditors is to consolidate your debt into a new loan. This is the most ideal option, but it is also the hardest to pull off, because there is a high probability that your credit is poor if you are being hassled by your creditors, and you may not qualify for a consolidation loan. Still, if you are able to consolidate your debt into a new loan, you will have a new creditor and the old creditors will leave you alone, because you will no longer owe them any money.

Consolidating gets creditors away and allows you to start repaying your debt again, but because of the difficulty you may have finding a lender to loan you the money you need to consolidate your finances, it is not the perfect solution for everyone.

Trust Deeds (Scotland)
In Scotland, you can go to the courts and produce a "Trust Deed" which is a legal obligation to pay back the loans that is monitored by the courts. Trust deeds supersede creditor's rights, so lending agencies will not hassle you provided you make your trust deed payments on time.

Finding yourself at the mercy of a creditor can be a difficult situation, but there are options that are available for you to use to get your creditors to leave you alone and help you start paying back your credit agencies without harassment.





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