All of the lenders that we work with, understand the importance of ensuring that throughout the whole collections process, there is a clear and concise manner of communication between both the lender and the lender and the customer.
Our panel of lenders ensures that they abide by the Financial Conduct Authority's Debt Collection Guidance Guidelines to ensure that any issues can and will be dealt with as quickly and efficiently as possible, for the safety and sanctity of their customers.
When a borrower's ability to pay their remaining debt has been compromised, we understand that there is always a particular set of different circumstances for each individual; therefore, our lenders will always ensure that they treat every single one of their customers with fairness and impartiality, while always adhering to FCA guidelines.
How will those payments be collected?
Our lenders will be able to reschedule payments via the following forms of communication:
- Or by post
In what ways can a lender help me?
In the event of a non-payment, some lenders may charge you a higher rate of interest and in the case of you continually missing and neglecting to repay your loan, your lender does have the right to pass your debts onto a debt collection agency. After which you will no longer correspond with your lender to deal with your debts directly, and will instead have to pay and deal directly with the debt collection agency.
However, with clear communication with your lender and an effective explanation of your circumstances, lenders are able to use their ability to help you through the following ways:
- Organising a debt management plan
- Freezing interest rates
- Opening a settlement figure
Alternatively, if you are struggling with debt and require some free and impartial advice on what your next steps to take should be, before or after getting in contact with your lender, then the following services can provide you with that help.
Money Advice Service
Telephone: 0800 138 7777
Available Monday to Friday 8 am to 6 pm
Telephone: 0800 138 1111
Available Monday to Friday 8 am to 8 pm
Available Saturday and Sunday 8 am to 4 pm
Telephone: 0808 808 4000
Available Monday to Friday 9am to 8pm
Available Saturday 9:30am to 1pm