Collection Croydon Debt

Finance companies attempt to get payment from defaulting customers, but regularly fail to achieve this objective. Customers may have gone missing, moved house or are just being difficult. They all present a problem and become uneconomical to collect. Unsecured debt is then sold on to debt collection agencies and is written-off against taxes.

How Do Debt Collection Agencies Make Money?

Uncollectible unsecured debt is purchased for 10-20% of the loan value. A £10,000 loan will often be bought for as little as £1,500 and they will then pursue those who default for full repayment. Whilst some will never pay-up, they bank on making a profit from those who do.

The Threat of Debt Collectors

Countless threatening letters will be sent out by debt collectors. Threats normally pertain to doorstep collection and even legal action. However, most of the correspondence is little more than a generic letter sent to all defaulting customers. Showing the correspondence to the Citizens Advice Bureau (CAB) or other counselling service will quickly clarify the situation.

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