EOS Solutions Debt Collection – Must You Pay?

Are you puzzled by a sudden letter from EOS Solutions Debt Collection? Are you questioning if you should pay or if it’s even real? Maybe you’re concerned about not being able to afford the payment.

Don’t worry; you’re not alone. Each month, over 170,000 people turn to our website for advice on dealing with debt. We understand your worries, and we’re here to guide you.

In this article, we’ll explore:

•  Who EOS Solutions Debt Collectors are
•  Why they might be contacting you
•  The legality of their actions
•  The possibility of writing off some EOS debt
•  Steps to take if you can afford to pay

We’ve got lots of experience dealing with debt issues. So, you can trust us to provide useful and accurate information. 

Don’t let debt collectors get you down. Let’s look at your options and find out how to handle this situation in the best way.

Why are they trying to get hold of you?

If you haven’t ever had to deal with a debt collector before, you are one of few, or one of the lucky ones. The debt collection is big business these days, and with so many people facing debt issues, there is always a need for them. There are many types of debt collectors; there are those who operate as independent businesses, others are sole traders, and then there are those who work together with the creditor you have the original debt with.

They may operate different but the business model is pretty much the same. The debt collectors purchases the debt from the company you owe the money to. For instance, if you have taken out a loan in the past and failed to pay it back, the lender may pass the debt over to a debt collector when they have exhausted their efforts to track you down or to get you to pay up. It isn’t the best deal for the original creditor, as they sell it on for a fraction of the value, but it gets rid of it, and allows them to make a bit of money, without the hassle. It is profitable for the debt collector though, as they make profit after they get the payment – although getting the payment is the difficult part in many cases. Some debt collectors fail to act in a proper and decent way. Many resort to a range of underhand tactics to try and get payment.

Read what to do if you can’t pay back your debt.

Wait, is this my debt?

Before you reach for your debit card, make sure you establish if this is your debt and whether you are liable for it. If you are unfamiliar with the original creditor or you believe you have already paid the debt, you should get confirmation of it before you pay it. The value is likely to look different, as there may be charges and/or interest added to it.

The best thing to do is to write to EOS Solutions Debt Collectors and request a copy of the original credit agreement. If they refuse to provide this or they advise you that they are unable to, you would not be required to make any payment.

See my most popular post for the guide on how to get a refund. 

If you can pay, then pay!

We would never suggest that you pay EOS Solutions Debt Collectors if it will leave you short of cash. However, if you are able to, it is worth just clearing your debt as soon as possible. If you are unable to do this, the next best thing is to reach an arrangement with the debt collectors to pay the debt in suitable installments. In some cases, they may even accept a partial payment to clear off the balance.

You might be able to write off some of your debt

There is also the potential of writing off a significant amount of your debt, through entering into an Individual Voluntary Arrangement (IVA). As a formal agreement you reach with debt companies, you would agree to pay a set monthly amount, and then the remaining debt is written off in around five years. The process should be carried out by an insolvency practitioner.

Find a local licenced IVA insolvency practitioner here.

Another option is a Debt Relief Order (DRO). This would only be available if you are living off £75 or less each month, after your debts are paid, and you must not be a homeowner or have assets which are worth over £2,000.

If you want to apply for a DRO, you would need to do it through an authorised debt advisor. You can find a list of authorised debt advisors here.

» TAKE ACTION NOW: Fill out the short debt form

The legalities

The Office for Fair Trading (OFT, 2012) put a set of guidelines into place for the debt collection industry. According to these, EOS Solutions Debt Collectors and other debt collectors have a responsibility to:

• Treat debtors in a fair and proper way, without the need for any aggressive practices, or improper behaviour
• Ensure transparency with any information provided, and never mislead or try to confuse the debtor
• Show consideration to debtors who are facing financial difficulties
• Take the debtors’ circumstances into account, before deciding what action to take

If you feel harassed or intimidated by EOS Solutions Debt Collectors, and if they are not adhering to the required guidelines, you would be within your rights to report them to the OFT. They may decide to take more harsh action, and remove their license.

You would be able to make a complaint about EOS Solutions Debt Collectors by using this online complaint form.

You should be aware of the lies that debt collectors sometimes tell, and that deceit is against the legislation. If EOS Solutions Debt Collectors are being deceitful towards you, you would have every right to report them for this behaviour.

What else do you need to know?

The best way to be able to deal with debt collectors like EOS Solutions Debt Collectors is to know what to expect and what drives them. These are some facts that will help you understand how they work.

They only make money if you pay

Debt collectors like EOS Solutions Debt Collectors purchase the debt from the original creditor, and although they get a good deal on it, they will only make money – or even get their money back, if you pay up. This is why they are often so persistent when it comes to getting debt repayments. The last thing they want is to buy the debt, and end up losing money. In this case, a lot of time and money will have been wasted. They will do anything but come off the call and saying they have a “no payment.”

This is not your problem though, and not something you should be particularly concerned about. You should only ever pay debt at a rate you can afford. Don’t be persuaded into paying because of the abuse or harassment you have received from debt collectors. You need to pay the debt, but in a controlled way.

The agents get bonuses

It is usually case that debt collection agents will receive bonuses, based on getting payments and achieving targets. They may be persistent in getting the payments, and this is the reason why. If they fail to get you to pay, they will not only miss their bonus, but they will also have some questions to answer about why they failed to meet targets. There is no doubt that there tactics are often over the top.

Even though the agents are eligible for bonuses, it does not mean that you need to put up with any poor behaviour. If they do this, you should keep a note of the calls you have received, and the content, as this can be used if you decide to report them to the Financial Ombudsman.

The best way to reach the Financial Ombudsman is by phone on 0800 023 4567 or 0300 123 9123

How to deal with them

One particular tactic which seems to be quite common with debt collectors is the switch from being friendly and helpful, to abusive and bullying – even in a single call. They may start the conversation by trying to help you, but you can bet that they won’t be so pleasant, if you are unable to make any payment to them. The premise of the call is not to have a chat and explore options, it is to get payment from you. Of course, not all agents are the same, but many use this tactic to try and get the outcome they desire. Some of the most common ways they try to break you down is to threaten court action or even become abusive.

It is not easy to deal with this kind of behaviour, which is ultimately why they do it in the first place. If you keep strong though, and stand up for yourself, it is possible to resolve the situation. If you are finding this difficult though, you can report them to the OFT using this online complaint form.

Embarrassing you by talking to third parties

If someone apart from you answers the call then agents frequently attempt to embarrass you by discussing your debt and financial problems with whoever answers the call. This could be a family member at your home, or it could be someone at your workplace. This is certainly illegal behaviour and breaches not only OFT guidelines, but also other privacy laws.

Again, such behaviour should be reported to the Financial Ombudsman on 0800 023 4567 or 0300 123 9123

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

Natasha

I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.

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EOS Solutions Debt Collectors Contact Details

Other Debt Collectors to look for on your Credit Report

There are hundreds of debt collectors in the UK and they each collect for different companies.

It’s surprisingly easy to not notice that you’re in a debt collector’s crosshairs.

I’d suggest you spend time checking your credit report. If a debt collector purchases any of your debt, it will appear on your credit report.

Some of the biggest to look out for include Cabot, PRA Group, and Lowell.

So if you see anything relating to their names, then you’ll need to investigate further.

Summary

It seems that there is nothing particularly remarkable about EOS Solutions. They take a relatively standard approach to debt collection and work to ensure that debtors make payments that are owing on their accounts. They have online payments, which can make things a lot easier for the debtor and they work with a range of clients around the globe.

References

CONC 7.3 Treatment of customers in default or arrears (including repossessions): lenders, owners and debt collectors

CONC 7.9 Contact with customers