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Credit Resource Solutions Debt (CSR) – Should You Pay?

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Scott
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Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

Learn more about Scott
&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Jan 19th, 2024
Could you legally write off some debt? Answer below to get started.

Total amount of debt?

This isn’t a full fact find, MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Featured in...
Credit Resource Solutions CRS Debt Collectors

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Credit Resource Solutions (CSR) might say you owe them money, but you might not have to pay. If this is making you worried and need information, you’ve come to the right place. Every month, over 170,000 people come to our website for help with questions just like this.

In this article, we will talk about:

  • How to find out if the debt is really yours.
  • The reasons why CSR might get in touch with you.
  • What to do if you can pay.
  • What can happen if debt collectors are not nice to you.
  • The laws about CSR Debt Collectors.

We know what it’s like to deal with debt collectors. We understand how you feel and want to help you figure out what to do if you owe money. We can also help you find out if you can write off some of your debt.

Let’s dive into your options when dealing with debt collectors.

Could you legally write off some debt?

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

Why would you receive contact from Credit Resource Solutions (CSR) Debt Collectors?

Unfortunately, debt problems are extremely common, with millions of people suffering at the hands of debt issues. This explains why it is such big business. Debt collectors are plentiful and wear a range of different hats. Some work as part of the original creditor (the company you have the original debt with), others are independent businesses, and in some cases, there are even sole traders who work as debt collectors.

Debt collectors try to collect payments on behalf of a wide range of companies, which may include banks, credit card companies and payday lenders. This is why you may not recognise the debt, as you don’t owe the money to Credit Resource Solutions (CSR) Debt Collectors, it is another company you have the debt with.

The business model remains the same throughout. The debt collectors, will purchase the debt from the original creditor and they will pay a small amount for it, often just 20% of the original value. After they’ve paid for the debt, they then make a profit as soon as the debtor starts to make payments. Hence why they are so eager to get you to pay up! Morals are seriously lacking with most debt collectors and the way they operate. They don’t tend to empathise with your situation, at the end of the day, they just want you to pay the debt – nothing else matters. The Office for Fair Trading found that bad practices amongst debt collectors were unfortunately, wide spread, and causing a great deal of distress to debtors.

Find out if you owe the money

If you are contacted about debt, the first thing you would usually do is try and figure out a way to pay it. However, it is also important to check if this is really your debt. Speak to Credit Resource Solutions (CSR) Debt Collectors and ask them to provide information on whether the debt originated and the total cost of the debt, including a complete breakdown. You may find that the value is higher than you remember it, due to charges and interest.

You are within your rights to contact Credit Resource Solutions (CSR) Debt Collectors and request a copy of your credit agreement. This should be the original agreement. If they cannot provide this or they refuse to do so, you do not have to pay the debt.

How a debt solution could help

Some debt solutions can:

  1. Stop nasty calls from creditors
  2. Freeze interest and charges
  3. Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:


Situation

Monthly income £2,504
Monthly expenses £2,345
Total debt £32,049

Monthly debt repayments

Before £587
After £158

£429 reduction in monthly payments

If you want to learn what debt solutions are available to you, click the button below to get started.

Get Started

What to do if you can afford to pay

If Credit Resource Solutions (CSR) Debt Collectors are able to provide you with evidence, the next step is to clear the debt. If you are able to afford the payments, you should get rid of the debt as soon as possible. If for any reason, you are not able to pay it, ask the debt collectors to set up a repayment plan for you, at a rate you can afford. They may also accept a partial repayment to clear off the debt completely.

» TAKE ACTION NOW: Fill out the short debt form

Ways to write off your debt

You would be able to write off your debt by entering into an Individual Voluntary Arrangement (IVA). With this, you enter into an agreement with the debt collectors to pay a sum you can afford, or alternatively, you make monthly payments to the debt. The remainder of the debt will usually be written off, after around five years. The IVA process must be carried out by using an insolvency practitioner.

You can find a local licenced IVA insolvency practitioner here.

An alternative option you may want to consider is a Debt Relief Order (DRO). You would only be able to get this if you have £75 or less each month, when household bills are taken care of. You must not be a homeowner or have assets which amount to over £2000.

To apply for a DRO you will need to go through an authorised debt advisor. You can find a list of authorised debt advisors here.

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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Reviews shown are for The Debt Advice Service.

Credit Resource Solutions (CSR) Contact Details

Company Name:  Credit Resource Solutions Limited
Other Names:  CSR, Credit Resource Solutions (CSR)
Address: Second Floor G Mill, Dean Clough, Halifax, HX3 5AX
Contact Number: 0800 023 4567
8am and 5pm, Monday to Friday and 9am and 1pm on Saturday
Website:  www.creditresourcesolutions.co.uk/ 
Email:  [email protected]
Numbers they call from: 07972918711
07816415660
01527834016
Could you legally write off some debt?

Answer below to get started.

How much debt do you have?

This isn’t a full fact find, MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Debt Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.