Are Eversheds Debt Collection on your case about an outstanding debt? Maybe you’re not sure if you owe the money, or if the company is legitimate. This article will help you understand a bit more about this debt collection company, and how to deal with them.
Complaints to the Financial Ombudsmen have risen this year from 830 to 2,006, so it’s safe to say that you’re not alone.
Who are Eversheds Debt Collection?
Eversheds Debt Collection is now Evolve, specialising in personalised debt recovery services. The company provides a range of debt services, as well as outsourcing for the financial sector. The company is a division of Evolve Servicing Limited.
Find your best debt solution (in 1 minute!)
Is all this information starting to feel overwhelming? Don’t panic! I’ve put together a 4 question debt calculator so you can quickly and easily find the best solution for you. If you’re eligible for the new government scheme, you could write off up to 85% of your debt! Answer the four questions now.
I don’t know Eversheds Debt Collection, why are they contacting me?
The debt collection industry is worth a lot of money, and there are many debt collection agencies out there who are determined to get back the money you owe. It is big business, and it can be confusing to know how to deal with them. Are they legitimate or not – and you should you pay them? These are the burning questions.
Debt collectors like Eversheds Debt Collection purchase debt from organisations, such as banks, and they a fraction of the value of it. For example, if the debt is £2,000, they may end up buying it for only £500. This is a great bargain, and can be highly profitable – but only if the debtor pays, otherwise they actually lose the money, so this is why they can be such a headache when they try to get in touch with you. Many of them will stop at nothing to get to speak to you.
Is this really your debt?
The first thing to do before you make any payments, is to find the origins of the debt – don’t just pay it if you don’t recognise it. They could have potentially contacted the wrong person or you may have paid the debt already. Get evidence before you start making payments.
If in doubt, ask Eversheds Debt Collection to provide you with a copy of the original credit agreement. If they are contacting you legitimately, there should be no issues in doing this.
I don’t want to pay this – what now?
If you owe the debt, you need to pay it or at least come to an arrangement to pay it. You may be able to arrange a partial repayment with Eversheds Debt Collection.
Can debt collectors ruin your life?
It is not unusual for debt collectors to make people’s life a misery. After all, they are chasing debt that many people can’t afford – and this inevitably causes stress. Debt collectors have a right to contact you about debt, but they don’t have the right to abuse you or torment you about the debt. If debt collectors are making your life a misery, you can seek help and advice.
Eversheds Debt Collection – are they breaking the law?
There are guidelines which have been published by The Office for Fair Trading (OFT, 2012) and these are around the debt collection business, and what is allowed. According to these guidelines, debt collectors should:
- Ensure they treat debtors fairly.
- All information should be clear, concise and not cause the debtor confusion.
- Understand the difficulties faced by the debtor, and be empathetic towards this.
- Take the debtors circumstances into account when dealing with the debt.
If you are being pursued by Eversheds Debt Collection and they are not following the guidelines issued, you can report them to the OFT, who may even remove their license.
You can make a complaint about Eversheds Debt Collection, via this online complaint form.
Always read the fine print and make sure what the debt collection company are telling you, is in fact lawful and accurate.
How do I deal with debt from Eversheds Debt Collection
If Eversheds Debt Collection and harassing you, you are probably feeling stressed and under pressure. This is totally understandable, but you should not feel pressurised to pay debt that you can’t afford, and will leave you unable to pay your day to day expenses. These are some ways to deal with your debt.
Speak to the agent
The Eversheds Debt Collection agents will probably phone you constantly to speak to you about the debt, and although it can be tempting just to ignore the calls, it is best to just speak to them. If you don’t answer the calls, they will keep trying to reach you and this can be more frustrating than just speaking to them.
Even if you can’t pay the debt, speak to the agent and explain your situation. Honesty is always the best policy in these situations!
Set up a plan
If you cannot pay the debt you owe to Eversheds Debt Collection, you can set up a repayment plan with them. They may ask for proof of earnings to do this.
If they are still hassling you, you can report them to the Financial Ombudsman.
You can do this by calling 0800 023 4567 or 0300 123 9123.
Don’t let them get you down, as you are not there to take abuse. Try to come to an arrangement, but if they are not willing to accept it, there is not much else you can do.
Make sure you stand up for yourself. If they continue to hassle you, Report them to the OFT using this online complaint form.
Can they discuss your debt with others?
The answer to this is no, they can’t discuss your debt with other people. Even if it is a family member. In doing this, they could be breaking OFT guidelines, and privacy laws.
You can reach the Financial Ombudsman on 0800 023 4567 or 0300 123 9123
They want to come to my home.
In some cases, debt collectors may threaten to come to your home to get hold of your assets, if you are not making payments. Although this can be a stressful thing to hear, it is not true – so don’t let them enter your home.
If you need to, you can contact the police and let them know what the debt collectors are saying, and they will deal with it.
Dealing with stress
There is no doubt that dealing with debt collection agencies such as Eversheds Debt Collection is stressful, but it is important to take a step back and try to deal with the situation in a calm manner.
The more stressed you get, the more pressure you will feel, and the situation will just become worse. Try not to let them get to you, but at the same time, deal with your debt.
Who can help?
If you want help with your debt, there are options available to you. You can choose commercial debt management companies or not-for-profit. Not-for-profit is the most favourable option. These are some choices you can use:
- Citizens Advice Bureau (CAB) this is one of the most well known organisations for help and advice.
- Christians Against Poverty (CAP) provide free debt help.
- StepChange provides free online debt advice helping people take charge of their debt.
Writing off your debt entirely
It is possible to write off your debt entirely through an Individual Voluntary Arrangement (IVA). This is a formal agreement to pay the debt collectors an amount you can afford as a one-off sum or as monthly payments and the rest of the debt will be written off after a defined period, usually five years. This must be carried out by an insolvency practitioner.
Find a local licenced IVA insolvency practitioner here.
An alternative is a Debt Relief Order (DRO). This is only available if you are left with £50 or less each month after paying your household expenses and you don’t own your home or other assets worth over £1000.
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.
Despite warnings from professional bodies, government guidelines, and other measures the behaviour of many debt collecting agencies is atrocious, leading vulnerable debtors into mental illness and even suicide. However, it is possible to fight back, especially with some help from the agencies mentioned in this article. While it’s not as simple as just refusing to pay, you can reduce the amount you must repay and spread your repayments over a period you are comfortable with. Certainly, you can stop their bullying and by reporting them to the Financial Ombudsman they may even lose their licence.