How to deal with Financial Recovery Services (FRS) Debt Collectors
Are you receiving constant contact from Financial Recovery Services (FRS) Debt Collectors? Is this debt you don’t recall? Do you feel that you are being threatened to pay debt you can’t afford? If this rings true, read on. You never know. you might not need to pay them back!
Complaints about debt collection practices have more than doubled over the past year, rising from 830 to 2,006.
Who are Financial Recovery Services FRS Debt Collection?
Financial Recovery Solutions specialises in debt colletion and is one of the leading agencies in the UK. The company has helped to recover tens of millions of pounds since they started in 2008.
Read what to do if you can’t pay back your debt.
Why the contact from Financial Recovery Services (FRS) Debt Collection?
Debt collectors like Financial Recovery Services (FRS) Debt Collection are not in short supply and they can be quite demanding in their pursuit for payment. As they purchase the debt from another company, you may not have heard of them before, but this doesn’t mean you don’t owe the money.
The business model of these independent debt collectors is simple. They purchase the debt, and they don’t get their money back – let alone make a profit, unless you may your debt. Read what to do if you can’t pay back your loan.
Find your best debt solution
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. Answer the four questions now.
Establish where the debt came from
If you don’t recognise the debt, you will need to establish exactly where it came from. You can do this by asking for a copy of the original credit agreement. If they don’t send this, you have no obligation to pay them. In some cases, you may even be eligible for a refund.
See my most popular post for the guide on how to get a refund.
Do you need to pay?
Unfortunately, if you owe the debt, then you need to pay it. If you can’t afford to pay the full amount, you can make an arrangement with Financial Recovery Services (FRS) Debt Collection, you can offer them a temporary repayment plan until the debt is fully paid off.
Debt collectors and how they affect your life
As debt collectors use a range of tactics to reclaim the debt, there actions can be somewhat questionable at times. The constant calls, texts and emails can be enough to drive anyone crazy, and if you feel like this, you are not alone.
It can prove almost impossible to get the debt collectors called off. Victims say they have suffered sleepless nights and been afraid to open their doors in case bailiffs turn up.
Debt problems can cause stress, and mental health issues, and if you are being pursued by Financial Recovery Services (FRS) Debt Collection no one would blame you for being upset and angry about the contact from them. As a result of this, the government were advised to deal with the irresponsible lending and tactics which could be intimidating to debtors.
How the law protects you from Financial Recovery Services (FRS) Debt Collection
There are guidelines which have been set by The Office for Fair Trading (OFT, 2012) and debt collection agencies, including Financial Recovery Services (FRS) Debt Collection must adhere to these. These guidelines include:
- Treating debtors fairly, and refraining from any underhand or aggressive tactics.
- Ensuring all information provided is clear, concise and factual.
- Understand the difficulties faced by debtors, and show empathy.
- Take the debtors circumstances into account when dealing with the debt.
If Financial Recovery Services (FRS) Debt Collection are failing to follow the guidelines, you have the right to report them to the OFT, who have the power to remove their license.
Complaints about the tactics used by debt collection agencies and bailiffs themselves soared 77 per cent from 864 to 1,529.
To make a complaint about Financial Recovery Services (FRS) Debt Collection, you can use this online complaint form.
You may find that debt collectors will go as far as to say they are working as an independent business, when they are actually part of the original creditor you have the debt with. This is deceit, but it may be that it is somewhere in their terms.
Paying off your debt with Financial Recovery Services (FRS) Debt Collection operates
Don’t be tempted to just ignore your debt issues, as they won’t just go away. Financial Recovery Services (FRS) Debt Collection will not just give up – that you can guarantee. Here is some advice on how to deal with them.
Explain your situation
The first step to dealing with Financial Recovery Services (FRS) Debt Collection agents is to be honest about your financial situation. If you don’t have the money to pay back the debt, you should not say you can. Be honest and upfront about your finances.
The best thing to do if you owe money to Financial Recovery Services (FRS) Debt Collection is to make payments or clear the debt if possible. The latter is the best option, as it will get the agents off your back!
If the debt collection agency are harassing you or acting in a way which makes you feel stressed, you can report them for a breach of the OFT guidelines. Tell the agent that you plan to report them to the Financial Ombudsman, this should stop the behaviour.
You can contact the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123
Good to bad
Debt collection agents can often start off by being friendly, but they may change their tune when they discover that you can’t afford to make the payments.
Although it can be difficult to deal with these debt collectors, you should try and keep calm. You can report them to the OFT using this online complaint form.
What if they talk to others about your situation
Debt collectors have no right to speak to anyone else about your debt or debt issues. If they do this, they are in breaches of the OFT guidelines, and privacy laws.
You can report this behaviour to the Financial Ombudsman on 0800 023 4567 or 0300 123 9123
They want to take you to court
Debt collection agents may threaten to take you to court to get hold of the debt, or to enter your premises. They cannot do this, so whatever you do, don’t them into your home! If they threaten to do this, you can call the police and inform them of the behaviour.
Don’t let the stress get to you
If debt collectors such as Financial Recovery Services (FRS) Debt Collection are contacting you consistently, you may be feeling harassed and stressed. You should try not to let the stress get to you, as difficult as that may be. It is not worth letting it get to you.
How to get help with debt issues
There are not-for-profit agencies and commercial debt management companies who offer free help and advice with your debt issues. These are some of the not-for-profit organisations you can contact about the debt.
- Citizens Advice Bureau (CAB) – this is an organisation who offer advice on a range of issues, including debt.
- Christians Against Poverty (CAP) – provide free debt help and advice.
- StepChange – provide free online debt advice and help you get out of your debt problems.
How to get rid of your debt
If you can’t afford to pay the debt, you can enter into an Individual Voluntary Arrangement (IVA). With this formal agreement, you can write off some of your debt, and pay what you can afford.
You can find a local licenced IVA insolvency practitioner here.
If you are in severe debt and only have £50 or less left after you have paid your expenses, you may want to enter into a Debt Relief Order (DRO).
You need to go through an authorised debt advisor to enter into a Debt Relief Order . You can find a list of authorised debt advisors here.
If debt collection agencies are hassling you, you can contact the Financial Ombudsman about their behaviour and if necessary, they may even lose their licence.