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Marlin Financial Services Ltd Debt Recovery – Must 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 22nd, 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.

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Marlin Capital 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.

Are you puzzled by a letter from Marlin Financial Services Ltd Debt Recovery? Not knowing where the debt came from or if you should pay can be worrying. But don’t stress. This article is here to help you.

Every month, over 170,000 people visit our website seeking advice on debt problems. So, remember, you’re not alone.

In this guide, we’ll discuss:

  •  Who Marlin Financial Services are.
  •  How to understand why you received a call from Marlin Financial Services Debt Collectors.
  •  How to find out more about the debt.
  •  What to do if you can pay, and what to do if you can’t.
  •  If there’s a chance to write off some Marlin Financial debt.

We’ve been in your shoes and dealt with debt collectors, so we understand how it feels to have them knocking at your door.

Don’t worry. With our expertise, we’ll help you understand your options.

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 have you received a call from Marlin Financial Services Debt Collectors?

There are thousands of people who are dealing with debt problems, and as a result, the debt collection is massive. There are many different types of debt collectors out there, including independent businesses and those who work with the original creditor, as a business arm.

You may even come across sole traders who are operating as debt collectors. If you have been contacted by Marlin Financial Services Debt Collectors, you should definitely speak to them and try and resolve the situation.

The way companies like Marlin Financial Services Debt Collectors operate is the same, regardless of the terms in which they work under. The original creditor (the company you have the debt with) will sell the debt to the debt collection agency for a small fraction of the face value.

For instance, if the value of the debt is £1,000, they may sell it for only £200. The reason they do this is that they are having no luck in getting the money from you, so they pass it onto a dedicated debt collector and this means they make a bit of money and get rid of the debt.

You will find that debt collectors are not particularly concerned about how you feel and your individual situation. They just want you to pay up, and the quicker the better!

Find out more about the debt

The first thing you need to do when approached by Marlin Financial Services Debt Collectors about the outstanding debt is to make sure you actually owe this money.

It could be the case that you are being contacted about debt you have already paid, or it may belong to someone with the same name, and you are being contacted in error.

You can write to Marlin Financial Services Debt Collectors and request that they send you a copy of the original credit agreement.

If they do not provide this, you will not be under any obligation to pay the debt back. You should not pay debt unless you are sure it is yours.

» TAKE ACTION NOW: Fill out the short debt form

How to deal with your debt

If you have debt problems, there is help out there. The choices are the not-for-profit organisations, which provide help for free, and alternatively, there are commercial debt management companies.

You should always opt for the free services first, and if you don’t have any success with this, you can then turn to the commercial companies. These are some of the agencies you may want to consider using:

  • Citizens Advice Bureau (CAB) – is an organisation that provides you with free help and support in getting out of debt. They have professional, highly skilled advisors who will also be able to assist with any other issues you are dealing with.
  • Christians Against Poverty (CAP) can provide you with help and support in taking care of your debt, completely free of charge.
  • StepChange free online debt advice when you need it

Should you pay, if you can?

If you can pay the debt, then we would suggest you do. It will take the stress off you, and you will not have to worry about dealing with Marlin Financial Services Debt Collectors ever again!

You should only pay this debt if you are able though. There is no point in paying the debt if it means you won’t be able to take care of your other bills. In this case, you should devise a suitable repayment plan with Marlin Financial Services Debt Collectors, or offer to pay a partial repayment to clear the debt. Speak to a free debt charity for help.

UK Personal Debt 2021 Update:
Citizens Advice Bureaux in England and Wales dealt with 1,735 debt issues every day in the year to May 2021.

(Source: The Money Charity)

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

Did you know you can write off your debt?

You may be able to write off some of your debt, by entering into an Individual Voluntary Arrangement (IVA). An IVA is a formal agreement you reach with the debt collectors to pay a specific amount to the whole debt each month. Any outstanding debt would usually be written off within five years. The IVA process would require an insolvency practitioner.

The other option to consider is a Debt Relief Order (DRO). You would only be eligible for this if you only have £75 or less to live off each month, after you have taken care of your household bills. Additionally, you must not have assets which amount to more than £2,000.

Other Debt Collectors 

You should check for more outstanding debts that you may have with other companies or debt collectors. Here are four steps you could take: 

  1. Check your credit report for other defaults 
  2. Check your email and post for reminders or overdue notices
  3. Check the court records for CCJs against you
  4. Check your bank statements for the names of other debt collectors 

There are hundreds of debt collectors in the UK and each works with different companies to collect debts.

For example, Cabot Financial have been known to collect for the DVLA while Lowell Financial and PRA Group buy debts from various credit card companies like Barclaycard.

If you see a name on your bank statement that you don’t recognise then you can search MoneyNerd to see if they’re a debt collector. 

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.

Get started

Reviews shown are for The Debt Advice Service.

Marlin Financial Services Ltd Contact Details

Email: [email protected]
Website: https://www.cabotfinancial.co.uk/
Phone Number: 0344 556 0263
Postal Address: Cabot Financial, PO Box 241, West Malling, Kent, ME19 4UA

The Final Word

Although the government have stepped in to try and deal with the situation, and put more regulations in place for debt collection agencies, there are still problems with the behaviour of debt collectors.

In some cases, debtors have been left feeling upset, distressed and even depressed about their situation and the abusive contact they are receiving from debt collectors. You need to repay your debt, but this should be done in a careful, considered way.

There are options available to you. The best option is to clear the full debt as quickly as possible, but alternatively, there is the option of setting up a suitable repayment plan.

You may be able to stop the bullying and abusive behaviour by reporting Marlin Financial Services Debt Collectors to the Financial Ombudsman. They could lose their license as a result.

FAQs

Could I just ignore debt collectors?
You could just choose to ignore Marlin Financial Services Debt Collectors, but if you do this, they may end up sending doorstep collectors to your home. They could also go as far as to apply for a County Court Judgement, and if this is successful, you would be forced to pay and it would end up on your credit report.
Will Marlin Financial Services end up taking you to court?
Marlin Financial Services Debt Collectors would be able to take you to court regarding the debt. If they decide to do this, you will be sent a CCJ (County Court Judgement) letter.
Can you be sent to jail for the debt you owe?
You will not be sent to jail as a result of any debt you owe.
What happens if you don’t respond to a CCJ?
You should not ignore a CCJ. If you do this, bailiffs could end up at your door to try and recover some items to cover the cost of the debt. It is better to just respond to the CCJ.
Can Marlin Financial Services send you a warrant?
Marlin Financial Services Debt Collectors do not have the right to issue you with a warrant, and they cannot get you sent to prison. The most they can do is request a CCJ. If this is successful, they would be able to send bailiffs to your property.
Could you describe Marlin Financial Services as bailiffs?
Marlin Financial Services Debt Collectors are not bailiffs. They have the right to request a CCJ though, which could result in bailiffs being sent to your property. If this is going to happen, you would receive warning letters to advise you of this.
Can Marlin Financial Services turn up at your house?
They may turn up at your house, but they don’t have legal powers, which means you can just ignore them, or request that they leave. If you are sent a County Court Judgement, you may end up with bailiffs at your door as a court instruction.
Will Marlin Financial Services be able to force entry?
Marlin Financial Services Debt Collectors cannot force entry into your property, as they don’t have any legal powers to do this. If you have ended up with a CCJ though, they may instruct bailiffs to go to your home.
Will Marlin Financial Services give up?
There is one thing you can guarantee, and that is that Marlin Financial Services Debt Collectors will not give up! They will keep chasing you until there are no options left. You could be chased for 6 years about the debt!
Does the debt have an expiry?
The debt can end up being too old for the debt collectors to collect. The Limitation Act 1980 states that there is a maximum of 6 years permitted to chase the debt. The 6 years starts from the last payment you made or when you last spoke to the creditor or debt collection agency about the debt.
How long can you legally be chased for debt?
You can legally be chased about the debt for 6 years. This is according to the Limitation Act 1980. If you have been chased for longer than this, the debt collection company would be breaking this legislation and as such, you would be able to make a complaint.
Will my debt be written off?
It will be written off after the 6 years time period, or if you enter into an IVA, there may be the option to write off some of the debt. If the debt collection company raise a CCJ, the Limitation Act does not apply, and they can chase you for as long as they desire.
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.