You might not have to pay Paladin Commercial Credit Debt Collectors!
Are Paladin Commercial Credit Debt Collectors contacting you about an outstanding debt you owe? Do you feel that you won’t be able to repay this debt? Have you already paid the debt off or you don’t recognise it? Are Paladin Commercial Credit Debt Collectors saying they plan to take you to court? If any of these questions relate to you, then 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 Paladin Commercial Credit?
Paladin specialises in UK and international collections. The company is a specialist in financial advisory services and collecting, and has more than 25 years experience. The company also offers expert consultancy services to small and large businesses.
The reason you are being contacted by Paladin Commercial Credit Debt Collection?
You may have never heard of Paladin Commercial Credit Debt Collectors, so why are they contacting you? Paladin Commercial Credit Debt Collectors chase debt on behalf of other companies – these are the ones you have ran up the debt with. For example, it may be that you have had a loan in the past or an old credit card. Even though you don’t recognise them, it doesn’t mean you can ignore it.
There are various types of debt collectors who might contact you. There are independent debt collection agencies, those who work as sole traders and then there’s others which are a part of the original company you owe the debt too (these often disguise themselves as a separate company. They pay a fraction of the price to obtain the debt, and they often resort to the most devastating tactics to obtain the debt. This may include harassment, threats and generally not treating you with any respect. Read what to do if you can’t pay back your loan.
Establish if you owe the money
First thing first. If you are unsure if you owe the money, you should ask for confirmation from Paladin Commercial Credit Debt Collectors. They should be able to tell you where the debt came from and what the charges or interest are. You may find that the total cost is significantly higher than you remember, due to the interest and charges.
If in doubt, you can write to Paladin Commercial Credit Debt Collection and ask them to send a copy of your original credit agreement. If they refuse to provide or they say they can’t provide it, you will not be under any obligation to pay them. You may even be able to get a refund. See my most popular post for the guide on how to get a refund.
What if you can’t pay Paladin Commercial Credit Debt Collectors?
If the debt is yours, you owe it and you need to set up an arrangement to pay it back. Of course, the best course of action would be to clear the debt off completely, but this may not be possible. In this case, you can speak to them and set up a repayment plan which works for your budget. You should work out your expenses, so that you can realistically afford to make the payment each month. Speak to Paladin Commercial Credit Debt Collectors and offer them a temporary repayment plan.
The damaging effect of debt collectors
As debt collectors often go to the most extreme lengths to recover the debt, there tactics might not always be in line with the law. It is not unknown for debt collectors to resort to bullying tactics to obtain the money, including pressurising debtors into making payments, and even making threats.
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 issues are distressing enough, but if you also have Paladin Commercial Credit Debt Collection on your case, it can be even more upsetting. In the worst case scenarios, some people have even contemplated suicide as a result of their escalating debt issues, and the debt support trust said that as many as 50% of those suffering from debt issues, will have contemplated suicide. These are obviously very worrying statistics. You should never let debt collectors get to you, as no matter how difficult your situation may feel, there is always a way to deal with debt issues. You should never be made to feel embarrassed, ashamed or threatened when it comes to your debt.
Paladin Commercial Credit Debt Collection and what the law states
As a result of the bad practices of many debt collection companies, The Office for Fair Trading (OFT, 2012) had no choice but to step in and set new guidelines for these companies. The new guidelines include:
- Treating debtors fairly and without using any aggressive practices, deceit or any other unfair practices.
- Ensure transparency in all information provided. Information should be clear and concise.
- Show consideration towards debtors and their situation.
- Take the debtors circumstances into account before determining appropriate action.
If you feel that Paladin Commercial Credit Debt Collection are trying to intimidate you, and they are not following the guidelines, you have the right to report them. The OFT will take care of debt collection agencies who are failing to adhere to guidelines, and in the worst cases, they may even lose 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 Paladin Commercial Credit Debt Collection, you can use this online complaint form.
You may find that debt collectors say they are from an external agency, when they are actually part of the original credit company. As this is deceit, you may have a case for reporting them. According to the legislation, they are not permitted to deceive you.
How to deal with Paladin Commercial Credit Debt Collection
If you are not familiar with dealing with debt collectors, you might want to get a better understanding of how to deal with them. These are some ways to deal with debt collection agencies.
Discuss your situation
It can be tempting to just ignore the calls from Paladin Commercial Credit Debt Collection, this is what most people want to do. However, this is not the best way to approach the situation, as firstly, they won’t just disappear and secondly, it will just add to your stress. The best thing you can do is speak to the agents at Paladin Commercial Credit Debt Collection and let them know your financial situation. You may either be able to pay off your debt, or at least arrange to pay it via a repayment plan.
It is always best to be honest and upfront in these situations, burying your head won’t help. Do not arrange to make payments you can’t afford, but also, don’t hide away and ignore it, as you can guarantee that Paladin Commercial Credit Debt Collection agents will just keep trying to contact you anyway.
There is no point in saying you will make payments to Paladin Commercial Credit Debt Collection agents, if you can’t realistically afford to do so. Take stock of your finances before speaking to them, and give them a realistic run down of your financial situation. Do not make a full payment to clear the debt, if it will leave you in a dire situation. Be realistic about what you can afford, no matter what pressure they try to put on you.
If they are threatening you, or putting you under pressure, you do not have to just put up with it. Although you owe the debt, you don’t have to put up with any harassment, or bullying behaviour. If this is the case, you should contact the Financial Ombudsman.
You can contact the Financial Ombudsman is by phone on 0800 023 4567 or 0300 123 9123
Why are debt collectors so persistent?
Debt collection agents are under pressure to get payments in and they will have targets to achieve. This is why they will often be incredibly persistent. If they end up with a ‘non payment’, they will be asked questions, after all, their job is to clear the debt. The debt collection agents may start friendly, but they will soon change their mind if you are unable to make payments. This can be distressing, but remember that it is not personal, even though it may feel this way. The best thing you can do it speak to them, as they will not stop contacting you as otherwise, they are losing money.
Although there is no doubt that it can be difficult to stand up to this behaviour, you should always stay strong. Don’t just put up with any poor behaviour on their behalf, report it to the OFT using this online complaint form.
Why have they spoken to my partner?
You may find that the debt collection agent will resort to tactics which are hard to believe, including even speaking to a colleague or your partner about your debt. Remember; they are desperate to get hold of the payment, and they will do anything to get it. They may think that by embarrassing you, you will be more likely to pay. Again, this is illegal behaviour and it is a breach of the OFT guidelines, as well as privacy laws.
You have the right to report behaviour like this to the Financial Ombudsman on 0800 023 4567 or 0300 123 9123
Can they enter my premises?
The answer to this is no; but they may threaten to do this. This is to give you the fear, which they think will inevitably, make you pay up. You should not let debt collectors access your property and if they do threaten this, they are in breach of the regulations. Make sure they know that you understand what they are doing, and that you know these are nothing more than empty threats.
Do not give them permission to visit you and if they do, you should not let them enter your home. If you feel threatened in any way, you should contact the police, as they have no right to do this.
Staying strong against debt collectors
Of course, these situations are never easy, but you should stay strong with any dealings with Paladin Commercial Credit Debt Collection agents, no matter how relentless they may be. Staying strong will stop this behaviour from causing you serious mental issues, including depression. There is help out there for people like you, who are suffering at the hands of debt collectors. Stay strong, and don’t let them make you feel like you should be ashamed of your debt.
Free debt help and advice
Thankfully, there is a range of help available when it comes to your debt. There are not-for-profit agencies who provide one to one help for free, and there are also commercial debt management companies who will try to make money from you. You should always go with the organisations who offer a free service. Some of the most reputable companies who offer free debt help, include:
- Citizens Advice Bureau (CAB) a well known organisation for providing free debt advice, as well as advice on a range of other issues which can affect your day to day life.
- Christians Against Poverty (CAP) provide free debt help.
- StepChange provides free online debt advice helping people deal with their financial situation.
How to write off your debt
There is a way to write off a big chunk of your debt, and that is by entering into an Individual Voluntary Arrangement (IVA). With this formal agreement, you pay the debt collectors a set amount which is affordable, either as a one-off sum or as monthly payments, with the rest of the debt being written off after a defined period, which is usually around five years. The IVA process must be carried out by an insolvency practitioner.
Find a local licenced IVA insolvency practitioner here.
You may also want to consider a Debt Relief Order (DRO). There are some restrictions with this though, as you need to have £50 or less each month after paying your household expenses, you should not own your home or have other assets which amount to 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.
It would be good to think that the bullying behaviour among debt collectors will eventually stop, especially since the government have put new regulations in place. Unfortunately, this is unlikely to be the case. There will always be some debt collection agencies who will go against the guidelines. If you are dealing with debt collectors, you should only pay an amount you feel comfortable with. If they are bullying or harassing you, you should definitely report them to the Financial Ombudsman, and they may even lose their licence.