Palmers Debt Recovery are the same as others debt collectors, in that they use a range of methods in an attempt to get you to pay back the debt you owe. If you find that you are unable to afford to pay the debt collectors, or you don’t believe you even owe the money, you may not need to pay them back.
The number of complaints being made to the Financial Ombudsmen has increased from 830 to 2,006. If you are facing issues from them, you are one of many!
Read on to find out how to deal with them.
Who are Palmers Debt Recovery?
Palmers Debt Recovery has more than 25 years experience in debt collecting and acts on behalf of various clients nationwide. The company is registered in the UK and specialises in medical debt, specialty debt as well as bank fees.
Why are Palmers Debt Recovery Debt Collection getting in touch?
Debt collection is big business, as there are so many people who owe money to various companies. Debt collectors, including Palmers Debt Recovery will usually buy the debt from a lender for a small amount of money, which may be as low as 20% of the face value of the total amount which is owed. They collect the payments, and start to make a profit as soon as they receive any payment. As you can imagine, this can end up being quite a significant profit.
Palmers Debt Recovery Debt Collection may be trying to contact you as they have purchased the debt that you owe to the original creditor. The original creditor has passed the debt on, which means it now belongs to them. They may be quite persistent when trying to get payments, as they want to make that money!
Find out if you owe the money
When a debt collection company contacts you, the best thing to do in the first instance, is to find out where the original debt originated and the total amount you owe. You may not recognise the value of the debt from Palmers Debt Recovery Debt Collection and is because there will usually be some charges added on. There is also likely to be interest added on too. This will mean you will have a total cost which is much higher than what you may remember.
If you wish to find out the exact cost of your debt, you can write to Palmers Debt Recovery Debt Collection and ask them to send you a copy of the original credit agreement. If they say they cannot provide this or they just refuse to do so, they cannot enforce the debt. In short, you don’t need to pay it.
The debt is legitimate, what do I do next?
If the debt collectors is able to prove that the debt is yours, then the most sensible action to take is to repay your debt. If you are not able to afford to repay the debt on the sport, or you believe that by paying, you will be in a worst situation, you should not pay right away. It is important that you only pay if you can realistically afford to, while being able to pay your other day to day bills. If not. then you should have an honest conversation with Palmers Debt Recovery about your situation and come to an arrangement to repay the debt using a debt repayment plan.
Could Palmers Debt Recovery Debt Collection make your life miserable?
There is always the hope that the debt collectors would always adhere to the necessary legislation, but unfortunately, it is not particularly unusual for debt collection companies to use a range of others tactics that could have a negative impact on your state of mental health. They could may employ tactics which go against the guidelines, including bullying and harassment.
Some people who have had to deal with debt collectors about their debt have stated that they have even ended up with sleepless nights after speaking to them. There are some people who have even said that they feel scared about answering the door or even picking up their phone, incase they need to deal with them. Consequently, debt support trust have stated that up to half of people who have debt problems, will consider suicide. This is a startling statistic when you think that debt collection agencies are the cause of this.
What regulations do debt collectors need to follow?
As there are a wide range of debt collection agencies out there chasing debt, and with many of them using the most destructive tactics to collect money, it is not really surprising that the Office for Fair Trading ended up deciding to put out a some guidelines that the debt collection businesses are required to follow. These guidelines are relevant to all debt collectors, including Palmers Debt Recovery Debt Collection.
What they need to do:
- They have a responsibility to treat any debtors fairly and should not use practices that may be viewed as aggressive or destructive. Debtors should be treated fairly at all times.
- They should ensure they provide clear information to debtors, that does not confuse or mislead.
- They should show debtors consideration, especially when they are dealing with financial hardship.
- They should consider the individual’s situation, before they determine what action to take.
Are you having problems with Palmers Debt Recovery Debt Collection? Do you believe that they are failing to abide by the necessary guidelines that have been established by the Office for Fair Trading? If the answer is yes, you should consider reporting them to the Office for Fair Trading. In the worst case scenario, they may even take steps to take away their license.
What can they do?
When dealing with debt collectors, it is best that you have knowledge about them and how they behave. If you want to try and deal with them, and of course, defend yourself against Palmers Debt Recovery Debt Collection, you need to know how they work and why they do what they do!
They may be on a bonus
One point to keep in your mind is that debt collectors like Palmers Debt Recovery Debt Collection will usually be working on a bonus. The agents who contact you to talk about your debt and try to get payments from you, will usually be paid bonuses depending on how much money they get from debtors. These bonus schemes are obviously extremely tempting for agents which is why they are so persistent with trying to get the payments.
They often employ automated calls
Some people will decide just to ignore any calls that they receive from debt collection companies. This is likely to make it much more difficult to be in a position to handle your debt problems, and you may find that they end up putting technology in place to continue calling you until you pick up the call. This tech is used to make calls to you on automatically, so you may find that your phone is ringing every hour of the day. If you end up answering, you may discover that there is no one at the other end.
If you find the calls excessive, you could make a complaint about harassment. In this case, make sure you note down the details of any calls you receive, and perhaps take a screenshot of your call log. This can then be used as evidence to show that the calls are excessive.
They could use bad cop, good cop
A regular tactic that is employed by debt collection agencies is like bad cop, good cop and shockingly, it does seem to work. You may find that the other person on the phone is obnoxious towards you, as they are annoyed you can’t afford to make a payment. This may be mixed up with friendly responses, which can really throw you off course. The whole approach is meant to grind you down, so that you end up paying the debt. It can be hard to deal with this sort of conversation, especially when it can be so confusing.
They may speak to someone else about your debt
In some cases, they may speak to someone you know about your debt. This will usually because they can’t get hold of you, and they will generally speak to anyone who answers, even if it is a work colleague. This act is breaching the regulations of the Office of Fair Trading, and it also falls short of privacy laws.
They may tell lies
There are also the debt collection agencies who don’t feel like they need to adhere to the law and they end up just doing what they want, without following the proper protocols. They may then use other measures to try and get debtors to pay up, such as harassment and abuse. They may even say that they are calling from the court. A common but more extreme reaction is to say that they plan to visit your home to take your goods away, in order to clear the debt, but this is not something they can do.
You should not feel that your safety is under threat, and if this is the situation, you may wish to contact the police, and advise them of the threats. They will then deal with the situation on your behalf.
Is there a way to write off my debt?
You can enter into an Individual Voluntary Agreements or IVAs and this can give you the chance to write off some of the debt. An IVA is a formal agreement that come to where you make monthly payments towards your debt, at an affordable rate. The debt will be cleared off within a set period, and the rest will be written off.
Debt collection companies have been warned to stick to the regulations that have been established. Despite the warnings from professional bodies some of them do not adhere to the regulations. If you believe that the debt collectors has treated you unfairly, you may wish to contact the Financial Ombudsman, and discuss your financial situation.