SLL Capital Debt Collectors – Do You Have to Pay?
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.
Receiving a surprising letter from SLL Capital Debt Collectors might feel scary. You might be concerned about the debt, where it came from, and if you should pay it.
Don’t worry. You are not alone in this. Each month, over 170,000 people come to our website for advice on dealing with debt.
In this article, we’ll help you:
- Understand who SLL Capital Debt Collectors are.
- Check if you really owe them money.
- Learn if this debt will affect your credit score.
- Know how SLL Capital operates.
- Find out how to get help with your debt.
Our team knows how you feel. Some of us have had to deal with debt collectors too. We’ll use our experiences and knowledge to help you.
Why you are being contacted by SLL Capital Debt Collectors?
Debt collection in the UK is big business. Debt collection agencies just like SLL Capital may be structured in different ways.
The most common are debt collection groups that are completely independent, but there are debt collection groups that are tied to crediting companies, although they mascaraed as separate and independent agencies.
Thus, they hide who they really belong to. There are some debt collection sole traders too.
The business model of debt collection agencies that work independently is to buy personal debts from other businesses.
They purchase the debt at an incredibly low cost, sometimes just one-fifth of the overall debt worth, Now that they own the debt, they can chase people to pay, hopefully the full amount, scooping them huge profit margins. Empaths and morals are not really on their radar.
Check if you really owe the money
Do you 100% owe SLL Capital the money they claim? The initial step is to get proof that the debt they claim is really in your name, and that you still owe the money.
When trying to uncover this information, don’t be surprised if the original amount has been inflated with interest rates and various types of fees. SLL Capital are allowed to charge you admin fees, but only if your original agreement with your creditor allowed it.
You should write a letter to SLL Capital Debt Collectors and ask for proof that you owe the debt. If SLL Capital does not provide adequate evidence, you are not under any obligation to pay. You can use my free ‘prove it’ letter template to write to SLL Capital.
If you receive proof of the debt and it turns out you do owe the money, paying it is the easiest and stress-free solution option.
Some people cannot afford to pay, or if they did, could result in debts elsewhere. If this is your situation, speak with SLL Capital debt collectors to see if they will accept partial repayment or a repayment plan.
How a debt solution could help
Some debt solutions can:
- Stop nasty calls from creditors
- Freeze interest and charges
- Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Monthly debt repayments
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Is My Debt Statute-Barred?
If it has been 6 years – or 5 years in Scotland – since you last paid towards your unsecured debts and you have not written to your creditor about your debt during this time, it is statute-barred.
This means that the debt is not enforceable. It still technically exists, and you still technically owe the money, but there is no legal way for you to be forced to pay or for the debt to be enforced.
Keep in mind that not all debts become statute-barred!
Any HMRC debts, for example, will stay enforceable for decades. Any debt that had a County Court Judgement (CCJ) attached to it during the 5 or 6-year window it will be enforceable for the duration of the CCJ.
Writing to SLL Capital and asking for proof of your debt won’t restart the statute-barred timer.
» TAKE ACTION NOW: Fill out the short debt form
Will SLL Capital Affect My Credit Score?
Yes, SLL Capital could affect your credit score. But your credit score will already be negatively affected by your missing payments with your original creditor!
Your credit score and credit file are used by companies to work out if you are a ‘high-risk’ customer – someone who is likely to have difficulty paying their bills on time.
So, if you miss payments with your creditor and they decide to sell your debt to a debt-collecting company like SLL Capital, other companies will be understandably concerned about your credit history. This could mean that you are refused all credit, but from my experience, you will more likely be stuck with some of the more basic credit options.
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.
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
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What do SLL Capital Debt Collectors Do?
SLL Capital are a company that purchases debt from other lending sources and then take on the chasing of payments and maintaining of the debt agreement.
Their aim is to ensure that any debt that you have is settled, and it states on their homepage that they are able to discuss with you offers and payment plans that can suit your own situation and debt.
They also have a number of ways to make repayments when you need to.
Can I Get a Debt Solution?
If you are dealing with SLL Capital and have unsecured debts that you are struggling to pay, you may benefit from a debt solution.
There are several debt solution options available in the UK, so I recommend speaking to one of the above charities to get some free advice. Their advisors will be able to make sure that you are opting for the debt solution that will be best for your finances.
Debt Management Plan (DMP)
A DMP is an informal debt solution that lets you pay off your debts via a single monthly payment.
Because it is informal, it is not legally binding so you are not tied into a DMP for a minimum number of payments.
Individual Voluntary Arrangement (IVA)
An IVA is a formal agreement between you and your creditors. You agree to pay a monthly sum that is distributed amongst your debts, and your creditors agree not to contact you during your IVA.
IVAs typically last for 5 or 6 years, and any outstanding debt is wiped off when it ends.
Keep in mind that IVAs are not suitable for everyone. You need to owe several thousand pounds to more than one creditor to be eligible. You also need to demonstrate that you have some disposable income every month.
IVAs are not available in Scotland. Instead, you will need to opt for a Trust Deed.
Trust Deeds work in the same way as an IVA – you pay an agreed sum each month that is shared amongst your creditors, they can’t contact you, and any leftover debt at the end of your Trust Deed term is written off.
Debt Relief Order (DRO)
A DRO is a good option for those facing financial hardship with no assets and little income.
For 12 months, you make no payments, but your creditors freeze your interest and don’t contact you.
If your finances haven’t improved during this year, you may be able to write off your unsecured debts.
Bankruptcy and Sequestration
If you have debts but no realistic possibility of ever paying them off, you may need to declare bankruptcy.
Bankruptcy has an unfair stigma attached to it as it may be your only way of getting a financial fresh start. That said, it is a serious financial situation that should not be taken lightly.
Sequestration is the Scottish version of bankruptcy.If you have little income and no valuable assets, you may be able to apply for a minimal asset process bankruptcy (MAP). A MAP is a quicker, cheaper, and more straightforward version of sequestration, so worth considering.
How do I Complain About SLL Capital?
If you think that SLL Capital has been unreasonable or behaved inappropriately by using any of the above tactics, you can make a complaint. You can also make a complaint if you feel that they have broken any of the Financial Conduct Authority’s (FCA) guidelines.
Make your first complaint to SLL Capital directly so that they have the chance to sort out the issue themselves. If you feel that they have not taken your complaint seriously enough or have not addressed your issue properly, you can escalate matters.
You can make any secondary complaint to the Financial Ombudsman Service (FOS). They will investigate and, if your complaint is upheld, SLL Capital may be fined. You could even be owed compensation.