However, many people are doing little to improve their situation:
- 12% have borrowed more to meet repayments
- 22% do not feel they can make their own financial decisions
- 29% are not prepared to confront their debt problems
- on average, nobody takes action until they owe £1,247
Understandably, this is not helping to alleviate the debt problems faced by many UK citizens, and over a fifth (22%) have now been in debt for five years or longer.
While 60% of people have had sleepless nights due to their financial situation, there is a clear divide between people’s concerns, and their willingness to take action.
The Co-operative Bank now claims there are four main ways in which people are failing to tackle their finances:
Rationalisation – making it seem ‘normal’ to live with debt
Ignorance – simply pretending there isn’t a problem
Postponement of taking any action
This so-called ‘DRIP syndrome’ is compounded still further by one in eight debtors using gambling and the lottery in an attempt to clear what they owe, and one in 20 using high-interest payday loans.
Both of these methods clearly contain risks for the debtor, but as their creditor, it is effectively your money they are gambling with – and you have a legal right to claim it from them.
How We Can Help
If you are pursuing a debtor for payment, a professional firm of debt collectors can often spur them into the necessary action to settle what they owe you.
For many households struggling to meet their regular outgoings, a legal letter is the first indication that the bill must be paid – and anything you send yourself as the provider of a product or service will simply be ignored.
We can communicate directly with your debtors, firmly but diplomatically, so that there is the best chance of receiving full payment without a dispute.
If the debtor does choose to dispute the amount owed – either in full or in part – our legal expertise can help you to identify when it is worth settling for a portion of the amount owed, rather than pursuing full payment.
We make it as easy as possible for debtors to settle their accounts, and can accept payments by any of the following methods:
- Credit Card
- Debit Card
- BACS Transfers
- CHAPS Transfers
- Banker’s Draft
Typically we charge a percentage of the total amount owed, so you pay less if you are reclaiming less, and vice versa.
Our charges are also based on the age of the debt, with bulk rates negotiable for collection of numerous debts outstanding.
To learn more, contact us using any of the details on our contact page – we can call you back or arrange a face-to-face meeting if you prefer not to send information via email, but we will of course treat all information sent to us with the necessary level of confidentiality.