A debt recovery agency is a company that collects unpaid debts on behalf of lenders. When someone falls behind on payments, the original creditor may decide to pass the account to a debt recovery agency to try and recover the money that is owed. These agencies specialise in contacting people who have missed payments and…
The Office of Fair Trading (OFT) in July 2003 (revised Nov 2012) released guidance notes for licensed debt collectors in the United Kingdom setting out the expected standards of all parties involved in the recovery of consumer credit debts. Reported behaviours of debt collecting companies were used to compile these guidance notes and therefore this…
In the UK the Office of Fair Trading have provided guidelines to Creditors and Debt Collectors on what they consider are fair and unfair practices in the way your debt is collected. The Office of Fair Trading are responsible for issuing Consumer Credit Licenses, these licenses are what allow companies to lend money to consumers. The guidelines…