Complaints Against Red Debt Collection
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What To Do If You Get A Nasty Letter or Phone Call From:
Red Debt Collection
Red Debt Collection is a debt purchasing company or debt collecting company listed in the site of DBSG (The Debt Buyers and Sellers Group) and/or mentioned in consumer finance forms. They have a legitimate function as debt collectors, but there is some indication that some such companies (not necessarily Red Debt Collection), and especially the debt purchasing element, go a bit too far sometimes and can make people's lives a misery when those same people are at their most vulnerable. We do not suggest that they are acting outside the law, but getting that letter or phone call is not exactly helpful to you right now.
So the first thing you must do if Red Debt Collection is bothering you is not to panic or despair. That's just what they want! They'd love you to call their number and speak to their specially trained sales team for 'advice'. But once you do that you'll be suggestible to whatever they tell you, instead of getting independent advice. While we always say that you should keep an open dialogue with debt collectors, we would recommend that you do so in writing only. This will prevent them 'railroading' you into any action which is not in your best interests, as they so love talking people into doing things on the spur of the moment. Of course, they are only doing their job, but that's hardly a consolation for you in the present situation.
There are several courses that are open to you, and some will suit your own situation better than others.
A sensible option, we would suggest, is a debt management plan or even an IVA - which is designed to actually write off a large chunk of your unsecured debt. But you would need to take advice on this and look at your income and expenditure in detail. This option won't suit everyone. There's more on this below.
For an alternative type of loan you could apply for a 'logbook loan' which many people find a very handy option. It is actually a loan secured on your car, except you get to keep the car and keep the cash as well! That's why some people find it such a good idea, as it unlocks the equity in your vehicle without taking away your means of transport (there's no need to sell the car). To apply for a logbook loan click here.
Yet another option is a no credit-check guarantor loan. This is especially useful because your own credit rating is not looked at; you must find someone else willing to act as a guarantor for you such as a friend or family member. This is an ideal solution if you're at the stage where your credit profile has been downgraded by recent events, etc. So click the following link for Unsecured Loans that don't need you to be credit checked.
Are you owed money? Have you been missold Payment Protection Insurance with your credit card, loan or mortgage? PPI Advice Line will advise customers openly and honestly about the chance of making a successful claim for their compensation. Find out if you have a claim by clicking here.
If you wanted to try a debt management plan, then we provide a whole-of-market service, with a number of debt management experts on our panel. So whatever your circumstances, your application will find the plan for you, meaning the optimum outcome for your situation. It also means there are no minimum requirements for debt levels or income.
NOTE: If you have at least two accounts in debt, and total debts of £2,000 or more, enter your details below to see if you qualify. (But if you owe less than this, or are on state benefits, then use this link to apply instead.)
DPC Registry. Consumer Credit Licence number 633327.
Name: Red Debt Collection
Also Known As: Trading style of Lowell Financial Lowell Portfolio I, etc.
Address: PO Box 203, Leeds LS11 1BG
Telephone: Not Known (don't phone them anyway)
Fax: Not known
Email: Not known
Extra Data: Red Debt Collection is apparently one of the trading styles of Lowell Financial Ltd.
Get a free QuickCreditScore check by applying here.
Red Debt Collection and the Truth About Your Debt
You must always ensure that you know whether or not the debt collection firm has purchased the account themselves as a means of making a profit (as a debt purchasing company) or whether they are carrying out recovery work on behalf of a client company such as a credit card company (where they would pocket a proportion of recovered funds). If you are sent a letter of assignment, as legally required if the account has been sold wholesale, then you will know the debt collecting firm or DCA owns the debt and therefore will attempt to get as much out of you as possible. In dealing with Red Debt Collection remember every penny the debt collection company gets is profit because they purchased the debt wholesale. So they will try to get you any way they possibly can.
So ask Red Debt Collection for a copy of the original contract when you took out your loan or credit card.
To find out if you qualify for an IVA or can benefit from a debt management programme, try the IVA Test. It's free to apply, and again you are protected by the consumer laws regarding debt management at all stages. Click here to go to the application form.
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More Data On Red Debt Collection
These characters seem to be exponents of the speculative statut barred debt threat. In otherwords, they buy very old debts (more than 6 years old, meaning that they are useless and cannot be enforced) and then send a letter to someone - anyone - demanding payment. Looking at the various consumer forums they seem to use the electoral register in order to match names and addresses. They don't mind who pays up, but they know that someone will. That's why these people do this kind of thing. They buy the dead debts so cheaply they can afford to have a very low hit rate and still make a profit.
Buying delinquent debts is bad enough, but these people really do occupy the bottom of the barrel!
If you have any information that you would like honest people to know about Red Debt Collection then send us an email in complete confidence and we will try to corroborate it with the clowns involved.
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Take a look at the Insolvency Service's leaflet called 'In Debt', downloadable here.
This Red Debt Collection website is part of DPC Registry website group. All rights reserved. Complaints Against Red Debt Collection debt collectors.
