What To Do If You Get A Nasty Letter or Phone Call From:
Red Debt Collection
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.
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.
So apply for a debt management plan using the form below.
Name: Red Debt
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
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
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.
Data On Red Debt Collection
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.
delinquent debts is bad enough, but these people really do occupy
the bottom of the barrel!
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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a look at the Insolvency Service's leaflet called 'In Debt', downloadable
of Debt Collectors
Red Debt Collection website is part of DPC Registry website group. All
rights reserved. Complaints Against Red Debt Collection debt collectors.