What is debt collection and what are my options?
For society to function properly it’s important that businesses are paid for their goods and services – that means they can continue to employ people and serve their customers. However, we understand that things don’t always go to plan when it comes to paying back the money you owe.
Many of the people we talk to have experienced life changes such as bereavement, job loss or illness that affect their ability to pay. Sometimes money management gets out of control and we need some help to get back on track. We have long experience of meeting people in difficult financial situations and understand that life can come in between. We help people who struggle with debt on a daily basis to get their finances back on track.
I can’t repay. What will my lender do?
Your lender may choose to work with you themselves to find a solution, or they may pass your account to a specialist provider of collections services. There is no need to worry if this is the case. The sole purpose of companies like Intrum is to work with people in debt to resolve their financial difficulties. The important thing is to face the problem and talk to your lender or collections firm as soon as possible.
Income and expenditure
The first thing your lender or collections company will do is go through your income and expenditure with you to see what is left after you’ve paid for your essentials. Then you can agree on a repayment plan that is affordable and realistic, leaving you money to live your daily life and pay off your debt over time. That means you can stop worrying and concentrate on living.
I can’t pay anything
If you don’t have any cash to spare, your lender or collections firm may be able to put a hold on your account until your situation changes. If things are tough and you need to seek independent debt advice, there are organisations around to help.
I’ve had some extra money come in, can I pay off my debt in full?
Things can always change for the better and if you have some extra money you can use it to pay down your debt more quickly. That could be in the form of a lump sum, an increased monthly rate or some extra payments.
Do I have to speak to someone?
At Intrum we have trained advisers who take an empathetic approach. However, we recognise that some people prefer to use digital options and we can communicate with you on a range of channels, including customer portals that allow you to access your account online, make payments and provide information.
What if I choose not to pay?
If people can afford to pay their bills but refuse, a lender may decide to use legal action to recover their money. That’s why it’s important to make sure you communicate with your lender or collections firm so they know the situation and don’t think you’re ignoring the problem. Then you can agree on a plan and get back on your feet.
Don’t be overwhelmed by debt collection. Talk to your lender or collections firm to come up with a plan to pay off your debt in an affordable way.
