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Collection Agencies
An introduction to collection agencies
Collection Agencies are hired by businesses in order to collect debts owed to them by individuals or other businesses. The party owing the debt is known as the debtor. They have arrived at a situation where they are unable to pay their debt for any number of reasons, e.g. the loss of a job or contract, overstretching their finances or some other unforeseen circumstance. As a result the party that the debt is owed to, known as the creditor, must employ a collection agency to pursue and acquire the outstanding debt.
The Collection Agency will contact the debtor and attempt to work out a solution and come to some sort of arrangement with regards to repayment such as a plan for instalments. Failure to settle debts affects the debtor’s credit score making it difficult to obtain credit in the future.
Collection Agencies can work on a flat-fee or a fee based on a percentage of the debt to be collected. In the UK they are licenced and regulated by the Office of Fair Trading who set guidelines to prevent unfair practices by the collection agency. Such practices can include harassment of debtors, falsely claiming powers of enforcement or seizing property.
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