A lot of people make the mistake of assuming that debt collection is a Wild West of people trying to reclaim the money, but that couldn’t be further from the truth. Debt collection is a highly regulated industry, and there are a lot of rules that dictate what we are allowed to do. There are a lot of things that we are not allowed to do. At Cobra Financial, all our debt collection efforts are done with these regulations in mind. We are fully licensed by the ICO, subject to FCA regulations and we always act ethically.
What Can Debt Collectors Do?
The role of a debt collector is to act on behalf of creditors to contact debtors and reclaim the money that’s owed. There are several ways that we can do this, and we tailor our approach depending on what we know about the debtor. For example, we might start by having to track them down abroad, or we might start by sending a simple letter reminding them to pay. We can collect a debt face-to-face, via telephone or by sending letters. We are allowed to use surveillance services to trace them, which helps us to track down even the most elusive debtors. When we are collecting a debt, we must provide the debtor with evidence of the money owed.
What Can’t Debt Collectors Do?
Contrary to popular belief, debt collectors are not allowed to harass debtors, nor are we allowed to contact them at all hours of the day. There are strict rules around when we can contact someone who owes us money and how we can contact them. This allows us to reclaim the debt in several ways, whilst causing minimal disruption. After all, you might end up working with them in the future.
We are also not allowed to seize belongings or enter homes without permission. Unless a debtor invites one of our face-to-face debt collections in, we do everything on the doorstep. We are also not allowed to add unreasonable levels of interest to the original amount owed.
Here at Cobra Financial, we take our role as debt collectors seriously. We understand the stress that comes with being owed money, and we know how frustrating it is to have someone refuse to pay time and time again. When you enlist our team of debt-collecting experts, the entire process becomes a lot easier. We handle everything, from tracking down your debtor to recovering your money, leaving you to focus on other things. We have a range of tools and techniques at our disposal, and no case is too complex. To find out more about what our debt collectors do, get in touch with the Cobra Financial team.