If you have borrowed money and have not paid that on time, then you may be a victim of various collection strategies used by the UK debt collectors such as Akinika. Nowadays, the debt collectors have gotten a lot more attacking while collecting the debt. Most of the time, they breach the law set by the UK Government, leading to pressurizing and threatening the akinika debt recovery. Akinika is a debt collector, whose prime job is to send debt collection warning letters. Are you feeling scared to answer the unrecognized calls on your cell phone or receiving threatening text messages? Then, this is what Akinika Debt Recovery Agency does, being a debt collector agency, they collect the amount that is due and are primarily appointed by creditors.
Who are Akinika Debt Recovery Limited
Akinika Debt Recovery is one of the top debt collection companies in the UK that helps the creditors to collect the money owed by businesses or individuals. They assemble Self Assessment debts for the HMRC if you failed to pay off your debt on time.
If you owe money from any provider and fail to pay off the debt on time, then Akinika Debt Recovery can contact you to collect Tax Credits Overpayments. They also collect debt for several agencies like DWP, Santandar, PayPal and for many payday loan agencies like Wonga.
So, chances are that they might be sending you a letter or calling you if you fail to pay off your debt. Sometimes, they also send a warning letter or send a money collection agent to your place. They will discuss your economic condition and help you to make the payment.
So, if you have been contacted by Akinika Debt Recovery, then you will have to make a decision on how to deal with their agents.
Do you Really owe any Money from them?
Akinika Debt Recovery agency needs to provide you clear documentation denoting that you owe the money. Just because they contact you that does not indicate that you owe money from them. So, you need to check first if you actually owe the money or not.
What are the Rules they need to Follow by a Debt Collection Agency?
There are plenty of debt collection companies in the UK. That’s why the fair Trading Department has decided to set clear guidelines that every debt collection agencies have to obey, including Akinika Debt Recovery agency.
Regulations to be Followed:
- They need to treat the debtee fairly. Along with that, they can never use any practices that could be seen deceitful, aggressive, improper, or oppressive.
- They will provide clear information that is not misleading or confusing.
- Approach the debtee who is facing difficulties to pay off the debt depending on their financial situations.
- They need to understand your situation while talking about paying off the debt.
So, if you are being contacted by the Akinika Debt Recovery and they do not abide by the regulations set by the Fair Trading Office, then report that. They will take necessary actions to the removal of their license.
What Can a Debt Collection Agency Do?
If you see that your debt has been in pending for a long time or you have been sent the same notice previously, then the chances are that you will start to hear from a debt collection agency like Akinika Debt Recovery Ltd.
Although it my sound intimidating and scary, it is the first stage of the collection process for most of the debt cases. Debt collection organizations are not bailiffs, so they can’t do anything different from the real debt provider.
If you want to know how debt collection agencies like Akinika operate and work, then you can go through the following actions. Some of them are outlawed by the rules and codes of practice of the industry and some are totally illegal:
They are on a Bonus
You need to keep in mind that the debt collection agencies like Akinika are working on a bonus. Those agents who call you to discuss the details of your debt and try to make you understand about the payments are paid per hour.
Their works significantly increase monthly or daily as a part of a bonus scheme that is related to the collection they have made. That means they are trying to collect the money in order to get their bonus.
Several people ignore the calls they receive from the debt collection agencies. This tactic can make it more difficult to pay off your debt. Moreover, you may also notice that they have set a computerized calling technology to get you to answer the call.
This technology works by making calls to customers on an automated basis. It is a more convenient way for them than making the call by an actual person. If you answer such phone calls, then chances are that you notice that the other end of the call is silent.
So, in this situation, you need to make a list of the phone numbers that are being used to call you. These behaviours of the debt collection agencies are not set by the Fair Trading Office.
Implementing “Bad Cop and Good Cop”
A common strategy that is often used by the debt collection agencies is the “Bad cop and good cop”. Most of the time, it really works. Suppose you are dealing with a company where the person who is calling you is unempathetic or rude. However, if you can call them to make an inquiry, you will notice that the person on the other side is helpful and polite.
This process is designed to lower the confidence level of the debtee and to get them closure to make the payment. It is one of the hardest tactics used by such agencies.
They may Talk with Someone Else about your Economic Situation
It is an illegal approach to speak to someone else, who is not the debtee, about the debt. Not only does this tactic break the rules and regulations set by the Fair Trading Office but it also breaks the secrecy laws as well.
They may Lie and be Dishonest:
Some of the debt collection companies in the UK feel that they are more powerful than the set rules and regulations. Thus, sometimes, a collection agent may call you representing themselves as a bailiff or court. Sometimes, they may also threaten you with the removal of your household materials.
You should never feel threatened by their letter or calls. But, if you are feeling threatened then you have the right to call the police or report the case to the Fair Trading Office.
How can You Get Your Debt Written Off?
IVAs or Individual Voluntary Agreements make it possible for the debtee to write off the debt. It is a kind of legal agreement that you have to pay the collection agent. Both of them need to make sure that the entire amount of debt is paid off within the granted time.
All the debt collection agencies in the UK have been ordered to obey the rules and regulations set for them. Despite Governmental warnings, there are some agencies that are still not following these laws. So, if you think that you are being treated illegally, then you can consult with a financial advisor.
FAQ: Additional Information about Akinika Debt Recovery Ltd
Are Akinika Debt Collection Agents Legit?
Akinika is an establishing member of the Child Support Agency of the UK. It makes sure that they reach their scores of practice so that you consider that they are legit.
Furthermore, they also work with customers that are instantly recognizable. Additionally, they don’t want to connect their name with an improper debt agency. Thus, if Akinika contacts you, then it’s better to pay off the debt as soon as possible.
What does their Process Look Like?
You may notice that there are several options for debt payments on the official website of Akinika. Along with the phone payments they also have an online portal. So, you can use that to make your payments. It seems that most of the chasing from the Akinika Debt Recovery Ltd will be done through the phone calls.