In these times when a lot of people are facing a financial crisis, debt collection services are high in demand. Creditors are suffering huge losses due to not being paid what they’re owed. And, when they’re unable to collect the amount from you, they might give the task to a recovery agency.
In more desperate times, they might sell the debts to these agencies in order to make up for at least some of their losses. Now, you may or may not have heard, but debt collectors are known for the hassle and stress that they can give a debtor, to collect the debt. Though this is against the rules and you are legally protected from such behaviour.
And, if you are recently getting calls from Brecon Debt Recovery agency, it is because, either your debt is sold to them, or they are appointed to collect debts. Basically, they are one of the debts collecting agencies that you might come across.
Who is the Brecon Debt Recovery Agency?
Brecon Debt Recovery agency is a relatively lesser-known name you might come across. Based in Leicester, it is regulated by the Financial Conduct Authority (FCA). That makes them completely legitimate and authorized to collect debts. Their field agents are regular debt collectors and don’t enjoy the special powers that bailiffs do.
How will they contact you if you owe them?
Like other agencies, Brecon Debt Recovery agency has a database of the debts they have bought. As soon as they buy your debt, your name is added to it. Before long, you’ll receive a letter from them requesting you to pay the amount you owe. In this letter, they would specify the amount you owe and who the original creditor was. You would get a maximum of 7 days typically to repay the amount in full.
They may also charge some extra amount. Further, if you fail to pay within the given time, they’ll send you another reminder. This time, they would charge a penalty for late repayment and give you some time to repay the entire amount.
Also, they would typically notify you of a visit from their agent, if you fail to pay again. That’s why you’re advised not to ignore this reminder or take it lightly. Otherwise, you’re going to have that field agent at your doorstep.
You must try to get a payment arrangement with an affordable payment plan before anything severe happens. There is no reason to be nervous if the agents visit you. As we shall see, the powers they have are limited.
What Powers does a Brecon Field Agent have?
Same as the debt collectors of other agencies, the field agents from Brecon Debt Recovery agency have limited powers under the FCA. If they are visiting your house, it can’t be just any time of the day. They can only visit after 9 am and before 6 pm. Moreover, they need your permission to enter your property.
If you don’t want them to enter, you can just refuse. They can’t force their way in, under any circumstance. Though if you leave a door open, they can enter through it. Once they’re inside, they’re going to request you to pay the full amount added with all penalties and extra charges.
They can also discuss a payment arrangement with you. However, if you refuse to pay, they can’t take over any goods. To do that, they’ll have to go to court and have enforcement agents sent to your home. You must keep in mind that Brecon field agents have no right to harass or threaten you to make you pay them.
Also, they can’t disclose your debt to anyone else including your relatives. Sometimes, field agents might also use tactics like embarrassing you by dropping by at your workplace to request repayment. In case you face those kinds of harassment, you must complain against them.
What to do if you’re going through a Financial Crisis?
It seems that a lot of people are facing a strain on their finances due to the pandemic. As such, they would naturally find it difficult to pay any debt at the moment. So, you’re not alone in facing this problem. If you explain it to the debt collectors, they are supposed to be a little considerate, and that’s what they generally do.
But, if you’re looking forward to having the amount you owe them written off, the only way to do that would be by paying. They are simply not the ones to give up on a debt so easily. After all, it’s a matter of their profit. At most, they’ll offer you some breathing time. You’ll have to act eventually.
If you fail to pay, they might even start a legal proceeding against you. In that case, the risks that you’ll face are not worth it. So, you are advised to get into an arrangement where you’ll be able to pay off at least most of what you owe in affordable instalments.
What Legal Actions can Brecon take against you?
If they start a legal proceeding, how bad it affects you depends on what action they take. They can go for a Controlled Goods Agreement (CGA) which would allow them to take control of some of your belongings and sell them. Though they won’t take away any essential items, only the ones that can be considered as a luxury such as jewellery. You can get these items back if you pay before they’re sold.
If the court orders, they can also take over your property, based on the value of what you owe. This action is of course taken on those who have a huge debt. If the Brecon Debt Recovery agency is convinced that you can’t pay them, they can also file a bankruptcy petition against you. That can adversely affect your life if you’re a business owner or hold certain job positions related to financial matters. You would want to avoid this at any cost in that case.
Fortunately, there is an option for you — an Individual Voluntary Arrangement or IVA. To know if you’re eligible to avail this debt management scheme, consult a debt adviser. There are many such advisory services around the UK, who are reliable and trustworthy.
Can an IVA help you in dealing with Brecon?
An IVA can be quite effective in dealing with your unpaid debt. If done right, it can write off all or most of your debts by the end of the arrangement period, typically 6 years. The thing you’ll probably like the most about an IVA is that you won’t get any more calls from debt collectors.
In addition to that, they won’t be able to take you to the court during the period. Other than these, your payment plan would be prepared based on what you can afford. That will make it quite easy for you to make the repayment and relieve you of some stress. Since you must go for this arrangement only after careful consideration, you’re advised to take the help of an experienced debt adviser in making the decision.