Owe Money to Debt Managers Services Ltd.? How to Get Debt-Free

Debt collection is a business that offers good money. When a creditor gives up on chasing a debt, they pass the task to a debt collector, or rather to a debt collecting agency. In such cases, the collectors keep a share of the debt and hands over the rest to the creditor. 

Further, the creditors also sell debts to these agencies at low prices to cut their own losses. If a debt collecting agency buys your debts, the money they collect will be all theirs. Debt Managers Services Ltd. is one such agency that you might come across. They are fully legitimate and registered by the FCA. So, if you’re getting calls or letters from them for the first time, know that it’s genuine and not a scam. 

What will Debt Managers Services Ltd. do if You owe them a Debt?

Like in the case of all debt collectors, Debt Managers Services Ltd. will try to reach out to you when you owe them. They won’t threaten you with any legal action at first. It would just be a request for repaying the money you owe them. 

Now, many people have tried ignoring these calls and letters, but it hasn’t been able to provide them a solution. So, you are advised not to ignore repayment requests. In case, they can’t reach you through phones and letters, they will simply get their field agents to reach out to you. But, the agent won’t drop unannounced at your home, you will be notified beforehand. 

What can an Agent do to Recover the Money?

If the Debt Managers Services Ltd. Debt Recovery agents are visiting you repetitively, there are some things you must know about their powers and its extent. Firstly, there is a lot of difference between a debt recovery agent and an enforcement agent. Debt collectors don’t have the same powers that bailiffs do. 

Though they do have the same legal powers as your original creditor, as they can take you to court over non-repayment of debts. Anyway, when they come to your residence, they need your permission to enter. In addition to that, they are not allowed to use any kind of force to get into your house. 

They also can’t harass you or threaten you with legal action unnecessarily. Since debt is a private matter, they can’t tell anybody about your debt, without your permission. If you face any of these problems or are misled by the agent about your debt, you can file a complaint against them. 

The agents have the right to request payment from you, assist you in preparing a payment plan, and making sure the instalments are paid regularly. 

What happens if You are unable to Pay the Debt?

You might be unable to pay the debt due to financial problems. In such a case, you can try explaining your situation, and they might be a little considerate. But, they won’t be writing off your debt until you pay it. If your financial condition doesn’t improve, or you deliberately refuse to pay, they can take you to court. 

They can file a bankruptcy petition against you if you owe them more than £750. Sometimes, an agency might settle for a lesser amount than what you owe. Since they bought your debt at a very low price, they would still make a profit. Otherwise, you can make a payment arrangement with them. But, you shouldn’t go for it unless you’re sure that you’ll be able to pay all the monthly instalments. 

Can Debt Managers Services Ltd. take control over Domestic Property?

A bailiff has the authority to take control of your property if you don’t pay the debt. But, an agent of the Debt manager, or any other agency for that matter, can’t take control of any of your possession. 

They are only allowed to call or send letters to you and request repayment. The only way they can take your domestic property is by taking you to the Court and winning the judgment. But, there are possibilities to save your home. 

Can You include Debt Managers Services Ltd. in IVA?

Like all other debts, you can include the one you owe, to Debt Managers Services Ltd, in your IVA. But, this won’t be a good idea unless you owe at least $6000 to them. Getting an IVA would protect you from legal action. Moreover, you won’t have to deal with the debt collector yourself. 

But, along with these benefits, you would also face certain risks. So, you shouldn’t get this debt included in your IVA, without carefully considering all aspects. If the arrangement works, you will be debt-free by the end of the period.