Is Equita a Debt Collection Company? Do they have the Power of a Bailiff?

Aberdeen Financial Limited is also known as Equita. It is registered under the FCA, which is the Financial Conduct Authority. The registration is mandatory as the organization collects debts from the people of England, Northern Ireland and Wales. Equita generally buys all the incomplete debts from various types of money lending institutions. 

After that, they begin chasing the person having debts. There is one interesting thing about Equita, the price of the incomplete debts purchased by the Equita is quite low indeed. After that, they recover the money from the debtors with a legitimate profit. S, let’s learn more about them and get to know who are Equita.

Received a Phone Call or a Letter?

Never panic in this situation, neither try to ignore the modes of communication. On getting a phone call, talk to them in a peaceful manner. In the case of the letter, receive the letter and go through it. Never try to ignore the letter or the phone calls, or it might lead you to some dangerous consequences. 

Their Next Activity 

After a few days, they might make an attempt to visit your home. You need to interact with them and sort the situation. According to the rules and regulations, they are not allowed to talk to the other members of your house. They also do not have any right to communicate with the people who belong to your locality. 

Proof of Evidence

You don’t have to believe what they say. Always ask them to show proof of their statements. Those proofs must be in writing, with valid stamps and valid remarks on it. Apart from that, they are bound to show the original papers of the credit agreement with the creditors. 

Make Sure if they are Legit

Now, who are Equita and who are involved? The Equita has two types of people that help in chasing the debts — One is the bailiffs and the other is the debt collectors. So, when any personnel visit your home from Equita, ask them to show their identity papers. If they are bailiffs and have the legal papers to enter your home, gladly allow them to do so. If they are the debt collectors, then talking with them and not allowing them to enter your house will be a good idea. 

What about the Emergence of Government Bailiffs?

In case the situation goes out of their hands, the Equita might be forced to hire the UK government bailiffs. These types of bailiffs are very much powerful, and they can take any step to claim the remaining payments. In addition to that, the bailiffs also have the power to enter your home by force. But, the timing will be based on standards rules. Before the visits, the Equita will send you a notice regarding that and you need to be prepared. 

What are their Rights?

The bailiffs of the Equita have the rights to send you letters, call you, send emails, text messages and others. On the other hand, visiting your home is one of the legitimate rights. But, if you compare them with the bailiffs that belong to the UK government, they obviously don’t have that many rights. If they make an attempt to seize your assets, then the legal permission from the County Court is mandatory. 

Equita Bailiffs: Duty towards Debt Collection

On getting the legal power from the County Court, the Equita can take over certain things that belong to you. On the other hand, they also need to follow some restrictions. When the conditions regarding the repayment are critical, they can take away your expensive items like various luxury goods, gold and silver jewellery, antiques, liquid money, and items based on joint ownership. 

On the other hand, they will not take some items like clothing, kitchen and bathroom items, various tools and items used on a daily basis, someone else’s liability. If you prove that the items don’t belong to you, then they will leave them behind and proceed towards their next formal procedure.  

How are you going to pay?

As your debts have been purchased by the Equita, you need to pay them. Arrange a meeting with the personnel and make sure about the amount. In case, you are unable to pay the entire amount, then they will arrange something else. Furthermore, for paying the half amount, they might ask for the proof of your total income and expenditure. 

Several payment modes are also available. Choose one of them, and then make the payment. Make sure that the transaction is complete with a payment receipt. If somehow, they claim about not receiving the money, the receipt will come in handy at that time. 

Planning to Safeguard Yourself?

Yes, you can do it by picking up a payment plan. But, do you really know what those plans are and how do they support you in paying back the debts? Let’s learn the details: 

Debt Management

A debt management plan will play a crucial role in paying back the debts when the amount is more than 2000 pounds. Debt management plans are informal agreements, and they can be established either by you or through any organization. You, as well as the creditor’s agreement, is obviously needed for the plan’s approval. After that, obeying all the terms and conditions, you have to pay a fixed amount of money at the end of every month. 

Individual Voluntary Arrangement

The IVA is only valid when your debts are more than 5000 pounds. You cannot proceed with steps all by yourself. That is why another person has to step in this matter. He/she is known as the Insolvency Practitioner. In doing so, all the extra charges, interests and others will get a break or come to a halt. The average monthly debt repayment in the United Kingdom is 70 pounds. 

Declaring Bankruptcy 

The declaration of bankruptcy will only be valid when you have no assets and also if you can’t repay the debts. Opting for this step will result in avoiding the creditors, once and for all. The cost of bankruptcy will be 650 to 680 pounds. This is just a one-time payment.