I'm struggling with my business debt, what can I do? 

Debt Collection Agencies aren’t as intimidating as they may sound.

Many people face money troubles at some point in their lives. One of the worst things about getting into debt is not knowing how to get out of it, but don’t worry – it’s usually possible to find a solution everyone’s happy with (i.e. you and the people you owe money to).

That’s where Debt Collection Agencies come in. Their job is to work with you to understand your financial situation and come up with a payment plan you can realistically afford.

The company that work for us is listed below along with details of how you can get in touch with them:

Moorcroft Debt Recovery – Online: Moorcroft Debt Recovery By Phone: 0345 268 0240

The Debt Collection Agencies that we partner with are authorised and regulated by the Financial Conduct Authority.

There’s no need to worry. They are there to help you.

A Debt Collection Agency will get in touch with you by letter, email, text or phone. If this happens, the best thing to do is to get the conversation started.

Their aim is to speak with you, work out what’s affordable for you and help you find the best way to restore your financial health. The sooner you come to an arrangement, the sooner you can get back on track. And remember, it’s their job to work with you (not against you) so feel free to ask as many questions as you like.

You can get free, independent advice.

You can have a look at our Struggling Financially page which will give you information on the independent support available to you through our partners who can offer you free confidential advice for all of your debts. Please visit the following page for more information on this: Struggling Financially

The best people to contact is the Debt Collection Agency your account has been placed with.

From now on, they’ll be working with you on our behalf. We’ve given them all the information they need to help you find a payment plan that’s right for you – and they’ll update us on any agreement you make.

We understand that people’s circumstances change, and life events happen which may impact your finances. There are a few reasons why your account may have been sold to a purchaser, some of the most common reasons are listed below:

• You are in arrears with us
• We have not been able to contact you
• We have not been receiving payments towards your outstanding balance

It's quite normal for banks like us to work with Debt Purchase partners and this isn’t something that you should worry about. All our partners are authorised and regulated by the Financial Conduct Authority.

If your account has been sold to one of our purchase partners, this means they now legally own your account.

Many people face financial difficulties at some point in their lives. One of the worst things about getting into debt is not knowing how to get out of it, but don’t worry – they have many options and solutions available to help which can be tailored to suit your circumstances.

There’s no need to worry. Debt Purchasers are there to help you.

They’ll get in touch with you by letter, email, text, or phone. If this happens, the best thing to do is to talk to them about your circumstances. If you wish to contact them, you'll find their contact details on the letter they've sent you.

If you’ve been making payments to us via a repayment plan, the debt purchaser will be happy to honour this plan for you. Simply contact them to arrange for your payments to be made directly. Once you've done this, remember to cancel your previous Direct Debit or Standing Order with us, so that you don’t end up paying twice.

No, from now on please liaise directly with the Debt Purchaser to discuss anything to do with your account.

If we’ve been reporting your account to credit reference agencies, we’ll update our record to show your account has been sold. Once that’s done, the Debt Purchaser will start to report to the credit reference agencies – this usually takes around 30 days after the sale date. Don’t worry, your account won’t be reported twice