Debtor Q & A
Q) I have been served with a Summons and can’t afford to settle the whole balance due. Am I able to make payment proposals to settle the debt without a judgment being granted against me?
A) Yes is the simple answer to that. We will always try to work with our clients debtors in order to come to a mutually acceptable payment arrangement to achieve settlement. If you have been served with a Summons by us then it is recommended that you contact us immediately to discuss your financial situation.
Q) Do I have to appear in court if I have been served with a Summons?
A) No you don’t but judgment can be granted in your absence. If you wish for the action to be adjourned or removed it is advisable for you to contact us as soon as possible to discuss the Summons
Q) An agent has called at my premises today and left a contact card. What should I do now?
A) Contact the agent whose name appears on the letter or call card. We are very approachable here at Hillbury Collection Services and will always aim to come to a mutually acceptable payment arrangement between parties. If the correspondence is ignored then it is likely you could face further action and unnecessary additional charges including Court Action against you.
Q) How can I make a payment?
A) Once we have agreed a payment amount with you, you can pay over the phone by debit or credit card. If you don’t have a card, we can send you a paying in slip so that you can make payments by cash or cheque directly into our bank account. Alternatively you can send payments directly to our accounts department. If you prefer, you can also make payments via internet bank transfer if you use an internet banking service. If you need any guidance on making a payment then please call us so that we can advise
Q) Has my Credit Rating being affected now that my debt has been placed with a Credit Collections Agency?
A) Not necessarily. Different organisations use different Credit Checking Agents therefore the ability of your credit rating to be affected will be dependent upon who you owe money to and how far in arrears you have become. It’s not too late until a judgment has been granted against you however, most Loan providers register their client’s debts on Credit Checking Databases. Each month that you pay your contractual instalment to your Creditor a 0 will appear against the record of the debt to show that the payment has been made in accordance with the agreement.
In the event that a monthly payment is missed then a 1 will appear on the record until the account is brought up to date. If you miss a further payment then a 2 will show against the record and so on, up to a maximum default scoring rate of Status 8.
The sooner you address the arrears on your Credit Agreement by getting a payment arrangement in place, the less chance you have of your Credit Rating being affected.
If a judgment is granted against you following the serving of a Summons and payment arrangements have not been forthcoming or are unacceptable, then your Credit Rating has been affected and if you do not make payment proposals to settle the debt then a wage arrest can be enforced against you or assets can be liquidated.
Q) I can’t afford to repay any of my debts what I should do?
A) Speak with your Creditors or the people who are chasing you for payment. Once you have discussed your circumstances and offered your repayment proposals it is highly likely that your payment offer will be accepted if you can prove your financial situation. Alternatively speak with us to see if we can give you guidance or even source a consolidation loan for to make your finances more manageable.
Q) I am considering registering with a Debt Management Agency is this a good idea?
A) Be careful. Most Debt Management Agencies charge a fee up front and then take a percentage of your disposable income each month for managing your affairs. These fees and charges could have been paid to your Creditors to reduce your own liabilities and can sometimes be hidden and excessive.
Your Creditors are not always obliged to deal with or accept reduced payment proposals from a Debt Management Agency and further action can be taken against you, so if you are having trouble managing your finances, then you can seek the help of your local Citizens Advise Bureau who can liaise with your Creditors for free or you can talk to us to see if we are able to assist or guide you.
Creditor Q & A
Q) Will we pay excessive Commission Charges on funds received?
A) No. Our commission rates are extremely competitive within the market and we also offer a Commission-Free Arrears Management Service to our clients if required, prior to any Legal Action being commenced. Please see Arrears Management Service for more information.
Commission is only chargeable in instances where by Legal Action has been instructed however our rates of commission are the most competitive in the island and are only charged on successful recovery. Commission rates can usually be offset against accrued default interest.
Q) If a debt is non-recoverable do we still get charged?
A) Not all debts can be recovered if the debtor does not have any funds or any liquefiable assets however, we will only charge a reduced disbursement fee to cover the costs of bringing the action to court. Once again our disbursement fees are very competitive.
Unlike our competitors we will deduct any potential fees from funds received from the debtor over the initial pay period so that the chances of any costs being incurred by you are minimised yet you still receive income.
Q) What happens to the debt if a Judgment is returned as unenforceable?
A) The lifetime of a judgment is 10 years from the date it is granted and can be enforceable at any stage throughout its lifetime.
We reactivate any unenforceable judgments regularly throughout its lifetime until the judgment expires in order to increase our chances of recovery.