If PRA Group (UK) Limited are chasing you, then you are already being hassled by letter on the phone and maybe receiving unwanted calls at work. The tactics they use daily to chase that debt you owe are borderline stalking and cause untold stress. So this blog is going to unravel their business and give you the tools and tactics to fight them back and beat them.
Who are PRA Group (UK) Limited
One of the largest debt collection companies in the UK they work with banks, mobile companies and credit providers. So if you owed £4000 on a credit card, they will purchase it for around £400. PRA Group (UK) Limited will then ask you for the full amount and add on monthly fees/charges if not paid back. An original debt of £4000 can soon become £8000 in no time at all. First, automated letters are generated and sent on mass (made to look official and individually typed) to your house. If ignored, an agent will contact you armed with a book of telesales scripts to be read and used. Time is money, so letters and first call will be an immediate ask for full payment. Although well rehearsed and executed, all of the above is empty rubbish and it is now time to turn the tables on these bullies and play them at their own game
Illegal Tactic PRA Group (UK) Limited use to take your money and how to stop them today!
We are approaching Christmas, which is not a great time if in debt and being chased for it. Knowing the extra financial constraint the season has on consumers, the debt collection agencies love to ramp up the pressure on collecting those debts. With unscrupulous tactics such as scaring families into ruining Xmas for them if they do not pay etc. So beat them at their own game, I’ll share with you a company I used when in debt, that hates these companies as much as me, but more importantly can get rid of this debt for you before Xmas. No matter what your situation, they will sort this by the end of the day, check them out here
SO how do you beat this?
It used to be the super rich who hid their money from the Tax office/creditors in some obscure bank account, but this is how I hid mine from the numerous debt collectors/credit card companies chasing me. The mobile age has given birth to a new wave of banking options, but primarily banks that operate online only and do not operate as high street lenders. They do not take your money and invest it to make themselves richer. They do not offer loans or high credit/risk products, therefore they are exempt from this new legislation.
You can open them in seconds online, run them from a mobile app, they do not credit check you, because they do not provide loans, but they operate in every other way your bank does and are fully FCA backed and regulated. Already the norm in Scandinavian countries, they are now becoming common place here in the UK too, but for someone like myself in a bit of debt, they unknowingly provide my money protection from those chasing it
Offer them what they paid by way of letter and negotiation. Look at this way, you owed £4000 , didn’t pay, it got sold to PRA Group (UK) Limited, so you offer them what they paid and you save £3600.Then we need to send a letter saying we have been laid off at work, are waiting for benefits and can offer £xxxx only, as full and final settlement of the debt.
Multiple debts and just want rid of them? Make use of ‘Bad Debt’ Loopholes.
The problem with having quite a bit of debt, is it can become overwhelming and extremely stressful living day to day. As you may or may not know, anyone from banks, Credit Card providers, Payday loans and even Debt Collectors allow in their business models for, ‘bad debt’. There is a point with all those mentioned where the cost of chasing the debt exceeds the profitability of recouping the debt. At that point the amount of debt that can be wiped off your total debt especially if you have multiple debts is staggering. It is a ‘something is better than nothing’ mentality they adopt. I used a company to take care of mine, as sitting for 8hrs a day on the phone trying to get through to someone, wasn’t feasible. It is free to join and protects you from court action and bailiffs. They will contact all your creditors and end all the calls/letters/texts you get daily, whilst being able to force up to 80% of your debt to be written off as, ‘bad debt’. So if you want to end be rid of it all today check them out here
PRA Group (UK) Limited round 2
I will follow up this blog with a second wave of strategies to adopt in fighting them. So check back next month and list some more tactics for you. Remember, they have no real legal power, your pet dog has more legal power!