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Creditors Using Pressure

Creditor Pressure.

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Creditor Using Pressure

Creditors using pressure, outside acceptable norms of collection may be considered illegal.

When a Creditor uses unacceptable creditor pressure, they then may be considered guilty of harassment,

UK law has a view on harassment and what is acceptable, chasing money. Below cite some examples

  • Phone Harassment – Speak to your phone provider about blocking calls;
  • Approaching you for more money than owed – Discuss this with Police;
  • Intimidating behaviour in the public domain – Again, discuss with Police;
  • Threatening court action and imprisonment against you, when it is then not your debt – Speak then with a Licensed Insolvency Practitioner about legality;
  • Multiple Debt collectors chasing the same debt – Speak then with a Licensed Insolvency Practitioner about legality;
  • Disclosure of debt to others for leverage purposes – Speak then with a Licensed Insolvency Practitioner about legality.

Note: –

If you have suffered any claimable damages through harassment, you can, therefore, offset your claim against what you owe once it has then been accepted.

Creditor Court Action?

A creditor can bring you to court to for an “Involuntary Formal Insolvency Procedure”. Normally, Bankruptcy then follows this unless paid. Once you have been served with a Statutory Demand for a debt greater than £750 and do not then comply within 21 days, you are deemed, therefore, Insolvent as far court proceedings go.

Creditor Rights in Insolvency Procedures?

Every insolvency procedure aims, however, to maximise the interests of Creditors. In certain circumstances though, certain proceedings eliminate the debtor’s need to, therefore, repay certain debts. The Creditor may challenge a bankruptcy claim and has the right, therefore, to be then heard in any bankruptcy filing, though the debtor’s attendance at the hearing may not, therefore, be required.

Creditor Using Pressure – How to reduce it.?

    • Firstly, pay the amount outstanding.
    • If you are unable to pay in full, then do a deal.
    • If your Creditor will not agree, speak then to a Licensed Insolvency Practitioner for a more formal arrangement. This, therefore, may be a Creditors Voluntary Arrangement if a company or an Individual Voluntary Arrangement. Both, however, then are Legally Binding on Creditors once agreed.

Communicating with Creditors.

In times of high creditor pressure, it is therefore important you maintain communication with creditors to work how you intend to pay them. Though usually difficult, as you, therefore, then also focus your time on the business trading operationally.

AVOID “Loan Sharks and very high-Interest loans”.

For further help on creditor pressure personally, speak then with HBG Advisory as soon as possible.

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Creditors Using Pressure
Creditors Using Pressure
Creditors Using Pressure
Creditors Using Pressure