When you borrow money to meet a personal need or an unexpected expense, it’s not just the interest rate you have to worry about. With the increasing number of reported harassments by debt collectors, poor and controversial debt collection practices are another thing to be wary of. This is especially true for high interest personal loans such as payday loans.
In the event that you are unable to pay your debts, your lenders are allowed as per your loan terms and conditions to keep asking and reminding you to pay your bills on time. At some point, your lender will send out a debt collector who is tasked to collect your monthly repayment. Some collectors, unfortunately, are unprofessional and very rude to a point that you can cite harassment if they get out of line.
I, myself, have dealt with a few debt collectors over the years. Fortunately, my debt collectors were pleasant and fairly approachable. I have a couple of friends, however, who weren’t as lucky. Other than rude language, they dealt with collectors who threatened to be physically violent.
Despite laws against harassment by debt collectors, borrowers are not entirely protected. We can complain and report controversial practices but that’s about what we can do. We report then we wait. Sometimes it takes a long time before the harassment complaints are taken care of.
This continued dilemma in the lending industry sadly continues to thrive. Not all harassment complaints are given enough attention leaving borrowers unprotected. As borrowers, we can count on no one but ourselves to know our rights. To avoid being harassed, it is imperative to know what are considered unfair and improper when talking about debt collection practices in the UK. Your job is to stay vigilant all the time. If you are being treated wrongfully, do something by connecting with the right agencies. You may also want to strive to pay your debt on time every month to steer clear from rude debt collectors.