Debt recovery solicitors are people that work for lenders to collect the money that is owed to them in missed payments, which in turn reduces the company?s debt and improves their cash-flow. Legitimate debt recovery solicitors are controlled by the Solicitors Regulation Authority (SRA), a body operating since 2007, which currently ?regulates more than 100,000 (debt recovery) solicitors in England and Wales,? according to their homepage. The same site states that their purpose is to ?protect the public by ensuring that solicitors meet high standards (and) by acting when risks are identified.?
Dealing with debt recovery solicitors is an uncomfortable situation to begin with, not to mention not knowing the history of any of the debt recovery solicitors calling you. In an effort to calm any possible anxieties, the Solicitors Regulation Authority offers a service which searches for and makes available debt recovery solicitors? records.
If you have debt recovery solicitors calling, you may want to look into some sort of debt relief. Often, when you enter into a program that works towards debt relief via a debt management plan or debt consolidation, the company you hire to manage your debts can stop the calls of debt recovery solicitors.
If you decide to enlist the debt help of others, do your homework. Many companies that offer debt help in the form of debt management/settlement, debt relief, debt consolidation, and insolvency charge hefty fees, which you obviously cannot afford. Before handing over your personal information, you will want to research how the suggested debt help will affect your credit report, and what you can do to improve that report in the meantime.
Debt management is one form of debt help offered to help ease calls from debt recovery solicitors. This means that you hire a company to work for a reduction in what you owe on an unsecured debt. Some creditors are willing to accommodate in order to recuperate some of their money. Another option is debt relief, which means that someone works on your behalf to forgive your unsecured debt. Debt consolidation is another route, in which you take out a loan, at a lower interest rate than your high interest debts, to pay off your other unsecured loans. By doing so, you will simplify your financial life: one lender, one due date, one monthly repayment and fewer calls from debt recovery solicitors. The last resort for most is insolvency or bankruptcy. This action stays on your credit history for around ten years and should most definitely be your last option, despite how it is so positively advertised.
So, if you are looking to eliminate the calls for repayment from debt recovery solicitors, start working on reducing your debt.