PRA Group Limited - Should I Make Payment?

If you have received an email, letter, or phone call by PRA Group Limited this is because your debt account has been sold to them by your original lender. This occurs when your previous lender have uses all methods available to them to request payment and it has still not been received. If the debt continues to be unpaid, they will sell the outstanding amount to a debt solution specialist such as PRA Group Limited, who will then be solely responsible for collecting payment moving forward.

What powers do PRA Group Limited have to retrieve payment?

When interacting with a debt collection specialist such as PRA Group Limited, you may notice that you receive more frequent communication, by letter or phone calls, compared to your original lender. This is because they have more resources to dedicate towards sourcing payment and so can manage the process more efficiently than your previous lender.

Despite the increased pressure you may feel subject to when interacting with a debt collector, you should be aware that they are bound by certain legal obligations according to the Financial Conduct Authority regarding their conduct and methods used to retrieve payment. Whilst they are under legal responsibility, PRA Group Limited have the power to pass your information to a credit reference agency, which can affect your credit record as well as sending a default notice should you fail to make payment. According to Scottish law, debt enforcement agencies can escalate to the Sheriff Court if a default notice goes ignored. They also can use an Earnings Arrestment which deducts fees for payment from your wages.

Even though this situation may be stressful, it is important to acknowledge the issue and take action where possible as otherwise it can become more difficult. If you are struggling to make the payment, you can reach out to our experts at Scotland Debt Solutions who can take over contact with PRA Group Limited and help bring comfort from the pressure it brings.

If you are facing financial difficulty and are unable to pay the money you owe, then you should inform PRA Group Limited of your current situation to address which options may be available to you. Debt collection agencies such as PRA Group Limited often offer a range of payment services and may be able to find a compromise that works for you.

If you enter discussions with PRA Group Limited regarding methods of payment, you should be conscious of any financial obligations you may currently have such as household bills, tax payments, or a mortgage. You should be careful not to fall behind on these payments due to any arrangement that has been made.

What can I do if I am being chased by PRA Group Limited?

If you are receiving letters or other forms of contact from PRA Group Limited concerning your debt, or if you have any other difficulties concerning payments to a lender or debt collection agency, then we can offer support at Scotland Debt Solutions.

Your assigned advisor will speak to you to understand your current situation and guide you through the options available for you to take. The options available under Scottish regulations include a Trust Deed agreement, Debt Arrangement Scheme, or Sequestration.

Once you have decided on a way to move forward, then your specialist advisor will be there to help you through the procedure. We will communicate with PRA Group Limited, or any other lenders on your behalf so you can feel comfortable and freed from pressure.

To get in touch with one of our experienced advisors today, you can call our Scotland Debt Solutions team on 0141 326 0417.