ByWhat Are Debts That Are Assigned to a CAIS Member
As you go through life and interact with various organisations and vendors, you will eventually accrue debt. It's estimated that approximately half of the UK's adult population owes some type of debt. Many of these debts are paid off without another thought given to them. But what about the debt that falls through the cracks?
If you look at your credit report, you may see the term , with a balance of zero for that debt. What does this mean, and what can you do about it? Because debt collection can be a complex business, it can be challenging to understand terms such as this, leading to more stress over your debt.
Fortunately, DoNotPay is here to provide information, help, and even debt relief. You don't need to feel lost when confronted with debt, and you don't have to go it alone. DoNotPay has a service that can assist you with your debt, whether you need to pay it off, negotiate with your creditors, or get a refund from short-term lenders like
What Is a CAIS Member?
If you've received a notice stating that your debt has been , you may wonder what this means. An assigned debt means that the balance you owe has effectively been sold to a debt collector. The original creditor will record your account status as 'debt assigned', which is also how it will show up on your credit report.
On your account, your debt balance may be displayed as zero when your debt gets assigned. In addition, your credit report may list the debt as 'satisfied' at first. This status does not mean that the debt has been written off or forgiven. It simply means that you no longer have to deal with the original creditor. Instead, you'll have to negotiate with the collection agency that purchased your debt.
Your, or Consumer Account Information Sharing. This name refers to the database of credit history maintained by Experian, one of the four major credit reporting agencies.
Why Would Your Debt Be Assigned to a CAIS Member?
It's common for creditors to hand a debt off to a collection agency when it has been outstanding for a certain amount of time. They do this because it's generally assumed that the debt will not be paid off, especially when the lender doesn't take steps to communicate or reduce the amount they owe. These creditors have experience with lending money and collecting when it's paid, but they are not equipped to pursue debt that is in arrears.
Any debt regulated by the Consumer Credit Act can be sold to another company for the creditor to recoup some of their loss. These companies have the expertise and resources to pursue an outstanding debt. In some cases, they can even get the courts involved.
What to Do if Your Debt Has Been Assigned to a CAIS Member
The idea of being contacted by a debt collector is a stressful one that can conjure images of garnished wages, property repossession, and even prison time under certain circumstances. But, the vital thing to remember is that these companies simply want you to pay your debt. They aren't the moustache-twirling villains who want to take everything from you at the first opportunity.
So, if you find yourself dealing with a , there are a few steps you should take.
| If your debt is assigned to a CAIS member, you should comb through your records to ensure that you know the exact amount you owe. And be sure to contact the company holding your debt to see what you can do to sort it out. Communication goes a long way to preventing constant calls and letters. |
| Always ask the collection company to confirm vital information about the debt they are attempting to collect, including the amount, the date the debt was assigned to them, and the date the debt was initially incurred. Confirming the debt will help prove that you are dealing with a legitimate CAIS member. |
| Sometimes, CAIS members are assigned older debts that you may have forgotten about. Most personal debts have a time limit on how long they can be collected, which is usually six years.
After this, the debt becomes statute-barred, meaning it can no longer be legally enforced. Note that the six-year period starts from the last time you made a payment on the debt or acknowledged it in writing, not when the debt is first incurred. |
| Once you've acknowledged and confirmed the debt, the only thing left is to pay it off. If you cannot pay the debt off in full immediately, you should explain your situation to the collector. They may agree to a repayment plan that will ease the burden. |
Use DoNotPay When a Debt is Assigned to a CAIS Member
When you're facing debt, the best thing to do is pay it if you can. However, if you can't pay, there are still options. One of them is turning to DoNotPay and signing up for the Debt Help service. Even if your debt has been assigned to a collection agency, you can resolve the issue quickly and with no hassle in three simple steps:
- Search "debt collection" on DoNotPay.
- Answer a series of questions about the debt collectors, including when you were contacted and how you were contacted, so we can determine if they have violated any debt collection laws.
- Decide which course of action you want to take based on our guidance, such as filing a debt verification request, demanding for the collectors to stop contacting you, or reporting them to a professional trade association.
Once you've completed these steps, DoNotPay will step in to help you determine a course of action and even contact your creditor with a demand letter on your behalf.
DoNotPay Works Across Multiple Debt Collection Agencies With a Few Clicks
The most important thing to do when facing debt is to stay proactive. Even if you can't pay off your debt immediately, you can negotiate with the collectors, and even fight against the debt if it's statute-barred or unfair. DoNotPay can help you do all of these things, no matter what the status of your debt may be. Even if you've been assigned to a CAIS member, DoNotPay covers multiple agencies, including:
- Moorcroft Debt Recovery
- DWP Debt Management
- Advantis Debt Collection
- Marston Group Holdings
- Lowell Financial
What Else Can DoNotPay Do For You?
DoNotPay is the world's first robot lawyer, designed to help you find money, fight big corporations, and cut through red tape. Debt help is only one of the many services that you could enjoy. With DoNotPay, you can also:
- Increase your credit limit
- Appeal parking tickets
- Cancel any service or subscription
- File a complaint against any company
- Lower payday loans
- And much more
No matter what problem you may be facing, there is a solution available. Sign up for DoNotPay and let us go to work for you.