How to Deal With FSB Debt Recovery in 3 Easy Steps

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How to Deal With FSB Debt Recovery

Are debt collectors calling you demanding payments? Are your receiving threats in the mail giving you ultimatums if you do not pay in full? Though all debtors are responsible for paying their bills, you do have some options in dealing with collection companies. DoNotPay can help you figure out if is compliant with Financial Conduct Authority guidelines, and help you draft a demand letter once you decide your course of action. With DoNotPay's Debt Help product, we offer help in three quick and easy steps. Stop the phone calls and letters! Let DoNotPay help relieve your stress.

What Is FSB Debt Recovery?

The Federation of Small Business or FSB is a UK-based organisation that is membership-based, providing support and representation to small to medium businesses. They are neither politically partisan nor for-profit and lobby in favour of small firms and the self-employed. They offer:

  • Offer advice
  • Business banking
  • Department that focuses on collections

The Debt Recovery arm of the organisation allows them to act as collectors to chase the bad debts that small businesses are unable to collect on their own. If you have had a letter or call from , you most likely have an outstanding debt with one of their members.

What Should I Do if I Am Contacted by FSB Debt Recovery?

Probably the first contact that you have with FSB Debt Recovery is via a letter that may threaten further action if the debt is not satisfied. You may feel intimidated, or even angry with the letter, but do not throw it away. Retain all correspondence in case you need to provide evidence or use it for future reference.

  1. Are you aware of this debt? Sometimes the letter may be sent in error, sent to the wrong address, or may have already been paid. Ask the collector for proof that the debt is valid. Do this in writing, stating the information you need. Do not sign, but rather type or print your name so your signature cannot be reproduced. By law, the creditor must comply with the specifics of the debt.
  2. Determine the age of the debt. Most debts have a six-year limit, after which time it is uncollectible.
  3. Let the collector know of your preferred method of contact. If you tell them to only collect you via mail, they must refrain from calling you.

What Are My Options if I Owe the Debt?

Of course, if you owe the money, you are responsible for the debt. If there are circumstances that show that you are not responsible, or if there are circumstances that you believe are incorrect, you should let the collector know, and refute the debt. However, if the debt is valid, you have a few options;

Pay the bill in fullIf you are able to pay, this is the fastest and simplest way to clear up the debt, stop the collections calls, and prevent further damage to your credit report.
Set up a payment planIf you are unable to pay the full amount, speak with the collector about setting up a regular payment plan. Be aware if you do not honour the plan, they may take further action.
Write off some of the debtThere are plans called Individual Voluntary Arrangements that allow you to consolidate all of your debt, making lower payments for a set time, usually about five years. At the end of the period, any existing debt is legally erased.

If the debt is valid, you have received proof that you are liable for the balance and you do not attempt to make payment, you may be taken to court to recover the debt. Property can be seized by the court, your credit report will be damaged, and you could be fined.

What Can DoNotPay Do to Help?

DoNotPay knows that being harassed by creditors is stressful and time-consuming. With our new Debt Help product, we can help you determine if FSB Debt Recovery is following the guidelines of the Financial Conduct Authority, and report to authorities if they are not. We can also help with demand letters, done quickly and easily on your behalf. And in minutes, you can relax, knowing that DoNotPay is working to get the best outcome possible for your case.

You can get started with just three easy steps:

  1. Search "debt collection" on DoNotPay.

  2. 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.

  3. 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.

And that's it! Once you choose the course of action you want to take, DoNotPay will handle the rest. We'll deliver your request directly to the debt collectors via first-class mail, or file your complaint automatically with the relevant trade association or ombudsman.

Can DoNotPay Help With Other Collectors Too?

DoNotPay can help you if you are being called or contacted by other collection agencies or debt recovery companies. In addition to FSB Debt Recovery we can help resolve issues with:

What Else Can DoNotPay Offer?

Aside from helping out with debt collections, DoNotPay can handle your other legal concerns such as:

We have so many other products to make your life easier, and save you time and money. today to learn more.

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