If you owe money to Elderbridge, a UK-based debt collection agency, it’s important to understand your rights and options when dealing with their debt collectors.
Debt collectors can be intimidating and stressful to deal with, but ignoring the problem will only make it worse.
In this guide, we’ll explore some strategies for dealing with Elderbridge debt collectors, including how to communicate effectively with them, and what to do if you can’t afford to pay the debts you owe.
Who is Elderbridge?
Elderbridge is a debt collection agency in the UK. Their full company name is Aberdeen Financial Limited, and they are a wholly-owned subsidy for Target Group Limited.
Elderbridge specialise in collecting unpaid debts on behalf of a variety of clients, including banks, credit card companies, and other lenders.
Elderbridge operates by contacting individuals who owe money and attempting to negotiate payment plans or settlements.
They may also take legal action if necessary to recover outstanding debts.
It’s important to note that while dealing with debt collection companies like Elderbridge can be stressful, it’s important to address any outstanding debts in a timely way, or you could face potential legal consequences.
Are they a regulated debt collection company?
Yes, as a debt collector operating in the UK, Elderbridge is regulated by the Financial Conduct Authority (FCA).
The FCA sets rules and guidelines for debt collection practices, including how debt collectors can contact debtors and what they can and cannot do in the course of their collections activities.
Financial Ombudsman Service (FOS)
Additionally, if you have a complaint about the way that Elderbridge or any other debt collection agency has treated you, you may be able to escalate your complaint to the Financial Ombudsman Service (FOS).
The FOS is an independent organisation that can investigate and resolve disputes between consumers and financial services companies, and looks to ensure that consumer rights are protected during the debt collection process.
Where is Elderbridge based?
As a subsidy of the Target Group, there are several UK addresses associated with the Target Group. The main Target address in the UK appears to be in Cardiff, Wales:
Target Group,
Target House,
Cowbridge Road East,
Cardiff,
CF11 9AU
As for Elderbridge, their postal address is listed as being in Newport, Wales:
Elderbridge Ltd,
PO BOX 908,
Newport,
NP20 9NX
Why are debt collection agencies like Elderbridge contacting me?
Debt collection agencies like Elderbridge contact individuals because they have been hired by original creditors to collect on unpaid debts.
Original creditors are often banks, credit card companies, or a private business which has extended credit to individuals, but has not received payments as agreed.
When individuals fall behind on their payments, the original creditors may choose to sell the debt to a third-party debt collection agency like Elderbridge.
In these cases, the debt collection agency takes on the responsibility of attempting to collect debts on behalf of the original creditor.
They may do this by contacting individuals directly, negotiating payment plans or settlements, or, in some cases, taking legal action.
Dealing with the Elderbridge debt collection process
If you are dealing with Elderbridge debt collectors, there are several steps you can take to stop Elderbridge and work towards settling your outstanding debts.
Contact Elderbridge debt collectors
The first step might sound obvious, but if you’ve been receiving phone calls or debt letters from Elderbridge debt collectors then it’s important you get in touch with them as soon as possible.
Ignoring debt collectors won’t make your problems go away, so make sure you phone or email Elderbridge as soon as you can and ask for proof of the debt you supposedly owe.
Repay your outstanding debts in full
If you acknowledge that you owe money to Elderbridge, and you can afford to, the quickest way to stop the debt collection process is to repay your outstanding debts in full.
Doing so can help you avoid further contact from debt collectors and protect your credit score from the worst damage.
Arrange a gradual payment plan
If you can’t afford to repay the money in one go, you can contact Elederbridge to discuss your situation and explore different payment options.
Debt collectors like Elderbridge are often happy to negotiate a payment plan that allows you to repay your debts gradually over time, rather than in a lump sum.
They might even agree to freeze interest rates and charges on your debts depending on your circumstances.
Do you have debt with Elderbridge debt collectors?
How much debt do you have?
What happens if I ignore debts to a debt collection agency like Elderbridge?
Ignoring debts to a debt collection agency like Elderbridge can have serious consequences.
Phone calls and visits from enforcement agents
In the first instance, you can expect to receive frequent phone calls and letters from the debt collector, which can be stressful and disruptive.
If you continue to ignore the debt, the debt collector may escalate their collection efforts by sending enforcement agents to your home or workplace, which can be intimidating and embarrassing.
Damage to your credit file
Ignoring your debts can damage your credit file, which can make it difficult to access credit in the future.
Details of defaulted payments are shared with the UK credit reference agencies, who will respond by lowering your credit score.
This makes it less likely you will be accepted for mortgages or loans, and also means you’re likely to pay more in interest rates and charges.
County Court Judgement (CCJ)
In some cases, if you continue to ignore the debt, the debt collector may take legal action and apply for a County Court Judgement (CCJ) against you.
A CCJ is a court order that states that you must repay the debt within a set period of time. Failure to do so can result in even more serious legal action, up to and including the seizure of assets or even enforced bankruptcy.
What if I can’t afford to repay money owed?
Unfortunately, not everybody who is being pursued by a debt collector can afford to repay the money they owe. That doesn’t mean there aren’t still options available to you.
Seek debt advice
If you are unable to afford to repay money owed to Elderbridge or any other debt collection agency, it’s important to seek debt advice as soon as possible.
There are a variety of free, independent debt advice services available in the UK, including StepChange, National Debtline, and Citizens Advice.
These organisations can help you understand your options for addressing your debts and can provide support and guidance as you work to manage your finances.
Consider a formal debt solution
Depending on your circumstances, you may also want to consider a formal debt solution, such as an Individual Voluntary Arrangement (available in England, Wales, and Northern Ireland), or a Trust Deed (available in Scotland).
These options can provide a structured framework for addressing your debts and may allow you to write off some or all of your outstanding debts.
It’s important to understand the potential impacts of these solutions, as they can have significant long-term consequences for your credit score and financial health.
A debt advisor can help you weigh the pros and cons of different debt solutions and determine the best approach for your situation.
Where can I get help dealing with my unsecured debts?
Receiving letters and phone calls from debt collectors can be a daunting experience, particularly if you’re unsure whether you can afford to repay the debt owed.
Carrington Dean, Scotland’s debt specialists, can help. We provide debt advice and tailored debt solutions support to individuals facing these kinds of financial challenges.
Our experienced advisors will guide you through a range of debt solutions, helping you to select the one that’s best for your circumstances.
If you need help to protect yourself from debt collectors, contact the Carrington Dean team today.
