Hoist Finance – A Guide To Managing Your Debt With Hoist Finance UK / Robinson Way
Hoist Finance has its headquarters in Stockholm, Sweden. It is a leading debt purchaser who specialise in purchasing non-performing loans from international banks and financial institutions. Hoist Finance acquired Robinson Way in 2012 which provides a range of debt collection services across the UK.
Accreditation
Hoist Finance UK is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of the Credit Services Authority (CSA).
Why Am I Receiving Letters?
If Hoist Finance UK have been in touch with you about your debts, it is because you have an overdue account with one of your creditors. Businesses often pass unpaid debts to debt collection agencies who will contact you on their behalf to get you to pay.
How Do I Know This Isn’t A Scam?
When you’re hearing from a company you’ve never heard of before, demanding payment, you’re right to be suspicious. You should be told what the debt relates to and the original creditor your account was with.
You can also verify the company by searching for them on the FCA register or CSA members list.
Should I Ignore The Letters?
Ignoring a debt collection agency is not advisable – it is always better to open up lines of communication with a DCA. Failure to respond to Hoist Finance could lead to them recommending that your creditor takes legal action against you.
If this happens, you will incur additional fees and charges, so the overall amount you owe will increase.
What If I Can’t Pay?
You should tell Hoist Finance if you can’t afford to pay the debt in full. You may be able to come to an arrangement that will allow you to make affordable monthly payments towards your debt instead.
Payment Plans
Debt collection agencies know that they may be unable to recover the debt from you in full, and often take the view that it’s better to get something than nothing. For this reason, most will consider a payment plan.
It is important, when coming to an arrangement, that you don’t end up paying more than you can manage. A payment plan will allow you to spread your debt repayment out over a longer term, with smaller monthly payments.
Budget
Don’t just guess what you can afford – committing to an unrealistic payment arrangement could cause you further problems or financial hardship. A budget is a simple tool which tells you what money you have coming in versus what you are spending.
Can I Stop Hoist Finance Contacting Me?
You will not be able to prevent all contact without settling your debt. However, there are a few steps you can take to limit the communications you’ll receive.
Stop unwanted call/ texts/ emails/ visits – debt collection agencies have to consider your contact preferences. This means you can request to be contacted in writing only and Hoist Finance must respect this. This also applies to contact times, for example, you could ask not to be called in the morning because you are working night shifts.
Tell them you are seeking advice – Hoist Finance should give you time to get professional advice on your debt problem.
Ask for breathing space – you can ask for breathing space to give you time to seek advice and come up with a solution for your debt problem. Most creditors will give you at least 30 days, during which time you should not receive any calls or letters demanding payment.
They may still be legally obliged to send some letters such as account statements.
Seeking Debt Help
Scottishtrustdeed.co.uk provides professional debt advice. If you are worried about your debt and feel like you can’t manage it alone, you should contact one of our debt specialist advisors who can talk you through your options.
There are a variety of debt management solutions that could be available to you, including:
- Debt Management Plan
- Debt Consolidation Loan
- Minimal Asset Process (MAP)
- Scottish Trust Deed
- Debt Arrangement Scheme
- IVA
- Bankruptcy
What Will Happen If I Don’t Pay?
If you continue not to pay your debt, your creditor could take legal action against your in order to enforce the debt. This allows them to take further action, for example using bailiffs, to recover the money you owe.
How Will My Credit Record Be Affected?
Having unpaid debts will have a negative effect on your credit rating, as lenders will able to see that you have defaulted. If you make no effort to repay, court action may be taken by your creditors, which could damage your credit rating further.
Having a poor credit score will make it harder to obtain credit and you may be offered worse rates.
What Is The Difference Between A Debt Collector And A Bailiff?
A debt collector is different to a bailiff (or ‘enforcement agent’ as they are now formally known). Debt collectors are employed by debt collection agencies like Hoist Finance. They have no special legal powers.
Debt collectors can visit your home, but they will only come in if you ask them to and must leave if you tell them to. They are not authorised to remove your belongings.
DCAs – Following The Rules
Hoist Finance UK, and its subsidiary Robinson Way, is regulated by the Financial Conduct Authority and as such must adhere to strict rules governing the way it operates. Debt collection agencies must not:
- Harass you about your debt
- Lie to you or mislead you about their powers
- Threaten to seize your goods (because they are not legally allowed to)
- Threaten you with legal action if it is unlikely to happen
- Claim unfair or excessive collection charges
How To Complain
If you are unhappy with the way you have been treated, you can raise a complaint directly with Hoist Finance UK.
Complaints Department, Hoist Finance UK, Quays Reach, Carolina Way, Salford, Manchester, M50 2ZY
If you feel Hoist have not adequately addressed your complaint, you can escalate the case to the Financial Ombudsman Service or the Credit Services Association.
Financial Ombudsman Service, Exchange Square, London, E14 9SR
Credit Services Association, 2 Esh Plaza, Sir Bobby Robson Way, Great Park, Newcastle Upon Tyne, NE13 9BA
FAQs
Without a court order, absolutely not. Neither Hoist Finance or any other debt collection agency nor a debt collector is considered a court-appointed bailiff. Hoist Finance may visit the address of a debtor but cannot enter the dwelling without the consent of the resident.
Write to Hoist Finance to Request them to Stop Contacting You (If That’s What You Want) Under the FCA guidelines, if you request that a debt collector stop contacting you completely, it must do so (with a few exceptions). Your request must be in writing. You can use the ‘prove the debt letter’ to do this.
Unaffordable debt to Hoist Finance can be legally written off by using the Scottish Trust Deed scheme or IVA (If you reside in England). This can also protect your assets, such as your house or car from repossession. See if you qualify by using our free debt calculator here.
If you owe money to Hoist Finance and you don’t pay, you can be sued. If Moorcroft sues you and wins, the court will enter a judgment (also called an order) against you that says you must pay back the debt. But if all your money and property are protected, then creditors cannot take them from you.
- Apply to go on the electoral register
- Check your own credit file and ensure your details are correct
- Don’t make too many applications for credit
- Pay bills on time
No – there is no such thing. While unpaid debts may damage your credit rating and ability to get credit, you can take steps to rebuild your credit file.
No. Debt collection agencies are not the same as bailiffs and therefore have no right to force entry to your home.
Services Offered By Hoist Finance UK: Consumer Debt Collection, Debt Purchase, Consumer Regulated Debt, Consumer Non-regulated Debt
