If you owe a debt you may, at some point, encounter Arrow Global. Arrow Global is one of the largest providers of credit solutions to companies in the UK and Europe, purchasing debt from many firms including bank and credit card debts. It is estimated that it has as many as 35 million customers.
Why are Arrow Global contacting me?
You may well never have heard of Arrow Global until you receive a letter from them. If you get a letter from Arrow Global it is likely to be because they have bought the debt you owe. Debts can be bought and sold. On your letter from Arrow, which may say ‘Notice of Assignment’, it will tell you to whom you originally owed the debt. Because Arrow Global has bought the right to have the debt repaid, you will now owe any remaining debt on that account to Arrow Global rather than the company with which you originally took out the loan or credit agreement.
How can I stop letters and phone calls from Arrow Global?
It can be difficult and distressing to receive letters and phone calls about a debt. You can reduce the amount of contact you are likely to get but you will not be able to stop the letters and calls altogether while there is still a debt.
If you do receive letters from Arrow Global, do not ignore them. It is possible that if you ignore any deadlines for action the letters contain, you could end up with more problems. Check which debt Arrow Global are dealing with: the ‘Notice of Assignment’ you receive from them should have this information in.
You may wish to restrict contact with Arrow Global to written form so that everything is recorded. If you are unable to make repayments or it is a struggle, you could consider asking for extra time to pay. You can also get advice – it is never a good idea to struggle on alone.
I can’t afford to pay Arrow Global, what can Arrow Global do if I don’t pay?
The first thing to do is make sure that you do not just ignore the contact. If you do not reply to them, there is a risk they could take court action against you which could push you further into debt with added costs. If you ignore a debt, you are also likely to damage your credit rating. Contact Arrow Global to discuss the issue. It can be helpful to get advice from a debt specialist too. Do not make any agreements to alter your repayments without being sure that you will be able to meet them.
It is useful to remember that the Financial Conduct Authority and Credit Services Association have strict rules regarding what companies such as Arrow Global can do. All that Arrow Global has done is to buy the original debt from the company you took out your credit with. They are not bailiffs, so they cannot take anything out of your property.
What Can Arrow Global Do If I Don’t Pay?
Arrow Global must follow strict rules laid down by the Financial Conduct Authority and Credit Services Association.
Debt collection agencies have no additional legal powers to the original credit company with which you took out the debt. They are different to bailiffs. Arrow Global cannot take anything out of your property or talk to anyone else except you about your debt. They can keep contacting you to ask you to pay, but they must not make telephone calls which are excessive or threatening. Reasonable interest and fees can be added to the debt, which is why it is important that you do not just ignore it.
If you do not pay, Arrow Global can issue a default notice which may adversely impact your credit file, and they can apply to the County Court for a County Court Judgement, or CCJ.
What if Arrow Global send agents to my home?
If someone comes to your home and says that they are from Arrow Global it is always sensible to ask to see their ID and take a note of their name. Remember, that it is always your right not to open the door or let anyone in if you do not want to. Arrow Global are not bailiffs and so they cannot come into your home without you inviting them to. If you do let them in, they have to leave when you say and they are not allowed to take any of your property with them.
You can always tell them that you will deal with the debt in written correspondence rather than in person. If you do decide to engage with anyone Arrow Global sends to see you, make sure that you explain your financial circumstances and only agree to pay back instalments which are actually affordable to you. It can be a good idea to show your budget or to ask for time to put a budget together.
Most people would prefer not to have agents visit their home. If you decide to make a payment, it may be better to do this over the phone rather than paying the person who comes to visit. This will ensure you have proper records of the payment. If you do pay an agent in person, always get a receipt.
Who do Arrow Global collect for?
Arrow Global purchase debts from many different credit and loan companies in the UK, including banks and credit card companies.
Do Arrow Global take you to court?
As with any other debt which is owed, if you do not pay it then Arrow Global are able to take you to the County Court to obtain a CCJ.