Restons Solicitors assist firms that are seeking help in recovering debt. If you have been contacted by Restons Solicitors, then there is a strong likelihood that you have an outstanding debt due to funds owed to one of their clients. Businesses such as lenders and debt purchasers are among some of Reston Solicitors’ clients.
Why have I received a debt letter from Restons Solicitors?
Restons Solicitors assist firms that are seeking help in recovering debt. If you have been contacted by Restons Solicitors, then there is a strong likelihood that you have an outstanding debt due to funds owed to one of their clients. Businesses such as lenders and debt purchasers are among some of Reston Solicitors’ clients.
Do I have to pay Restons Solicitors?
Inaction is likely not the best solution – ignored debts do not disappear but will inevitably deteriorate. Paying off the debt sooner will speed the road to Restons Solicitors ceasing to chase you with calls and letters. By not paying, one outcome could be Restons adding interest and charges to your current debt toll. Furthermore, things could escalate to the point that they decide to take you to court.
Going to court could have an adverse impact on your credit score and the extra costs of going to court would increase the debt sum. A County Court Judgement could be issued against someone if the situation deteriorates to this extent. A County Court Judgement means the court is ordering the debtor to pay the creditor with a breakdown of amounts and due dates.
Are Restons Solicitors legitimate?
Yes, Restons Solicitors are legitimate; they are:
- • Regulated by the Solicitors Regulation Authority
• A member of the Credit Services Association
• Collector Accreditation Initiative certified
• A member of the Consumer Credit Trade Association
• Lexcel Law Society accredited
• ISO 9001 certified
• ISO 14001 certified
• PCI Security Standards Council approved
What if I cannot afford to pay Restons Solicitors?
If it is not possible for you to pay the debt in full, it may possible to agree to a payment plan with Restons. This would mean paying off the debt in instalments. However, before agreeing to any payment plan, you should complete Reston’s Financial Statement Form as fully as possible. The reason being that Reston can ensure your payment plan is manageable. The form requires details of your income and expenditure. An evaluation of your disposable income can be made and a reasonable monthly repayment schedule produced.
If you fail to make payments on the payment plan, or you are left without a choice, then they could assume you have no intention of paying the debt. To avoid this assumption, it would be wise to get in touch with Restons as soon as possible. Missing many payments to your creditor could result in them deciding to default your account. Consequently, they could request that the debt be paid in full rather than via instalments.
Usually, you will hear from a solicitor once you have been issued a default notice. A default notice is a warning to you from the solicitor that your account is about to default. It is mandatory to have a minimum of two weeks to catch up on any missed payments. If this is achieved, then your account with the creditor will avoid being defaulted upon. It is important to note that default notices only apply to certain debts. These specific debts include credit cards, personal loans, store cards, hire purchase and catalogues.
The risk of a default is to be taken very seriously; it will impact your credit score. This will lead to a negative impact on your credit rating and potentially put off future lenders when you apply for future credit. Moreover, a default remains on an individual’s credit file for six years, even if the debtor goes on to pay off the debt in full.
Can I write off my debt with Restons Solicitors?
It is possible to write off some debts and the plan for this will depend on which part of the UK you live in. In Northern Ireland, England, and Wales there is a scheme called an individual voluntary arrangement (IVA.) An IVA brings all of the person’s unsecured debt into a bundled single debt. The individual then makes affordable monthly repayments towards the debt for a period of time (usually 60 months.) At the end of the set time period, any debt leftover is legally squashed. Scotland’s scheme, the Protected Trust Deed, is similar to an IV but the time period is generally 48 months rather than 60 months.
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