Ultimate Guide to NCO Financial Services Debt Collectors

Are you receiving calls from NCO Financial Systems? Do you have past debts that are due and don’t know how to handle it? Being contacted by a debt collection agency can be a scary and distressing experience, especially if this is the first time it’s happened.

Don’t worry though, in this useful guide we’ll explain who NCO Financial Systems Inc are, what they do, and why they’re contacting you. Hopefully, reading this guide will give you peace of mind. We’ve got lots of information, so you’ll know how to handle this company the next time they call.

When it comes to debt collectors, it’s important to remember that you have rights. It’s also crucial to stay calm and react appropriately to achieve the best possible outcome. If you’d like to find out more information on all aspects of debt collection, be sure to keep reading!

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Table of Content

1 Who are NCO Financial Services?
2 What to do if NCO Financial Systems contact me
- 2.1 Seek debt collection assistance
- 2.2 Check if you really owe those debts
3 Paying off debts
4 Always seek advice before paying
- 4.1 Write off 80% of your debts
5 List of Debt Collection Agencies UK

Who are NCO Financial Services?

NCO Financial Systems offers debt collection services for creditors who have failed to collect repayments from debtors.

Their company is registered in the UK and they’re authorised and regulated by the Financial Conduct Authority (FCA). Their headquarters are based in Preston, Lancashire.

What do they do?

NCO Financial Systems provide debt outsourcing solutions. Essentially, they buy debts from their clients and then attempt to collect the money from you.

Understanding how these third-party debt collection agencies work will really give you an edge in protecting yourself against them.

It’s important to know that they work in a few different ways:

They work on commission or bonuses

The NCO Financial Systems agents who call you are very likely working with incentives. You can be sure they have a target amount they have to collect per hour. Agents usually have daily and even monthly bonuses and each collection they make bumps up that bonus.

So you see, they are extremely motivated to collect as many payments as they can instead of having to record the call as “non-payment.” They’ll do everything they can to make you pay, unfortunately even trying to threaten or intimidate you. The key here is to be strong, stand up to them and realise their threats are empty.

Alternating abusive calls with polite ones

Good cop, bad cop is a tactic not only favoured by the police but debt collectors too. Unfortunately, it’s a very effective technique so it’s not surprising that they use it.

You’ll often find you receive a series of threatening calls, and then the odd polite, friendly one will be thrown in. This disturbing personality change can even happen during one call. The agent will begin the call in a polite manner but become more abusive if they fail to get you to pay.

Remember, it’s not just phone calls either. You’ll probably receive continuous letters as well. Their whole aim is to break you until you give in and make the payments.

These are just a couple of examples of unacceptable behaviour from debt collection agencies. It can be difficult to stand up to such behaviour, but it goes against UK debt collection laws and must be reported to the Financial Ombudsman.

You can also report any threatening or abusive behaviour to the Office of Fair Trading (which is similar to the United States Fair Debt Collection Practices Act).

Are they a legitimate debt collection company?

Although they are legitimate in the sense that they’re registered with the Financial Conduct Authority, it’s essential that you do your own research and make sure you know how they work. Unfortunately, NCO has had many consumer complaints recorded against them.

Always ensure that you actually owe them money too. Mistakes can be made so make sure you’re not paying them when they’re not entitled to it.

It could be that they’ve got your number mixed up with someone else, or you now live at the original debtor’s address which was never updated with the debt collection agency.

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What kind of debts does NCO Financial Systems Inc. chase?

Because they’re such a large company, it’s possible that NCO Financial Systems Inc chase many kinds of payments and their clients could be from many different companies. Because NCO is a private company it’s impossible to know for sure.

Some common debts NCO Financial Systems may collect are loans, unpaid utility bills and council tax, credit card debt and lots more.

Do they hold any legal powers over me?

No, they don’t. No matter what NCO Financial Systems Inc tell you, they don’t have any special legal powers over you. If they fail to get any payments out of you they may start pressuring you or making nasty threats.

Some debt collection agencies may think that the law doesn’t apply to them. Tactics such as pretending they are bailiffs or from the court are common. They may threaten you with legal action or tell you that your possessions will be taken.

They might threaten to send agents to your home and while they can do this, do not let them in. They have no right to enter your home without your permission and they also must leave whenever you tell them to.

Whatever happens, it’s super important that you don’t let yourself feel intimidated by them. Certainly don’t give in to their demands either. If you ever feel threatened by them call the police straight away.

If you’re sure that you do owe them, it’s strongly advised that you speak to a financial advisor. Never make any payments to NCO Financial Systems Inc until you’ve done this. You can find more information on financial help in the sections below.

Why am I being contacted by a third-party debt collector?

In short, your debts have been sold by the original lender to a third-party collector, in this case, NCO Financial Systems.

Most debt collection companies are independent businesses and their whole business revolves around buying debts at incredibly reduced rates.

They make their profit by collecting the full debt amount, or as close as possible, from you. You’ve probably guessed by now, these agents don’t have very high moral standards. They have one goal, and all they care about is the fact that you are responsible for paying up.

You may be wondering where they got your contact information from too. When your debt was sold to the debt collectors, such as NCO, the original lender would have passed on all of your personal details. Your phone number, address, the amount of debt you owe and other information will have been passed over.

Unfortunately, they have little to no sympathy for you or your current circumstances. Ultimately, they’re not pleasant people to deal with.

What to do if NCO Financial Systems contact me

Seek debt collection assistance

As soon as you receive contact from NCO, whether that’s a phone call, letter, text or anything else, you should seek the help of a debt advisor.

Trying to struggle with the burden of debt on your own is never the answer. Although you may be worried about discussing your financial situation with a stranger, it could the answer to all of your problems.

It’s always a good idea to discuss your problems with a financial advisor before you decide what to do. There are a few ways of clearing a debt and an advisor will know which one is best for you depending on your circumstances.

Check if you really owe those debts

When NCO Financial Systems contacts you, it’s essential to make sure you do owe the money that they’re claiming. The first thing you should do is find out where the debt originated from and how much you actually owe.

It’s common for the original amount (if there is one) to have been increased by different charges and interest. It could be a lot more than you first thought thanks to these extra charges.

The next step is to write a letter to the NCO debt collection agency and insist they send you a copy of your first credit agreement. If they can’t give you this document then you’re under no obligation to pay them anything.

Paying off debts

If you can afford to pay

If you can afford to pay the debt collectors, then it’s a good idea to go ahead and do so. That is if you actually do owe anything at all. As we mentioned earlier, confirm that the debts are yours first before you pay anything.

Having debts can hurt your credit score, however, in some circumstances, paying them off can make it worse. This is why seeking the help of a financial advisor is such a good idea. They can determine the best way forward for you based on your personal circumstances.

If you can’t afford to pay

If you can’t afford to pay, or if paying would stop you from keeping up other important outgoings such as mortgage or rent, talking to a financial advisor is your best bet.

They can consult with NCO on your behalf. They can also ask to have any interest and other charges suspended to give you some breathing space and time to pay.

Whether it’s credit card debt, trouble keeping up with mortgage repayments or even unpaid mobile phone bills, getting help from a financial advisor will be your best course of action.

Can pay but won’t?

If you definitely owe the suggested amount, then the best thing to do is repay it. If you’re able to pay but simply refuse to, this could cause more trouble for you and you risk being taken to court.

Debts stay recorded on your credit report for up to seven years even if you’ve paid it. However, a “paid” mark next to it is surely better than unpaid.

Keep in mind, future creditors will look at this and use it to decide whether to do business with you or not. For this reason, you want your credit score to be as good as possible. If you’re able to, it’s always better to pay as much as you can to avoid the situation escalating.

Always seek advice before paying

Write off 80% of your debts

It’s possible to write off your debts almost completely, even if they’re from years ago. You can do this through an Individual Voluntary Arrangement (IVA). This is a formal agreement that you’ll pay the debt collector an amount that’s easily affordable for you.

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You’ll pay it as a one-off payment or in monthly instalments and the rest will be written off after a certain period of time, normally five years. This agreement must be organised by an insolvency practitioner.

List of Debt Collection Agencies UK

Here is a list of all the debt collectors in the UK.