This isn’t a full fact find, Thrifty Family doesn’t give advice. We work with The Debt Advice Service who provides information about your options.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
My name’s Janine, and I’m a mum of two who’s always been passionate about trying to cut down spending costs. I am now sharing as much financial knowledge as I possibly can to help your money go that little bit further.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Hoist Finance chasing old debts tends to be the norm with this company? It leaves you wondering if you’d have to pay or if you could ignore the debt recovery company?
If so, this post should put your mind at rest because I explain how you could get out of paying an older debt! Read on to find out more.
Do you have to pay Hoist Finance?
You might not have to pay Hoist Finance.
If you genuinely can’t afford your debt repayments then looking into whether you could have your written off might be just what you need.
If you want to find out whether you qualify for having debt written off or payments lowered then fill out the short form below.
This isn’t a full fact find, Thrifty Family doesn’t give advice. We work with The Debt Advice Service who provides information about your options.
Who is Hoist Finance?
Hoist Finance works all over Europe and their UK headquarters are in Manchester. The company is a European credit management provider that acts as a debt recovery agency in the UK and elsewhere in Europe.
The business was founded in Sweden in 1994.
Confusingly, the business often uses the name Hoist Portfolio Holding 2 Limited. But they can also use the following names in their correspondence:
Hoist Finance UK Limited
Hoist Finance AB
Hoist Finance buys ‘non-performing loans’ (NPL) from banks and other financial institutions and claims to work towards finding amicable arrangements with debtors!
However, it’s worth checking out what one person had to endure over an older debt Hoist Finance chased them for:
Is Hoist Finance a legitimate debt recovery company?
Yes. Hoist Finance is a legitimate debt recovery company with a head office located in Sweden. They are regulated in the UK by the Financial Conduct Authority (FCA).
As such, the debt recovery company must follow UK legislation and a Code of Practice.
Can you lower your repayments?
If you’re struggling to pay back your debt, then you might qualify for a debt solution. Some solutions lower your monthly payments while others write off a portion of your debt.
To find out whether they could work in your situation, hit the button below.
Hoist Finance is part of the Lowell Group. But Hoist is also the parent company of Robinson Way, Compello and the Lewis Group which was dissolved in 2019.
Who uses Hoist Finance debt collection services?
Hoist Finance purchases non-performing loans from many banks and other financial institutions. However, there are reports that the company collects debts for finance providers via Robinson Way which is part of their portfolio.
They could also be collecting debts for building societies in the UK.
Why would Hoist Finance contact you over an older debt?
Hoist Finance typically purchases older debts from financial institutions and banks in the UK. Chances are they contact you over a debt you had with a bank, building society or other finance providers.
They typically contact you in writing, to begin with threatening legal action if you don’t pay up!
It’s a scare tactic to get you to pay!
Once the dust settles and you regain your composure, you should check how old the debt is before responding to their threats!
Is the debt too old to enforce?
A debt is deemed statute barred if it’s at least 6 years old. However, to be statute barred you must not:
Have admitted you owe the money in the last six years
Paid any money towards the debt in the last six years
There isn’t a CCJ levied against you relating to the debt
You should write to Hoist Finance stating the debt is statute-barred if none of the above applies. They should stop contacting you and if they don’t, file a complaint with their headquarters in Manchester.
After this, lodge a complaint with the Financial Ombudsman Services (FOS) and report Hoist to the Office for Fair Trading!
Is the debt yours?
You should always try to keep Hoist aware of what you are doing and how you’re responding to their threats! In short, write to the debt collector asking them to prove the debt is yours.
Whether you know you owed the money in the past or not!
It’s up to Hoist Finance to prove you owe the money and if they can’t provide solid evidence, they can’t make you pay!
Don’t just take their word for it. Make sure you get written confirmation from Hoist Finance. The proof could be an authenticated copy of a Credit Agreement you signed. Of an authenticated copy of a Financial Contract, you entered into!
Don’t admit, agree, sign or pay any money to Hoist Finance until they’ve sent you the evidence!
Can you stop Hoist Finance from contacting you?
No, you can’t prevent them from contacting you. But you can dictate the terms on how and when a debt recovery company contacts you.
In short, it could be wiser to ask them to only contact you by letter. This way you always have a record of their communications with you. Moreover, writing back to them also means you have a record of your responses.
Debt collectors must respect your request and stop all other forms of contact! If they don’t, it could be viewed as Hoist Finance harassing you. Harassing debtors is unlawful!
You must file a complaint with Hoist Finance before you can lodge a complaint with the Financial Ombudsman Services (FOS). This allows the debt collector the chance to make amends for their actions.
However, if they don’t, you can then contact the FOS and the Office for Fair Trading!
You may even receive compensation from Hoist Finance if the Financial Ombudsman finds their actions were unlawful!
What debt advice is there in the UK?
You should contact a debt charity or an independent debt adviser if you’re confused about anything relating to Hoist Finance. Free debt advice is provided by the UK’s leading charities.
However, you’d have to pay for the advice provided by an independent debt adviser. As such, it may not be the best option if you’re struggling with your finances!
Thanks for taking the time to read my post. I hope it helps you decide what to do about Hoist Finance chasing old debts and whether you should pay them!
My name’s Janine, and I’m a mum of two who’s always been passionate about trying to cut down spending costs. I am now sharing as much financial knowledge as I possibly can to help your money go that little bit further.
How to beat Hoist Finance debt 