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.
Could you legally write off some debt? Answer below to get started.
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.
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.
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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.
Do you feel worried because Hoist Finance is asking you to pay an old debt? You might not understand who they are or how to deal with them.
You’re not alone. Every month, over 12,000 people visit this website for advice on debt issues.
In this article, we’ll help you learn about these points:
Who Hoist Finance is, and if they are a true debt recovery company.
If you need to pay the money to Hoist Finance.
Ways to make your payments smaller.
If the old debt is too old to be enforced.
How to stop Hoist Finance from contacting you.
Dealing with debt can be hard; some of us have been in your shoes. We’re here to give you the information you need.
Ready to find out more about dealing with Hoist Finance and old debts? Let’s dive in!
Could you legally write off some debt?
There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.
Answer below to get started.
This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.
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!
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!
How a debt solution could help
Some debt solutions can:
Stop nasty calls from creditors
Freeze interest and charges
Reduce your monthly
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
Monthly income
£2,504
Monthly expenses
£2,345
Total debt
£32,049
Monthly debt repayments
Before
£587
After
£158
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Having bailiffs (enforcement agents) show up at your home and seize possessions
Receiving an attachment on your earnings or bank account
Even when a debt is too old to enforce, you need to stay in touch with Hoist and fight your case against paying!
Don’t just leave it up to the debt collector to continue with their debt collection process because they will!
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!
Thousands have already tackled their debt
Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.
Natasha
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
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!
How do you contact Hoist Finance?
I’ve listed ways to stay in touch with Hoist Finance when they’re chasing you for an older debt here:
This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.
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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.
Could you legally write off some debt? Answer below to get started.
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.
