Referral of the debt to an agencyĪ creditor is able to sell or pass your debt to an agency to recover. It will also confirm what will happen next to the account. The arrears notification should be addressed to whoever is liable for the debt, and should state the amount of arrears being recovered. If a creditor has rejected a pro-rata payment offered by you, it is very likely that arrears will accrue on your account. The letter will advise of what will happen if you do not comply with the request.īelow are samples of the letters you may receive from creditors with an explanation of what they mean: Arrears NotificationĪn arrears notification is a formal letter sent to you by your creditors to recover any outstanding arrears that you owe. If you fail to make a payment as agreed with your creditor during your arrangement, the creditor will write to you requesting the payment by a specific date. Here are examples of the most common documents, together with an explanation of what they mean. Creditors may often send you a variety of notices and letters in relation to your debt.
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