OFT Complaint by IBAS regarding Asset Recoveries UK Ltd

Independent Banking Advisory Service

Asset Recoveries UK Ltd has offices based in Manchester, Southampton and Hadleigh. IBAS has received a considerable number of complaints regarding mortgage shortfall debt claims generated through this company.

Asset Recoveries (UK) Ltd seek to collect on old or aged National Home Loans mortgage shortfall debts and as Asset Recoveries procedures for collection appeared to contravene OFT Debt Collection Guidance IBAS raised a formal complaint to The Office of Fair Trading.

It's natural you will want to know our 'pedigree' - and you will find our 2012 national newspaper comments (plus many more over many years in the News and archives sections of our site) - all show that IBAS can be relied upon and has been in existence helping bank customers with their mortgage shortfall debt claims and Director's personal guarantees 'calls' and demands since 1992. IBAS has also featured in BBC TV and ITV News items and programmes on UK banking and business banking issues many times since we were established in 1992

The OFT does not investigate individual complaints and therefore IBAS raised a formal complaint with the OFT regarding Asset Recoveries (UK) Ltd - specifically on those cases, which IBAS has collectively represented. Often old (sometimes very old) mortgage debt is claimed and 'chased' by lenders / their agents or those who have bought the aged debts. Pursuit of these claims for payment or in obtaining an admission of the debt by debt collectors or debt collection agencies can be vigorous and often appear intimidating.

Our Mortgage Shortfall Debt Claims Unit has many years experience in handling and resolving mortgage shortfall debt claims.

Please note: Lenders will always recommend CCCS and PayPlan for free DMP's (Debt Management Plans) to their customer because they will always attempt to produce payments on the debt claimed - However, DMP's are merely 'management of the debt' which has or is being claimed by the lender it is not negotiating or questioning the legality of the debt or whether it should be paid - these are companies 'managing' your payments for a full debt collection on all debt claimed as being owed. If a DMP is entered into and accepted by the borrower all debts claimed will then continue to be 'chased' for payment - until they are fully repaid.

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Independent Banking Advisory Service (IBAS) is a national, independent, non-profit, unique specialist banking customer membership organization which resolves banking complaints and disputes and which has campaigned on UK Banking customer issues since 1992. We provide bank and banking assessment, analysis, bank comment and content for BBC TV News, ITV, Radio and national newspapers.