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Tips and Tricks

For Clients

  • When I receive a Notice of Assignment, I contact the company that has purchased my obligation from the original creditor.
  • The financial specialist at the assignee company is obliged to introduce themselves and provide detailed information about the obligation, the original creditor, as well as all potential legal consequences in the event of non-payment of this obligation.
  • If I am able to pay my entire obligation at once, I do so as quickly as possible. This way, I save statutory interest, which is accrued by the assignee after the date of purchase of the obligation. In addition, if the loan has not yet reached the legal stage, I will also avoid additional costs from court fees and private enforcement agent fees.
  • If I am unable to pay the obligation in full, I try to conclude an agreement that is favourable for me. It should stop the statutory interest, as well as the possible initiation of legal proceedings.
  • If the obligation is already at the level of enforcement proceedings with a private enforcement agent and garnishments have been imposed, I can renegotiate and request the temporary lifting of the imposed garnishments. In many cases, assignees are also willing to grant small discounts.
  • The most important thing is to request a consultation from the financial specialists at the assignee company and to show willingness to repay my obligation.
  • Receivables purchase companies also report to the Central Credit Register every month, just as the original creditors do.
  • It is important to know that until an obligation is repaid, it will continue to be reported in the Central Credit Register and may prevent the taking out of a new loan.
  • After full repayment of a loan, a Certificate of Repaid Debt or a reference for a new creditor may be requested, if necessary.