If you received a debt collection letter from Cobra Debt Collection, you might be wondering what you should do. But surely, ignoring them is not an option. Ignoring debt collectors may only worsen your situation as it will lead to further enforcement action. Let us explain…
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Because of the various tactics debt collectors use, they often have a bad reputation. Their persistence leads to many debtors having unpleasant experiences. If you received a letter from Cobra Debt Collection, don’t worry. Even though it can be stressful, if you take the right steps, you can get out of this situation without any hassle.
There is a chance that you might not even have to pay them. Also, note that complaints to the Financial Ombudsman Service (FOS) have greatly risen this year. This only indicates that you’re not alone. So, face your debts today and look forward to a debt-free future.
Who is Cobra Debt Recovery?
Cobra Debt Collection is a prominent debt recovery agency in the UK dedicated to recovering outstanding debts. With several branches scattered across major cities, this firm has carved a niche for itself. The company recovers debts of over £1,000.
According to their website, they are the UK’s fastest-growing debt recovery agency. And they try their best to make debt collection less stressful. Their branches are located in:
- Midlands
- Liverpool
- Wales
- London
- Devon
- Cornwall
Who Does Cobra Debt Collection Collect Debts For?
Cobra debt recovery is versatile, collecting for a diverse range of clients. From large corporations to individual creditors from a wide range of industries. They’ve left no stone unturned in their pursuit of owed amounts.
While the name “Cobra Financial” is synonymous with efficiency, it’s also known for its rigorous approach. They are also known to provide their services to various specialist sectors such as:
- Professionals (such as accountants or solicitors)
- Education
- Insurance
- Entertainments and Leisure
- Technology
- Financial services (bank charges and outstanding claims)
- Mortgage arrears (such as unpaid loans)
- Motor Finance
- Utilities
- Travel (non-payments of excursions and unpaid fees for package holidays)
- Automotive (petrol suppliers and chains)
- Construction
Is Cobra Debt Collection Trustworthy?
Yes, Cobra Financial Solutions Ltd is a legitimate company. They are a regulated entity, which means they adhere to strict industry standards and guidelines.
Their Companies House company number is 06897493. At the same time, their registered office address is Aintree Building, Aintree Way, Aintree Racecourse Retail & Bus Pk, Liverpool, England, L9 5AQ.
But in a case where you received a letter from a different letter, it is possible that it is from one of their six offices, which operate in different parts of the UK.
What Kind of Reviews Does Cobra Debt Recovery Have?
Venturing into the digital realm paints a complex picture of Cobra. Many laud the persistence and efficacy of Cobra Financial, while others are not very fond of it. Checking out Cobra debt collection reviews can offer a balanced view, equipping you with both sides of the coin.
Some of their reviews on Trust Pilot are as follows:
“This company provides an excellent service, professional honest and keeps you updated at all times. I could not ask for a better service. I can recommend this company 100%. Loyal, supportive, and excellent customer service. Their aim is to achieve the best outcome and solution in getting any debts owed. I will use this company again. Thank you…read more” –Colette Nye
“Cobra Financial Solutions Limited are truly professional and really efficient in helping you recover what you are owed. Their staff take their time to explain the debt recovery process and spell out all the costs involved.
Right from the beginning, you know what to expect in terms of costs. An online portal for each client also allows the client to monitor the progress made for each debt. The staff at Cobra are absolutely friendly, and I would highly recommend their services to all…read more” –Thomas
“We engaged Cobra last year to handle our business debtors – they started off with good service and a useful platform. However, this only lasted a few months and despite chasing since April for a full statement of account to understand the amounts recovered and owing, Cobra have not been responding with the information requested…read more” –Wireless Logic
What To Do Next?
If you receive a debt collection letter from Cobra Financial Solutions LTD, here is how you should handle it:
- Gather Information: Upon receiving a letter or call from Cobra debt collection, don’t panic. Instead:
- Read it meticulously.
- Note who they’re collecting for.
- Cross-reference this with your records. Find discrepancies? You might have the upper hand.
- Know Your Rights: Cobra isn’t regulated by the Financial Conduct Authority.
- They might have a more hands-on approach.
- While they don’t follow FCA guidelines, they can’t bully or mislead you.
- Prove the Debt: Doubting the debt is yours? Send a ‘Prove the Debt’ letter. This places the ball in their court, making them validate the debt. If they fail to provide proof, you’re not obligated to pay them. If they go to court against you without replying with proof, show the judge the proof of the debt letter you sent them which you have no response for.
- Statute-barred Debts: If it’s been 6 years (or 5 in Scotland) since your last payment or communication, your unsecured debt might be unenforceable. But remember:
- Not all debts age out.
- Debts like HMRC or those with a County Court Judgement (CCJ) have a longer shelf life.
- Note that despite being statute-barred, the debt still exists. It just means that if you decide to ignore paying the debt, they cannot go to court against you for it.
How Do I Make A Complaint About Cobra Financial?
If Cobra Financial treats you unfairly or if they break any of the Financial Conduct Authority’s (FCA) guidelines, approach them directly. Articulate your grievances. Make a complaint to the Financial Ombudsman Service (FOS) if you don’t receive a solution or a response from Cobra Debt Collection.
After investigation, if they’re found guilty, they will have to pay a fine. In some cases, you might even be owed compensation.
Keep Up To Date with Your Debts
Proactivity can be a lifesaver. Regularly monitor your debts, reconciling any disputes promptly. By keeping an organised record, you reduce the risk of unforeseen surprises and can handle any debt collection approaches with confidence.
So, make sure to check if your debts have been passed on to other debt collectors. In a case where a debt collection company feels like your debt is not worth chasing, they might sell it to another agency.
Two of the largest debt collection companies in the UK are:
- Lowell UK
- Cabot Finance
If you’re in debt, there is a chance you might come across them. So always check your emails and post for any notice that your debt has been passed on to another company.
What is the Debt Collection Process?
Navigating the world of debt collection, especially with Cobra Debt Collection, can feel daunting. But with the right knowledge, you’ll find it’s a process you can handle confidently. Let’s break it down.
If you’ve received a surprising call or letter from a debt collection agency, that’s how it starts. Most often, the initial notification from Cobra Debt Collection will come via post. This usually happens for the following reasons:
- You might have missed a payment or two.
- It could be an error.
- Or perhaps it’s a debt you’ve genuinely forgotten about.
When the first notice goes unanswered, a follow-up usually occurs. Now, this could be a more stern letter, an email, or multiple phone calls. In this case, it’s crucial that you check if the debt is valid.
Things heat up if earlier attempts remain unresolved. Cobra Debt Collection might persistently try to contact you. The frequency of their calls or letters may rise. But remember, you have rights! Always ensure you’re treated fairly and not harassed. And if you’re wondering how to handle such pressure, keep reading.
Still no resolution? Cobra Debt Collection might turn to legal channels. This could involve:
- Court claims
- Bailiff interventions
- Other legal recourses
The process includes:
Knowing the collection steps of Cobra Debt Collection might place you in a better position to respond effectively. A few things you can do include:
- Verify the Debt: Always ask for evidence. Is this your debt?
- Negotiate: Open a line of communication. Can you agree on a repayment plan?
- Seek Counsel: Professional advice can be a lifesaver. So consider contacting a debt charity.
Remember, standing up to a collection agency like Cobra Debt Collection requires courage, but with the right tools, you’re not alone.
The debt collection process, at first glance, can seem overwhelming. Yet, when broken down, it’s a sequence of actions that you can navigate. By understanding each step, responding promptly, and seeking advice when needed, you stand a solid chance of managing the situation effectively.
So, what’s the most crucial takeaway? Don’t ignore the process. Instead, confront it head-on, equipped with knowledge.
Will a CCJ Affect My Credit Score?
Yes. A County Court Judgment (CCJ) is a blemish that can linger on your credit record. Its impact is significant, often reducing your borrowing capabilities and tarnishing your financial reputation. Thus, it’s vital to address any potential CCJs urgently.
Unless you pay the debt within one month of receiving a CCJ, it will be recorded on the Register of Judgements, Orders and Fines for a six-year period.
If you pay it off within six years, you can make a request to mark the judgement as ‘satisfied’ on the register. In order to do this, write to the court along with proof that you have paid the debt.
During the six-year period, borrowing will be difficult as lenders will consider you as a high-risk customer. This is someone who finds it difficult to make payments on time.
So, if there is a CCJ on your credit report, it’s proof that you were unable to make payments on time in the past. Due to this, lenders will be hesitant to offer credit. Even if they do, it will be for a high-interest rate.
But after six years, the CCJ will not be visible in your credit report. So after this period, you should find it much easier to borrow money.
Can I Get A Debt Solution?
If you’re struggling to pay your debt, we recommend you take up a debt solution. The UK offers multiple debt solutions. Some of these include:
Cobra Debt Collection Contact Information
Engaging directly can sometimes clear up misconceptions. Cobra’s extensive presence, from their head office to regional branches, means there’s always a point of contact close by. Always ensure you have the right details to avoid miscommunication.
| Phone: | 0151 305 5994 |
| Fax: | 0151 526 0395 |
| Address: | Head Office Aintree Building, Aintree Racecourse Business Park, Aintree L9 5AQ Tel: 01515264222Midlands 17 High Street, Henley-in-Arden, Warwickshire, B95 5AA Tel: 01564628638 Wales London Devon & Cornwall Peterborough |
| Email: | admin@cobrafinancial.co.uk |
| Website: | https://cobrafinancial.co.uk/ |
Where Can I Get Professional Help?
The weight of debts can be crushing, but assistance is just around the corner. Debt charities can offer expert advice and potential solutions. Always remember, you’re not alone in this journey. A few debt charities you can reach out to include:
- StepChange
- National Debtline
- Debt Advice Foundation
- Citizens Advice
Alternatively, feel free to fill out our online form, and our Money Advisor Team will guide you on the best course of action.
Key Points
- Cobra Debt Recovery, also known as Cobra Debt Collection, is a prominent UK-based debt collection agency servicing a diverse range of clients.
- Always remember that Cobra debt collection is a legitimate entity in the UK, working under the purview of the country’s regulations.
- A significant portion of people in the UK might have the ability to legally reduce or even write off some parts of their outstanding debt.
- If you happen to receive correspondence, especially a letter from Cobra debt collection, it’s vital to scrutinise every detail. Ensure you cross-check any claimed debts with your personal financial records.
- It’s essential to be fully aware of your rights as a debtor. Cobra debt collection should always treat you fairly. Any form of harassment, intimidation, or misleading actions is not only unprofessional but also a potential infringement on your rights.
- Feeling sceptical or unsure about the debt being claimed? You have the right to challenge Cobra debt collection. Send them a ‘Prove the Debt’ letter, compelling them to furnish written evidence of the said debt.
- If the situation escalates, Cobra debt collection might resort to legal pathways. It’s crucial to understand these potential outcomes and how best to manage them.
- Should you feel overwhelmed, don’t hesitate to consult professional advice. Various debt advice charities can provide guidance tailored to your unique situation.
- The key to successfully navigating any debt-related issues, especially with agencies like Cobra debt collection, lies in being informed, understanding the process, and acting promptly.
