Only some people are required to settle their debts with Motormile Finance UK Limited; that’s a fact. Yet, paying no heed to them might lead to more severe enforcement actions. So, what should be your next step when dealing with “Motormile Finance”? Hold onto your seat as we delve deeper into your options.
Have you been confronted with a debt from Motormile Finance UK Limited? Let’s delve into your situation. Does this debt necessarily have to be repaid? If “Motormile Finance” rings a bell and their payment request has caught you off guard, this article will guide you through the labyrinth of debt repayment.
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Choosing the Ethical Path with Motormile Finance
Once a fierce debt collection agency, Motormile Finance purchased debts from various sources, including payday loan firms, and then took on the task of debt collection. They utilised numerous tactics, such as phone calls, emails and debt letters or even home visits in extreme cases to recover their debt.
But did you know that Motormile Finance no longer operates under that name? They’re now known as Lanterns.
You can eliminate Motormiles Finance debt collectors by writing off some unpaid debts if your debts prove certain legal conditions.
The UK has several debt settlement options. Choosing the proper one can compose off a few of your unpayable obligation, but selecting the off-base one can be outrageous and grave. It depends on your circumstance.
Motormile Finance was a collection agency that bought receivables from payday loan companies and other creditors. They then used emails and promissory notes to trace this debt and get the money back.
Understanding Motormile Finance
In 2015, after uncovering irregularities in Motormile Finance’s debt collection practices, the Financial Conduct Authority (FCA) intervened. Resulting investigations unearthed a series of legislative breaches by Motormile. Motormile Finance agreed to offer redress to close to half a million debtors, consequently wiping their slate clean of debt due to its negligence.
So what does this mean for you? We’ll find out in the next section.
The Financial Conduct Authority (FCA) has been made aware of dishonest actions by Motormile Finance when collecting debts. In 2015, Motormiles Finance was found to have committed several crimes against the law.
This is not surprising because many people on forums are complaining about how Motormiles Finance forcefully collects money by going door-to-door. After investigating, Motormiles Finance agreed with the FCA to help almost 500,000 people with debts by allowing them to repay what they owed.
Because of this, over £400 million of debt has been cancelled, and several people who owed money have been fully paid back.
The total amount repaid to customers was over £150,000, averaging £72 to each debtor (although not evenly divided).
For more information, you can read the full story on his FCA website or The Guardian’s take on the event.
Motormile Finance’s Current Operations under the Name Lantern
Motormile Finance decided on a rebranding strategy in the wake of the negative publicity. Thus in 2018, Lantern emerged. The ethos of Lantern centers around empathy and a human approach. However, regardless of their revamped persona, your rights as a debtor remain unchanged.
The pertinent question arises – how can you effectively respond to Lantern’s request for payment?
It wasn’t much of a shock when Motormiles Finance decided to rebrand after the notoriety spread. That’s precisely what they did in his 2018, now known as Lantern. Lantern’s branding focuses on a human and empathetic approach, and while we’ve become more considerate of our debt collection methods, your rights remain the same.
Be sure to read our guide on how to deal with Lantern Debt Notes to learn how to respond to payment requests.
Motormile Finance UK Contact Details
To handle any inquiries related to your debt, Lantern has provided the following contact details:
|Address:||Lantern Debt Recovery Services Ltd, Protection House, 83 Bradford Road, Leeds, LS28 6AT|
|Phone:||0113 887 6876|
Other Debt Collectors to Look for on Your Credit Report
Did you know hundreds of debt collectors operate in the UK, each collecting for different companies? It’s easy to overlook a debt until it appears on your credit report. Some prominent names to watch for include Cabot, PRA Group, and Lowell. If any of these names occur in your account, it’s time to find out.
There are hundreds of collection agencies in the UK, each performing debt collection for different businesses.
It’s easy not to realise you’re the target of debt collectors.
Please spend some time going through your credit report. If a company collects the money you owe, it will show up on your credit record.
The most prominent vendors to watch include Cabot, PRA Group and Lowell. So if you find anything related to your name, you should investigate further.
Additional Help and Guidance for Handling Debt
Tackling debt can be intimidating, but plenty of resources are available to assist you. We encourage you to examine our comprehensive guides on the Debt Solutions page to learn more about the options at your disposal. Knowledge is power, and in the world of debt repayment, it’s your strongest ally.
- Motormile Finance was a debt collection company that bought and actively collected debts but changed its name to Lantern due to widespread notoriety.
- Many people in the UK can legally write off part of their debt.
- The Financial Conduct Authority (FCA) found Motormiles Finance guilty of breaking the law, resulting in the cancellation of more than £400m of debt and the relief of some debtors.
- Various debt settlement solutions in the UK can help you write off your unpayable debts. Choosing the right one is essential.
Motormile Finance, with a company number of 11098802, was a debt collection agency operating under the complete company name MOTORMILE FINANCE UK LIMITED. Then in 2018, the Motormile Finance company rebranded themselves under the Registered name LANTERN PORTFOLIO MANAGEMENT LIMITED.
This agency bought debts from different creditors, notably payday loan firms, and then embarked on debt collection. However, Motormile Finance currently operates under a new name, Lantern.
Indeed, Motormile Finance UK, during its operation, could appoint field agents to conduct home visits and discuss the alleged debt. Such visits could be distressing for the debtor and their family, and the agency may even charge for these visits, further inflating the owed amount.
But remember, you don’t have to face them alone. A debt advice company can be appointed to represent your interests and handle the situation. As a seasoned independent debt services website, we’ve encountered creditors like Motormile Finance UK and know the tactics they employ. We’re committed to supporting individuals dealing with such situations and providing the debt help required to get their financial situation back on track.