Posts Tagged "debt collection guidelines"

Zombie Debt

Posted by admin on Apr 8, 2010 in Debt Consolidation | 4 comments

Occasionally we come across zombie debts, or debts that have come back from the dead.  These zombie debts frequently incurred during early life come back to haunt you later in life, generally when you’re in a much different position (wanting to settle down, get married, buy a house, have kids). Sometimes our clients have got a debt consolidation loan and have paid out their debts but haven’t closed the accounts. These accounts start to accrue fees and charges, mainly through having direct debits dishonouring repeatedly on these accounts.  With no payments penalty interest rates kick in and the balance of the zombie debt grows. The second way zombie debts occur is...