Doorstep Loan Debt

Door Step borrowers are often vulnerable people, sometimes without access to a bank account and therefore without access to cheaper means of credit.

Compared to other types of borrowing, door step loans are very expensive and should be avoided.

A typical image used to sell door-step loans. That’s a lot of cash – but you’ll be paying back much more.

A huge problem with this type of borrowing is the pressure put upon the borrower knowing a debt collector is to visit them. This leads to the debt being (incorrectly) prioritised over other more important debts and bills.

Also, it’s very easy to slip into the habit of getting the loan topped up as the collection agent may phrase it – in other words; if you make a payment you can borrow more.

This means the lender has got the borrower exactly where they want them – perpetually in debt to them and paying them at the expense of other debts.

A doorstep collector is NOT your friend

The collector is seldom the large, intimidating stereotype you may see in soap operas. They are selected and coached to empathise with and develop a personal relationship with the customer. This is so they can “sell” to them again and again. And then again some more.

Remember, your doorstep loan agent is not your friend. They are paid commission on what they collect and what they sell.

A doorstep collector is NOT a bailiff

All a doorstep collector can do is ask you to pay. They are not bailiffs and have no powers to take away your belongings.

For this type of debt, bailiffs can only become involved once the matter has been to Court and then when you have not kept to the repayment terms set out in the Court order.

For more information see Dealing With Debt Collectors At Your Door.

If you are concerned about being able to repay a doorstep loan then please contact Swift for advice.