The Ultimate Guide to Hoist Portfolio Holding Ltd

Hoist Portfolio Holding and Hoist Finance, who are they? Why are they contacting you? What’s the next step to take?

Our ultimate guide to Hoist Portfolio Holding LTD will provide you with all the information you’re looking for.

Being behind on any payment is stressful, we know this. You may not have anyone you can contact to get advice from.

That’s why we’re here to assist you in getting through this difficult period with helpful legal and financial advice.

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Understanding who you’re dealing with and the position you’re in is one of the best ways to stand yourself in good stead to deal with your current financial situation.

So read ahead to find all the information, help and advice you need.

Who are Hoist Portfolio Holding Ltd?

Hoist Portfolio Holding – also known as Hoist Finance – are a debt collection agency (DCA) who own some of the more recognisable UK debt collectors including Robinson Way, the Lewis Group and Compello.

They collect debts owed by individuals or businesses to a range of creditors and financial institutions.

They will try to contact you through letters, email, text or phone call.

Keep in mind, as a DCA, Hoist has no more legal ground than the original creditor they’re representing.

They have guidelines which they’re required by law to follow. The details of these guidelines can be found ahead.

If you have been contacted by Hoist Portfolio Holding or Hoist Finance, you need to decide what to do next.

Whatever they send you may sound scary or threatening, but going about your next steps in a calm and considered manner is the most important thing to do.

Don’t Pay Hoist Finance Until You Get Advice

It’s important that you get in touch with a professional debt advisor to discuss your options before you pay Hoist Finance debt collectors. They will be able to help you work out a plan to manage your debts and find a solution.

Watch the video below to learn more about the help you can get for your debt worries.

How to get in touch with Hoist Finance

You can email Hoist Finance at [email protected]

They ask that you provide your reference number and preferred contact number in the email.

You can call between 8 am – 8:30 pm Monday to Friday, or 9 am – 4 pm Saturday at 0800 121 6902.

Or you can send a letter to the following address – Hoist Finance Limited Quays Reach, Carolina Way, Salford, M50 2ZY.

Why am I being contacted by Hoist Portfolio Holding?

If Hoist Finance, Hoist Portfolio Holding or any of the DCAs they own have been in contact it means they’ve taken over the management of your debt to the original bank or creditor that you owe money to.

What can Hoist Portfolio do?

It’s important to know that a debt collection agency and the debt collectors they hire are different from a bailiff (or ‘enforcement agent’).

They have no special legal powers. They can visit your address, but can only come in if asked to and are required to stop bothering you if asked to do so, so feel free to tell them to leave. They are also not able to remove any of your belongings.

As a debt collection agency, Hoist Portfolio, Hoist Finance and any other DCAs are regulated by the Financial Conduct Authority (FCA).

The FCA state that debt collection agencies cannot do any of the following:

  • Harass you regarding your debt
  • Lie to or mislead you about their powers
  • Threaten to seize any of your goods (they can’t actually legally do this anyway)
  • Threaten you with legal action – if it is unlikely to happen
  • Claim unfair or excessive collection charges

If you feel they are going against any of the above you can make a complaint. Your first complaint has to be made to Hoist Portfolio, Hoist Finance or other debt collection agencies themselves.

This allows them the opportunity to stop and correct any wrongdoings.

However, if they do not reply or improve their conduct then you can take your complaint to the Financial Ombudsman.

The Financial Ombudsman will investigate ongoings and make a decision as to what has happened – they can even get debt collection agencies to pay you free money in compensation.

Some debts in the UK no longer have to be paid after six years as they are too old and cannot be discussed in a courtroom.

These debts are statute-barred.

These types of debt must be at least six years old, never been issued with a CCJ and no payment must have been made during the last six years.

If the debt you’re being bothered about applies to all of these requirements then you will be able to write a letter to Hoist stating that the debt is statute-barred and that they should therefore never contact you about the debt again.

You can find templates for these types of letters available across the internet.

If the excessive amount of phone calls, letters, texts or emails are bothering you, there are ways to reduce the number you’re receiving.

You won’t be able to stop all contact until you pay off the amount you owe, but you can limit the stress of a call or letters.

DCAs have to consider your contact preferences. Providing Hoist with your preference details, such as requesting that you only be contacted in letters will stop any calls.

Giving contact times and details will force them to only call when you are free and able to deal with the situation if you prefer.

If you ask for breathing space or tell them that you are in the process of getting professional financial advice and help then they should give you some space and time.

More often than not you’ll find they will not contact you for around 30 days.

What to do if contacted by Hoist finance

If proof is provided by Hoist Finance and the debt you owe is not statute-barred, then you need to decide where you go from here to deal with the issue.

Speaking to a debt advisor is a great start. An expert will give you advice on the next steps to take and give you a plan of action for paying off the debt.

You need to pay the money you owe in one way or another.

Debt collection agencies provide people who owe money with ways to clear their debt through repayment plans.

This means that the debt you owe can be paid back over time through affordable, tailored-to-you monthly payments.

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Alternatively, for those who need debt help with multiple debts or larger amounts of debt, an Individual Voluntary Arrangement (IVA) can be a good option.

Those with at least £15,000 worth of debt to a minimum of three financial providers could waive a good amount of the debt they owe.

An IVA agreement lasts up to five years (sometimes six at a push) and once this period of time is over, whatever is not paid towards the debt is waived in this deal with your creditor.

Can pay, but don’t want to?

If you can pay but simply don’t want to settle your debts then your creditor can take further legal action to enforce the debt you owe.

If a debt letter is ignored, the debt collection group can take the issue to court in order to get a County Court Judgment (CCJ) which allows them to force you to pay.

They can also send bailiffs to your address to pay off your debts by taking your belongings or forcing you to pay up.

Can’t afford to pay?

If you can’t afford to pay the debt in full you should contact and tell Hoist Finance.

You could come to an agreement which allows you to make affordable monthly payments towards your debt instead.

Most companies understand that they’re unlikely to recover all debt and therefore are willing to come up with a payment plan in order to get something rather than nothing.

When coming to a payment arrangement plan you have to know your budget and ensure that you don’t get led into paying more money than you actually owe or able to afford.

How to avoid debt collectors

Seek advice from debt management companies

Debt management companies can provide you with debt help through expert financial information and advice.

These companies will assist you through the whole process, offering you a guide who will help you to pay off your debt in the quickest and best way possible for you.

Check that you do owe the money

The best way to ensure that you do actually owe money is to ask for proof of the debt.

This is as simple as writing a letter or email asking for proof such as a signed agreement.

Until the debt collection agency provides proof, you do not have to pay and they cannot continue to ask for payments.

Write off your debt

Your debt may be statute-barred and therefore too old to be processed in court. These debts have to be at least six years old, never been issued with a CCJ and no payment must have been made during the last six years.

Writing a letter to Hoist finance or other debt collection agency stating that all of these requirements are met will allow you to declare that the debt they are asking for is statute-barred. You will not have to pay the debt and they should never contact you about this debt again.

If you have multiple debts or larger amounts of debt, an Individual Voluntary Arrangement (IVA) could help you to write off a good amount of the money you owe.

An IVA agreement is similar to that of a monthly payment plan. They often last up to six years, however, once this period of time is over, whatever is not paid towards the debt is waived.

You have to owe a minimum of £15,000 to three financial providers in order to apply for an IVA.

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Know your rights

Debt collection agencies are bound by law and the FCA.

DCAs and the collectors they hire cannot come into your home unless they are invited and must leave if you request them to do so.

The collectors who could turn up at your property have no special legal powers and cannot remove any of your belongings.

The FCA state that debt collection agencies cannot do any of the following:

  • Harass you regarding your debt
  • Lie to or mislead you about their powers
  • Threaten to seize any of your goods
  • Threaten you with legal action if it is unlikely to happen
  • Claim unfair or excessive collection charges

If they disregard any of these points, your first complaint must be sent to the debt collection agency so they can sort the issue out themselves.

If mistreatment continues, however, you can then complain to the Financial Ombudsman who will take the matter into their own hands. They could provide you with free money by way of compensation.

List of Debt Collection Agencies UK

Here is a list of all the debt collectors in the UK.

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