Q&As

Who is the Original Creditor and why have they sold my debt to PRAC Financial?
The Original Creditor is the person to whom you owed the debt previously. This might be a bank, credit card company, utilities or telecommunications business, or a company with which you had a business relationship.

Debt sale is an established means of Original Creditors dealing with their credit management issues.

PRAC Financial is a debt purchaser. We have acquired the debt so that we can work with you to agree a repayment.

I don’t believe this is my Debt. What should I do?
Please contact our agents who have written to you. They will have all the details required to be able to progress matters.
How do I Pay?
We exclusively utilise the services of external agents to engage with you. Please contact the agent or law firm who have contacted you. They will explain the options for payment to you.
I am an individual – will this affect my credit record?
It is possible that the Original Creditor may have marked your credit file as in arrears or defaulted.

If the debt was pursued through the courts, there is also a possibility that you may have had a County Court Judgment (“CCJ”) entered against your file.

We liaise with credit reference agencies in relation to your debt to us. Once payment is made, we can take steps to notify them of the current situation so that your credit file will reflect the improving position in relation to our debt.

How do I Check my Credit File and Where do I get More Information?
Please go to our Free Advice Service page. There are various organisations who will be able to tell you more about what this means in terms of your credit file.

You can check your credit file with the Credit Reference Agencies listed below:

Experian – 0870 241 6212
www.experian.co.uk

Equifax Plc – 0870 010 0583
www.equifax.co.uk

Call Credit Plc – 0870 060 1414
www.callcredit.co.uk

Another Company Have Contacted me About This Debt
PRAC Financial now own the debt. You will have been contacted by one of our agents who are representing us in this matter. If in doubt, please seek clarity from them that they are instructed on our behalf.
How Much Should I Pay and Can I Pay Over Time?
Our agent will work with you to understand your circumstances and establish how much you can reasonably afford to pay over what timescale.
What Happens if I Don’t Pay?
This depends on the type of debt you owe and your circumstances. Please contact our agent to talk this through.
Complaints – I am Unhappy with the Way I have been Treated. To Whom Should I Complain?
For details of our complaints handling process please see the PRAC Financial Complaints Procedure:

Complaint Procedure

Complaints publication report
We, at Prac Financial, take every complaint seriously. We invest heavily in keeping our staff development focused on customer needs so we can be confident that all call and correspondence handling ensures that customers are treated fairly throughout our collections process. When we or our clients make a mistake, we act quickly to fix the problem and identify the root cause.
We aim to resolve all Level 1 complaints (oral expressions of dissatisfaction) within three working days, and any level 2 complaints (written complaints and any escalated level 1 complaints) that follow our formal complaints process, within eight weeks. If Level 2 complaints remain unresolved after eight weeks or if the customer is dissatisfied with our final response, they have the option to refer the complaint to the Financial Ombudsman Service (FOS). The FOS also reports on the number of financial services complaints regulated firms receive.
The Financial Conduct Authority requires that all financial service firms report and publish UK FCA reportable consumer credit complaints on an annual basis. A complaint is “any oral or written expression of dissatisfaction, whether justified or not”. We also have to treat that expression of dissatisfaction as a complaint whether it is about Prac Financial Limited or about one of our creditor clients.
We set out below the complaints data which the FCA require us to publish. The following is of further note:

  • We receive complaints in only 0.009% of cases under Prac Financial’s management;
  • The majority of complaints are expressions of dissatisfaction which are resolved within 3 working days;
  • We have not had a complaint upheld by the FOS.

Prac Financial Limited
Period 01/07/17 to 31/12/17

Product/Service Grouping Provision (at reporting period end date) Intermediation (within the reporting period) Number of Complaints opened Number of complaints closed Percentage of complaints closed Percentage closed within 3 days Percentage Upheld Main Cause of complaints
Product/Service Grouping per 1000 Accounts (0.00094) N/A 638 630 98.70% 59.90% 3.49% Financial and Litigation Dispute

Contact Us

Or write to us at:
PRAC Financial Limited
F10 Longfields Court
Middlewoods Way
Wharncliffe Business Park
Barnsley
S71 3GN