Arrow Global is a financial services company that purchases and manages consumer debt. The company operates across multiple countries, including the UK and Ireland. While Arrow Global has been providing debt management services for quite some time, it hasn’t always received positive reviews from its customers. Like any business, Arrow Global has faced its fair share of complaints over the years. Let’s take a closer look at the common Arrow Global complaints and how to address them.
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1. Increased debt balance
A common complaint regarding Arrow Global is that the debt balance could increase without any explanation. Customers who have taken out loans in the past and may have defaulted on payments often find that the original debt keeps growing even when they have made payments. This increase often happens when Arrow Global buys their debt. It is essential to note that Arrow Global is legally allowed to do so. However, the increased debt balance can be confusing and frustrating for debtors.
The best solution is to contact Arrow Global directly to inquire about the balance increase. Often, the company can provide a detailed breakdown of the balance and explain the reasons for the increase. Communication is vital in resolving this issue.
2. Phone and email harassment
Another common complaint about Arrow Global is their communication style. Some customers report experiencing harassing phone calls and emails. Debt management companies are known for strict communication tactics, and Arrow Global is no exception.
Fortunately, debtors have several options to manage this issue. Customers can request that Arrow Global only contact them via post mail. Debtors can also create a payment plan with Arrow Global, which will significantly reduce communication efforts. In extreme cases, customers can escalate the issue to the Financial Ombudsman service in the UK.
3. Lapses in communication
Communication is vital in the debt management process. However, Arrow Global customers often report lapses in communication. Customers can experience silence from Arrow Global when important updates or changes occur. Many such complaints are around the lack of notification when the debt has been passed onto a new company or when their account has been put on hold. These lapses in communication can be frustrating.
As with the first issue, the solution is to maintain contact with Arrow Global. Inquiring about the status of your account is critical in avoiding lapses in communication. Customers can also request that Arrow Global update them with the status of their account regularly.
4. Unfair debt collection practices
Debt collection is a sensitive process, and it’s no wonder that some customers have complained that Arrow Global uses unfair practices. Unfair practices can include threatening legal action, calling the debtor’s employer, or visiting home or work unannounced.
As with phone and email harassment, debtors have several options to manage these unfair practices. The first step is to contact Arrow Global and request they stop the unfair collection tactics. Additionally, debtors can file a complaint with the Financial Ombudsman service or escalate the issue to the Financial Conduct Authority. It is essential to note that these actions should be the last resort and must always first attempt to resolve the issue with Arrow Global.
5. Incorrect balance calculations
Finally, it is not uncommon for Arrow Global to make mistakes in their balance calculations. This can be frustrating for those trying to pay off their debt. Customers have reported that sometimes Arrow Global fails to consider payments, and interest calculation errors are also frequent. These issues can lead to incorrect balance calculations which will further extend the time taken to repay the debt.
The best solution for this issue is to contact Arrow Global and request a balance review. Debtors should provide copies of all the payments made towards the debt to ensure all payments made are considered. Communication in this process is key.
Conclusion
Arrow Global complaints are not uncommon, and unfortunately, they can cause significant distress to customers. However, it is important to recognize that Arrow Global follows strict regulations and laws with regard to debt management. When problems arise, customers should communicate with the company to resolve the issues together. Working together can ensure that both the customer and Arrow Global reach an equitable solution. In cases where it is difficult to reach an agreement, appropriate regulatory bodies can offer additional support. It is vital to remember that finding a solution to the issues raised should be the primary focus; it should not be a source of intimidation or stress for the customer.