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We know how this story goes. What started as a seemingly small purchase has now ballooned into a large expense. You know as well as anyone that catalogue debts can become very pricey. The good news though is that you’re doing something about it – you’re chatting to the experts.
Missing a catalogue payment usually leads to an initial response from the provider. Should payments continue to be missed, your account will likely be deactivated and the organisation may take legal action to recover the sums owed. In many cases, this will involve your details being passed to a debt collection agency.
From here, the situation can escalate quickly. For example, bailiffs could be dispatched to reclaim what’s owed.
Also called ‘enforcement agents’, bailiffs can collect catalogue debt if you haven’t been making payments on your account. However, they won’t arrive completely out of the blue and you’ll have some warning before they arrive.
If bailiffs come to your door, it can be an extremely stressful experience. However, it’s important to remember that you aren’t powerless and have rights. For example, in the case of collecting catalogue debt, the bailiff is not allowed to force entry into your home.
Therefore, if you don’t want to let them in, you can just talk to them through a locked door or window. You don’t need to pay them on the doorstep, and you don’t need to open the door. Eventually, they’ll normally leave if you confirm the actions you’re taking to resolve the issue. Some individuals just choose to ignore them.
Falling behind with catalogue payments can certainly be worrying. Between the ever-growing debt and the concerns about what the company might do, it can seem like there’s no escape. Fortunately, you can contact us for a no-obligation, free conversation about what your next steps could be.
Catalogue debt is classed as non-priority. Although it may seem like a priority to you, this just means that it could be resolved through an IVA (Individual Voluntary Arrangement).
We have more than 15 years’ experience helping people with their debts and catalogues are certainly something we hear about frequently. You are not alone and not the first person in this situation.
To help us find the best solution for you, simply complete the application form and one of our specialists will be in touch to discuss your circumstances. Alternatively, you can call us now to speak with one of these experts straight away.
It’s common to have ‘buyers remorse’ when shopping for goods and if you’ve suddenly realised you cannot afford to pay for the item you’ve ordered, then – fortunately – you can usually return it.
This returns period is generally up to two weeks from when you’ve picked up the item. Although you’ll probably need to cover postage costs and go to the trouble of taking it to your Post Office, these small charges are nothing compared to the interest rates you might have to pay.
Furthermore, if the item you received from the catalogue is faulty or falsely advertised, then you should also be able to return it.
If the two-week-period has expired, and the item is as you expected it, then you’ll probably be unable to send it back.
Even though you’re making the minimum payments on your debt, the total amount can actually increase. This is because it might not cover the money added by interest rates. As a result, you may need to increase the payments to an amount where it starts to decrease the debt.
Of course, for many families struggling to make ends meet, this is just not possible. With the money owned to the catalogue company increasing, this can place individuals in a status known as ‘persistent debt’.
If you’ve been paying more towards your interest rates as opposed to decreasing the balance on your catalogue debt over 18 months, the creditor will probably inform you that your account is in persistent debt.
When this happens, you’ll typically be asked to increase the payments so you start making a dent in what you owe. Although this is not mandatory and only advisory, persistent debt is a sign that you need help to resolve the situation.
After 36 months, if you’re still in persistent debt, the catalogue company may recommend an alternate repayment system. For example, a payment plan. However, they might also suspend your account which will likely have a detrimental effect on your credit score – making it harder to obtain loans or other financial products in the future.
Although you can pay off catalogue debt using a credit card, resolving this issue while creating another debt can be a slippery slope. Furthermore, other creditors might be reluctant to issue additional sums if they see you’re already struggling to repay debts.
Instead, you may wish to come to us for debt advice. We could suggest a solution which is tailored to your needs.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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Free money help and advice can be found at the MoneyAdviceService.org.uk