What can I do about my catalogue debt?

It can be quite easy to get a catalogue even if you have got a bad credit rating. They can help make expensive purchases seem more affordable, but in hindsight catalogues are often an expensive way to borrow, and have high interest rates.  If you miss payments to a catalogue, or don’t make the minimum payments, the company will ask you to catch up with the arrears. If you can’t pay them the account will default and further action could be taken against you. Your account with the catalogue company will also be closed so you can’t buy any more goods. If you are in arrears and you want to get out of arrears get in touch for some free advice.

Catalogue Debt Help

No debt problems are unsolvable. It might not be easy or quick, but there’s always a route. And the earlier you deal with ‘em, the easier they are to deal with. There are two ways to deal with problem debt. Which one is right for you depends on whether you’re in what’s technically defined as debt crisis, or if you just have worrying or large debts. If you can’t afford your catalogue repayment, it’s important to get in touch with your lender and explain what’s going on. They may be able to help you – but you’ll never know what help is available until you ask. However, if you can’t come to an agreement with your lender, or you just want somebody to do it for you, get in touch with us.

Dealing With Catalogue Debt

Minimum Payments To Catalogues

Making regular payments to catalogues each month helps you clear the balance, however you’ll usually only be asked to make a minimum payment each month. Paying just the minimum payment to a catalogue might not cover the interest and repayments. This can cause the debt to build up and become hard to manage.

Struggling To Pay

If you’ve ordered goods from a catalogue but you’ve had second thoughts or realised you can’t afford them, you have a right to return them. Catalogue debts should be treated as a non-priority debt. This means that you shouldn’t prioritise the payments over your household bills and living costs.

Find Out If You Can Clear Any Of The Balance

There’re schemes that might help to get a percentage of the debt written if you qualify for government legislation. This scheme usually helps people who have got over £5,000 worth of unsecured debt.

Find Solution To Deal With Debt

Free Debt Management Plans

Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.

 

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Debt Consolidation Advice

Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.

 

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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors.

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Debt Relief Order Advice

A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. How it works you don’t pay anything towards your debts for 12 months – and the debt is written off.

 

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Protected Trust Deed

A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.

 

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