Missed your Catalogue Payment?

Missed your Catalogue Payment?

Missed Catalogue Payment – What happens now?

It happens. Life's busy, Cashflow or a simple oversight. You login to make a payment for your Catalogue and realise your Payment due date has already passed.

First, don't panic, there isn't much you can do right now. Go ahead and make the repayment if you can and bring the account up to date.

It's likely the Catalogue company will call you if your account is overdue. You can also expect a letter telling you that you missed a payment.

First Missed Payment

catalogue payment option - interest saverIf this is your first missed payment, you could call the Catalogue company, they will appreciate you have taken the time to contact them. Let them know the reason the payment is was late and ask nicely if they will cancel any Late fee and most importantly any late payment marker on your Credit Report.

If you Unable to make the minimum repayment

If you are not in a position to make the overdue payment, contact them and be upfront. Tell them the truth about your situation. For example, if you are not due to be paid for another two weeks, ask for a 2 week grace. In such circumstances, they may not be willing to reduce the late payment fee and remove any late payment markers, but it's still worth trying. It could also be worth asking the Catalogue company to change your payment due date to help avoid such problems again.

Catalogue companies know that problems occur, by letting them know in advance and coming to a solution, you maybe able to freeze interest, request the removal of any default fees and or request that no late payment marker is recorded.

Entering a Payment arrangement with your Catalogue company

You should be aware that if you call and discuss restructuring the debt (for example) reducing the amount you pay for a period, the Catalogue company may be record a AP on your Credit Report.

AP stands for Arrangement to Pay. This may have a small affect on you being able to obtain Credit elsewhere, although it's not looked at as severe as a Default or ongoing missed payments, it does highlight that you are not currently managing your financial situation, although, it does show that you are trying to resolve things, so whilst it does have an affect, it doesn't have such a severe effect as ignoring the issue.

If you have missed multiple payments to your Catalogue, it's essential you contact them and try to come to some sort of resolution urgently. Failing to do so will result in the Catalogue company defaulting your account.

Failing to come to Solution

This will have a very severe affect on your Credit rating for six years, plus, you could find the debt being managed by a Debt Recovery company, this could result in further action being taken, including possible legal action, this could increase the amount owed.

If you are unable to come to a solution that suits both you and the Catalogue company, consider contacting Step Change.

Dad of 7, including Autistic Twins, first hand experience in Credit problems following the challenges faced with having Autistic children. (Unable to work due to supporting their needs, My credit rating became what can only be described as wrecked) Using my own experience, Credit 4 Everyone was born. A website dedicated to the rebuilding of a UK credit rating. The site was born providing the struggles in getting accepted and as things improved, the challenges one faces in maintaining a good credit rating. On this website you will find information regarding Pay monthly Credit catalogues, buy now pay later, mobile phone contracts for bad credit, current account options when your credit rating stops you getting even the most basic of services and personal loans/car finance. I will share my own experience which shows you how I built a credit rating with an Experian credit score of 120 and Equifax of 90 to a Credit rating both rated as Good in 2 years. How you can rebuild your credit rating, the companies that will help you on the journey and how things can improve. About the website Pay Monthly Catalogues with Credit, Buy it now pay later, Guaranteed Mobile phone contracts and Guaranteed no credit check bank accounts. Credit 4 Everyone specialise in helping people with bad credit get the credit they need. We offer Financial products and services for everyone and work hard to review products, our aim is in Helping you get accepted with our helpful hints and tips.

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