Don’t Over Spend on your Catalogue

Don’t Over Spend on your Catalogue

Catalogues are wonderful but control your spending…

Catalogues offer great items and when you see the price broken down into weekly terms it’s easy to believe you can afford everything.

Use a Pay monthly catalogue well and you can improve your Credit Rating

Using a Pay monthly catalogue well can be beneficial to your budget and can help build your credit rating, however, if you spend too much or put yourself under too much pressure the minimum monthly repayments can become expensive and could well push you into arrears.

Start missing monthly repayments and you could damage your credit rating

The last thing you want is to push yourself into debt.

Try and ensure you can afford the repayments before taking out items, especially if you already have a balance and plan to order new items.

If do end up missing your Catalogue repayment then the Catalogue company will try and contact you, usually by email, telephone or letter.

If you can’t make the repayments you really should be totally honest and upfront with your Catalogue company, they may be able to reduce your monthly minimum repayment or set up a payment arrangement.

Catalogue companies Collections departments

Catalogue companies have a special department which can help, you should talk to the Collections/Arrears department as soon as you know there is a problem. That way your Catalogue company can look at special repayment terms for a short period, or even freezing interest.

If your account is in arrears your Credit limit may be frozen

If your Catalogue account is in arrears or you have missed repayments, your Catalogue company may restrict orders from your account. Once you get your account back up to date, your Catalogue company may reinstate your Credit.

If you make a repayment plan with your Catalogue, try to stick to it

Also make sure you try and keep to any agreements you have made with your catalogue, as failing to do so, can result in your account being closed and further action being taken.

Catalogue companies will also likely report the account conduct back to the Credit Reference agencies and may charge for late payments.

If they do agree a repayment plan (known as as an Arrangement to Pay) and you break it, you may not be able to set up a new one.

Catalogue companies will try very hard to work with you to ensure you can get your account back on track.

However, once it’s clear the relationship has broken down (IE, you are not making the agreed repayments for example, they can close the account and may sell the debt on to a Debt Collection company).

If you continue to miss payments your Catalogue account may Default.

catalogue arrears

catalogue arrears

If a Catalogue company feel there is no other way to restore the relationship and the account is 2 or more payments in arrears they can Issue you with a default notice.

Never Ignore a Default notice.

Do not ignore a default notice, this is a very serious piece of paper, try your best to bring your account back up to date.

If you can’t the likely hood is the account will go into default status and your Catalogue account will be closed fully. At this point, the Catalogue company is likely to instruct solicitors or sell the debt to a Debt Collection company.

Always order what you can afford and try to ensure you are sensible when using your Pay monthly Catalogue.

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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