Creation Financial Services Debt Collection – Must You Pay?
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Has a letter from Creation Financial Services Debt Collection landed on your doorstep? Don’t worry, you’re not alone.
Every month, over 170,000 people visit our website for guidance on debt issues. We’re here to help you understand your situation and discuss your options.
In this helpful guide, we’ll cover:
- Who Creation Financial Services are.
- How to find out if the debt is yours.
- What to do if you can’t afford to pay.
- Steps to take if you’re feeling harassed.
- Ways to clear your debt, including writing some of it off.
Some of our team have been in your shoes, dealing with debt collectors. So, we understand how you feel.
Take a deep breath and read on. We’re here to help you navigate this tricky situation.
What is the reason for the contact by Creation Financial Services Debt Collectors?
» TAKE ACTION NOW: Fill out the short debt form
Find out if the debt is yours
Should I pay this debt?
Clearing your debt
If you are struggling with paying off unsecured debts, you may benefit from a debt solution.
There are several different debt solutions available in the UK, so I recommend speaking to a debt charity as soon as possible. Their advisors will be able to look at your finances in detail and help you work out which debt solution will work best for you.
I have linked a few charities that offer these advisory services for free below.
Debt Management Plan (DMP)
A DMP is an informal debt solution that lets you pay off your debts via a single monthly payment.
Because it is informal, it is not legally binding so you are not tied into a DMP for a minimum number of payments.
Individual Voluntary Arrangement (IVA)
An IVA is a formal agreement between you and your creditors. You agree to pay a monthly sum that is distributed amongst your debts, and your creditors agree not to contact you during your IVA.
IVAs typically last for 5 or 6 years, and any outstanding debt is wiped off when it ends.
Keep in mind that IVAs are not suitable for everyone. You need to owe several thousand pounds to more than one creditor to be eligible. You also need to demonstrate that you have some disposable income every month.
Trust Deed
IVAs are not available in Scotland. Instead, you will need to opt for a Trust Deed.
Trust Deeds work in the same way as an IVA – you pay an agreed sum each month that is shared amongst your creditors, they can’t contact you, and any leftover debt at the end of your Trust Deed term is written off.
Debt Relief Order (DRO)
A DRO is a good option for those facing financial hardship with no assets and little income.
For 12 months, you make no payments, but your creditors freeze your interest and don’t contact you.
If your finances haven’t improved during this year, you may be able to write off your unsecured debts.
Bankruptcy
If you have debts but no realistic possibility of ever paying them off, you may need to declare bankruptcy.
Bankruptcy has an unfair stigma attached to it as it may be your only way of getting a financial fresh start. That said, it is a serious financial situation that should not be taken lightly.
Sequestration
Sequestration is the Scottish version of bankruptcy.
If you have little income and no valuable assets, you may be able to apply for a minimal asset process bankruptcy (MAP). A MAP is a quicker, cheaper, and more straightforward version of sequestration, so worth considering.
How a debt solution could help
Some debt solutions can:
- Stop nasty calls from creditors
- Freeze interest and charges
- Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
Monthly income | £2,504 |
Monthly expenses | £2,345 |
Total debt | £32,049 |
Monthly debt repayments
Before | £587 |
After | £158 |
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Fighting back
It is surprising that even after all the warnings from professional bodies, government guidelines, and other measures which have been taken to combat the behaviour of debt-collecting agencies, some of them still seem to pounce on the most vulnerable in society.
The behaviour of some debt collection agencies can be so severe that debtors have often been left in a poor state of mental well-being. You don’t need just to take this, though. You can fight back, especially if you seek help from the agencies which have been mentioned in this article.
As much as you may want to, you can’t just ignore your debt, however, you will be able to reduce the amount you need to repay and even spread the repayments over a period of time that works best for your situation. You can combat their bad behaviour by reporting debt collectors to the Financial Ombudsman, and this may cause them to lose their licence.
Creation Financial Services Debt Collectors and the legal obligations
Some debt collectors may go as far as to say they are from an external agency when they working as part of the company you have the outstanding debt with. This is deceit, and should not just be accepted. You should seek advice and help if the debt collectors are lying about the situation.
How Do I Make A Complaint about Creation Financial Services?
If you think that Creation Financial Services has been unreasonable or behaved inappropriately, you can make a complaint. You can also make a complaint if you feel that they have broken any of the Financial Conduct Authority’s (FCA) guidelines.
Fortunately, the Creation Financial Services complaints’ procedure is straightforward.
Make your first complaint to Creation Financial so that they have the chance to sort out the issue themselves. If you feel that they have not taken your complaint seriously enough or have not addressed your issue properly, you can escalate matters.
You can make any secondary complaint to the Financial Ombudsman Service (FOS). They will investigate and, if your complaint is upheld, Creation Financial may be fined. You could even be owed compensation.
Creation Financial Services Reviews
Unfortunately, Creation Financial Services does not have positive reviews.
At the time of writing, there are over 800 Google reviews with an average of 1.7 stars. The general consensus seems to be that their customer service is not a positive experience and there are sometimes miscommunications about bills and payments.
Keep up to date and accurate records should help prevent any errors that have an impact on your overall credit score, but poor customer service can’t help!
Thousands have already tackled their debt
Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.
Natasha
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
Reviews shown are for The Debt Advice Service.
Creation Financial Services Contact Details
Post: | Creation Customer Enquiries Chadwick House, Blenheim Court, Solihull, B91 2AA |
Phone: | Card customers 0371 376 9214* Loans customers 0371 402 3419* Finance agreement customers 0371 402 8905* Insurance (incl. motor) customers 0371 376 9200* Motor finance agreement customers 0371 512 1983* |
Website: | https://www.creation.co.uk/ |
Other Debt Collectors to look for on your Credit Report
There are hundreds of debt collectors in the UK and they each collect for different companies.
It’s surprisingly easy to not notice that you’re in a debt collector’s crosshairs.
I’d suggest you spend time checking your credit report. If a debt collector purchases any of your debt, it will appear on your credit report.
Some of the biggest to look out for include Cabot, PRA Group, and Lowell.
So if you see anything relating to their names, then you’ll need to investigate further.