Can I get Catalogue Debt Written Off? 

Are you wondering if you can get your catalogue debt written off? You’re not alone. Every month, more than 170,000 people visit our website looking for guidance on debt problems.

In this easy-to-understand guide, we’ll explain:

•  How to write off catalogue debt
•  What an Involuntary Voluntary Arrangement (IVA) or bankruptcy is
•  How to ask your creditor for a debt write-off
•  How a Debt Relief Order (DRO) can help
•  How catalogue debt can affect your credit score

We know that the thought of not being able to pay a catalogue debt can be quite worrying. It can be hard to know what steps to take or who to talk to. But remember, we’re here to help you understand your choices and decide what’s best for you.

Let’s start to explore your options for managing your catalogue debt.

Can You Write Off Catalogue Debt?

Yes, you can write off catalogue debt. You can do this by:

• Writing to your creditor

If writing to your creditor and explaining your situation doesn’t work, you may need to consider a debt solution. There are a few different debt solutions that can allow you to write off some of your unsecured debt. These are:

• Involuntary Voluntary Arrangement
• Bankruptcy
• Debt Relief Order

I shall go through each of these options below.

How do I Request a Debt Write Off From My Creditor?

I recommend writing to your creditor and requesting a debt write off. This way, they will write back and you will have physical evidence of what you have agreed. This evidence might come in handy in the future if your creditor changes their mind and demands more money, even though you paid what was agreed.

If you aren’t sure how to write to your creditor, you can use my free letter template. All you need to do is input your information.

I recommend including as much relevant information as possible. From my experience, these requests are the most successful because the creditors can see for themselves that you have no reasonable way of ever paying back the debt.

You can include copies of your budget, or your monthly income and outgoings. Again, the more relevant evidence that you can provide to support your case the better.

Keep in mind that your creditors are under no legal obligation to accept your request. If they say no and refuse to write anything off, you might need to consider a debt solution.

How Do I Clear My Catalogue Debt?

Life happens and sometimes it is difficult to maintain repayments to catalogues. A catalogue debt builds up, causing financial worries and can affect mental health. If you have a catalogue debt, there are steps you can take before the debt grows too high to manage.

1. Don’t ignore the problem and hope it will disappear. It won’t, the only thing that will happen is the problem will get worse.
2. Speak to the lender and inform them of your situation. They will want to help you so they can recover the debt.
3. Work out what you can afford to pay and ask the catalogue company if they will agree to accept your repayment offer. Use the free household budget tracker I have available, so you know exactly where your money comes from and where it goes.
4. Seek advice from a debt advisor listed above. They will help explain your options and can give you help on how to deal with catalogue debt and communicate your situation effectively.
5. Your debt advisor may suggest taking out a consolidation loan. This is a loan that can be used to combine all your debts into one, with one affordable monthly payment. Consolidation loans can help reduce the monthly expense of repaying debts. They can also extend the length of time you have to repay the debt. It’s not suitable for everyone so find out more before applying.
6. Depending on your credit score, you may be able to take transfer the balance of your catalogue debt to a credit card or loan with a lower APR or even a 0% APR for a fixed time.

» TAKE ACTION NOW: Fill out the short debt form

What Happens If I Can’t Pay My Catalogue?

If you miss payments or are unable to meet the minimum payment, the catalogue company will contact you and ask you to pay the outstanding amount. If you’re unable to catch up, your account will have a default recorded against it, and they are likely to take legal action against you. Furthermore, the account will be closed so you won’t be able to buy from them.

Can I Use a Debt Solution to Write Off My Debts?

As mentioned above, you might be able to use a debt solution to write off some of your unsecured debts.

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.

What is an 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.

IVAs are not available in Scotland. Instead, you will need to opt for a Trust Deed.

Trust Deeds work 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.

What is Bankruptcy?

Bankruptcy is an option if you don’t have enough money left after you pay all your expenses.

It can be considered if you find you owe more than £5000 and you are unable to pay off the debts you owe. This is seen as a last resort option as it has a drastic effect on your credit score and can impact other aspects of your life. I have more information on how bankruptcy will affect you. Please read before considering this as an option.

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.

What is a 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.

After a year your situation is reassessed. If your finances haven’t improved, you may be able to write off your unsecured debts.

DROs are unavailable to those living in Scotland. The closest debt solution in Scotland is a MAP bankruptcy.

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Do Catalogues Take You to Court?

If you’re unable to pay your catalogue debt you are likely to have the debt passed to debt collectors. They will send you letters and request repayment. These letters are often frightening and stressful to receive. Debt collectors may also contact you by phone. If you ignore debt collectors you could face legal action in the form of a County Court Judgement, or CCJ.

Don’t ignore letters from debt collectors or letters informing you of potential legal action. It is still possible to avoid court action at this point.

Can Bailiffs Come for Catalogue Debt?

The catalogue company and debt collectors cannot send bailiffs round to your house. However, if you receive a CCJ, bailiffs can come round if you don’t make or maintain the payments you’re ordered to pay by the court. They won’t come out of the blue, you will have a warning. I have an article that shares advice on how to deal with bailiffs for anyone to read when expecting a knock on the door.