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Posted by: Sal*UK on 2010-01-29, 08:04:31
Yes, I just had to pay off one for my daughter - and trust me, it had grown from some £4.00 to over £300. That was from 2004. I was truly livid with her - managed to get it reduced though . I did find out (searching around as you do) that if you haven't paid anything of the debt, you can write to them enclosing a cheque for £1.00 asking them for a copy of the original signed credit agreement. Apparently they can rarely supply one - I'll go and find the rest of the article for you to read. Here you go : Customers buy items from a catalogue and spread the cost of payment over a 20 to 40 week period, typically. The problem is that a lot can happen in this timeframe so spending too much on catalogue purchases can potentially create a number of debt problems. The Regulation of Catalogue Debt Problems Catalogue debt problems are usually regulated by the Consumer Credit Act 1974. The exceptions are when less than 5 payments are required in a 12 month period or the credit extended was never greater than £50. A requirement exists that the credit agreement is signed by both the borrower and the lender. Unenforceable Catalogue Debt - Agreements Signed Prior to 6th April 2007 A catalogue debt is a regulated agreement so, if the lender is unable to supply the borrower with a copy of the credit agreement within 12 days, it may be an unenforceable catalogue debt. Writing to the lender requesting a copy of the agreement along with a cheque for £1 obligates them to provide this to the borrower. When requesting a copy, also ask for the following as it may prove useful during debt counselling sessions: •A statement of account •Details of any payments made and the present outstanding balance •Details of any further amount due to be paid •Details of goods ordered •A copy of the initial signed agreement There are also a number of other reasons to write off debt if the agreement existed prior to 6th April 2007 and doesn't comply with certain prescribed terms. Examples of where it is possible to write off debt are if the rate of APR isn't stated or the agreement isn't signed by both parties. Read more at Suite101: How to Deal with Mail Order Catalogue Debt: Financial Problems and Unpaid Debts personal-debt-management.suite101.com/ article.cfm/ how_deal_with_mail_order_catalogue_debt#ixzz0e1B1nolJ Unfortunately for me, my daughter had paid bits during the intervening years. Good luck. |
