Catalogue finance is a form of credit that enables an individual to purchase goods from a catalogue or online store, and pay for them over time. It is often aimed at those with a poor credit history and can be relatively easy to obtain. Common types of catalogue finance include credit cards, personal loans, and store cards. However, these products can still be complicated and may come with hidden fees and charges that customers are not always aware of.
Catalogue finance can have higher interest rates than other kinds of borrowing. Borrowers need to make sure they carefully read the terms of the product before taking out any lending as it can be costly if individuals miss payments or exceed their negotiated payment limits in any way. Catologue lenders also use various checks to determine affordability before offering any kind of financing solution so it’s important customers understand what they are agreeing to beforehand.
At times, catalogue finance products may offer reward schemes such as cashback or unique discount offerings depending on the lender offering them. Customers should look out for these incentives when looking for catalogue finance products, but also bear in mind that these rewards could come with some extra costs involved too in some cases.
In addition, unauthorised overdrafts or late payments on catalogue finances can damage someone’s credit score going forward as they are normally reported to the credit reference agencies. Therefore, understanding both the financial costs associated with catalogue finance products but also their potential effect on personal finances in the future is paramount for anyone considering taking out this kind of lending option.
What is Catalogue Finance Mis-Selling?
Catalogue finance mis-selling is a type of financial misconduct that occurs when a financial services provider sells their customers a catalogue finance product without providing accurate, clear and sufficient information about the features of the product, the costs involved and any risks associated with it. As a result, the customer may end up receiving an inferior product or one which they would not have taken out at all if they had been provided with accurate information.
When Should You Claim Compensation?
If you have recently bought a catalogue finance product and found that it was unsuitable for your needs or did not meet your expectations then you may be entitled to make a claim for compensation. This must be done within six years of the date on which the agreement was completed. You should also bear in mind that if what you were sold is proven to be considered as mis-selling then your legal rights can extend beyond this six year period.
How Do You Make A Claim?
The first step towards making a successful claim for catalogue finance mis-selling is obtaining evidence to demonstrate that your complaint conforms to regulations such as The Financial Ombudsman Service or NCCP Code of Conduct (for non-bank lenders). This could include copies of all documents relating to your credit agreement and any communication between yourself and your lender regarding this agreement. Once you have collated this evidence you should submit an official complaint through either writing discovery letters or with the help of ombudsmen arrangements.
What Can Compensations Entail?
Compensation claims cover more than just repayment of borrowed funds; they sometimes entail refunding additional interest paid on products that might otherwise be deemed unaffordable by those borrowing them, often due to unfair terms and conditions imposed by both lenders and suppliers themselves. In some cases where borrowers were entitled to compensation for non-repayment but did not receive it, reparation awards can also be included in overall compensatory figures given. Additionally, there are instances where victims of catalogue finance mis-selling have been awarded damages due to loss incurred through such practices as overstretching their finances – above beyond being told they are ineligible for reimbursement – and being misled into believing they would not ever default on repayment terms.
What are the Requirements for Catalogue Compensation?
Eligibility for catalogue compensation can be based on a number of different factors. If you have purchased any items from one of the following companies through their finance schemes, you may qualify: Fashionworld, Freemans, Isme, Jacamo, JD Williams, Littlewoods, Kaleidoscope, Marisota, Next, Shop Direct Finance Company, Simply Be and Very.
To assess your potential eligibility for catalogue compensation, consider if any of the following statements apply to you:
- You experienced difficulties fulfilling your catalogue finance payments and incurred fees and penalties for late payments.
- You were offered a catalogue finance product without being given an explanation of the features, costs and risks associated with it.
- You feel you were misled by the lender into taking out a catalogue finance product that was not suitable for your circumstances or needs.
- You were pressured to take out credit.
- Multiple catalogue credit accounts were made available to you even though you did not have the financial means to support them.
- Additional loans were obtained to pay off catalog debt.
- Multiple payments have not been made, resulting in both mental and financial hardship.
- The credit limit was increased without performing the necessary affordability checks.
In order to make sure that all users are well informed regarding their potential eligibility for compensation claims, we offer free consultation in just 5 minutes. By assessing your particular situation as it stands right now—including information about how much money you owe as well as any penalties or late fees that were incurred due to repayment troubles—we can better determine whether or not you qualify for financial relief. For example, even if you took out additional loans in order to pay off existing debts or incurred missed payments due to affordability issues after having received an increase in your overall credit limit without proper assessment beforehand could potentially qualify you for some form of reimbursement.
Don’t wait until matters become worse – take action today! Our team is here to assist you throughout the entire process until an appropriate resolution is successfully achieved. Let us help guide back onto the path of financial freedom; start by checking your eligibility with us now!