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Tackling your debts

What can I do about my doorstep loan debts?

Posted 05 June 2013 by Shelley Bowers

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Not being able to pay back a doorstep loan can be very worrying, especially because they can have higher interest rates than other types of loan.

Debt Advisory Centre is here to help people in Scotland who can't repay their doorstep loans - and other debts too. 

Doorstep loans are loans that are generally delivered to - and collected from - your home. It can be quite easy to get a doorstep loan, even if you have a bad credit rating.

 

The company that lent you the money will probably come to the door to collect what you owe when the time comes. So it can be very stressful if you can't afford to pay your doorstep loan back.

 

However, you're not alone if you're in this situation. There is help available. Simply fill out the form below and a member of the team at Debt Advisory Centre will be in touch to talk about your situation.

 

Remember that doorstep loans are provided by real companies, regulated by the OFT (Office of Fair Trading). If your loan comes with an extremely high interest rate, you didn't sign any paperwork, and the provider threatens you with violence or illegal action if you can't repay, you might be dealing with a loan shark - and not a reputable doorstep loans company.

 

You can check whether the company you're looking to borrow from is reputable - and registered on the Consumer Credit Register - on this page.

How to deal with your doorstep loan debt

If you can't afford your doorstep loan repayment, it's important to get in touch with your lender and explain what's going on. They may be able to help you - but you'll never know what help is available until you ask. For example, they may be willing to reduce your payments until your finances are back on track. Just make sure you understand the consequences before you agree to something like this.

 

However, if you can't come to an agreement with your lender, or you just want somebody to do it for you, get in touch with Debt Advisory Centre. We may have a debt solution available that's right for your situation.

 

To find out more about the availiable debt solutions, follow the links below:

 

Debt Management

Debt Consolidation

Individual Voluntary Arrangement (IVA)

Debt Relief Order (DRO)

 

by Shelley Bowers

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.