Published on February 23rd, 2017 | by FinanceLoophole0
Can’t Pay Creation Finance Loan
Creation Consumer Finance Limited, trading name Creation, is part of the global banking group BNP Paribas. Creation issues straightforward, flexible personal loans to customers direct and works with some of the best known high street retailers.
Creation offers a typical 9.9% APR (Annual Percentage Rate) for loans between £7,500 and £10,000, subject to application, with a maximum ate of £24.9% APR.
Creation pride themselves on providing excellent customer service, so if you are experiencing financial difficulties and meeting your repayments and you contact them straight away they will want to see what they can do to help.
By contacting your lender straight away they may be able to come to an agreement with you that takes the pressure off. You have nothing to lose as if you don’t ask you won’t know either way. Also by speaking to Creation in the first instance they will be kept up to date with your situation and should, in the interests of best customer service, want to be helpful!
Problems Paying Your Creation Finance Loan
Whilst you are making repayments there are no hidden fees or extra charges and your repayments are fixed for the term of your loan as per the interest rate agreed at the outset of your personal loan.
Charges and interest may be payable if you don’t make any repayments, which means it could cost you more to repay the loan increasing your debt. It may result in you having to repay the loan in full early and legal action being taken to recover the debt. For unsecured personal loans (not tied to a property by way of security) this could lead to a County Court Judgement being registered against you
But most loan companies will only do this if they have exhausted all other options with you. So, it is imperative that you contact Creation as soon as you know you are going to struggle to make your next repayment.
Your credit rating would also be affected as any out of order accounts which are in default will show on your credit profile for 6 years, which could make obtaining further credit in the future more difficult and expensive.
What Should I Do If I Can’t Pay Creation Finance Loan?
Don’t panic, you just need to take control! You are not alone, there are lots of people now struggling to manage loan repayments for one reason or another. Taking control should give you a feeling of more empowerment to manage the situation.
If you follow the steps below you should hopefully be able get yourself in a better position with less to worry about!
Step 1. Complete a Budget Planner
How much can you really afford to repay? If you haven’t already done one complete a budget planner to look at what’s left/surplus after all your typical monthly costs. (Check out the internet to find examples of budget planners, there’s plenty to choose from). Consider making some cut backs, but make sure you prioritise to pay the important bills/debts called ‘priority debts’ such as any rent, gas, electricity, fines or tax. You should now have a clearer idea of what you can afford!
Step 2. Contact Creation Finance Limited
Call Creation personal loan direct on 0800 652 4320 to discuss your situation and see if you can negotiate a lower, more affordable repayment. As a responsible lender, they say they will work with you to try and make sure you can stay in control of any money concerns you may have. You can also ask if they can freeze any additional interest or charges.
! This is a very important step to take: keeping in contact with your lender and updating them as to your situation and any progress is a key way to getting the best co-operation and understanding from them. They want you to call them if you cannot pay for any reason, as early as possible so that they can see what they can do to help.
They may have their own Income and Expenditure form (budget planner) for you to complete to assist their decision about any arrangement. That’s fine you should have already thought this through. If you don’t have any success talking to them direct, then please don’t worry – you have at least tried!
Step 3. Seek Specialist Debt Advice
If you didn’t reach an affordable arrangement direct, the next thing to do is to seek free specialist debt advice to help you consider your options and get the best possible arrangement in place. You could mention this to Creation, as well as who you plan to use, (see below), so that they can have it noted on their system that you will be taking further action and seeking debt advice instead of just burying your head in the sand!
A debt advice service may also be able to try to help get any interest or default charges, (which are being, or may be added to your account) frozen so that your debt isn’t increasing. Again, there are a lot of people now with money problems, free debt advice can give you the specialist help to you take control.
There are a few free debt specialists you can refer to, for example: Citizens Advice Bureau have specialist debt teams to help on a face to face basis. You’ll need to make an appointment to see them. There’s also Step Change, a free debt advice telephone service, where they discuss your situation and provide help over the phone and by post. These are just two routes to consider.
If your debts are complicated and/or numerous you may want a Debt Management Company to manage the process and repayments to make it easier for you. We have had good reports about the debt management services offered by BrightDebt – just fill in this form with your details and they will get back to you
Any debt adviser is going to want to see what would be realistically affordable, if anything, for you to repay and will have their own version of a budget planner to complete. If you haven’t done one yet now’s the time to get started. Also, if you have more than just a marbles debt make a list with all the details in advance.
- Taking control, doesn’t magic away your debt(s) for you, but what most people find is that by taking control they are more on top of the situation and their worrying is significantly reduced – because they have acted. So, don’t delay!
- Also, debts show on your credit search record for 6 years, even after they have been repaid. The sooner you act the better, delaying means they will just show for longer and further action may be threatened or taken against you.
Making A Complaint About Creation Finance Loans
Creation Finance Limited is Authorised and regulated by the Financial Conduct Authority and as such has a formal complaints procedure to follow. But they hope that you will have brought any concerns to the attention of their staff who can have the opportunity to investigate and put things right.
However, if you still wish to put your complaint in writing then contact Creation, as detailed below. (Remember to quote your account number and keep a copy for your records).
Creation Customer Care
Solihull B91 2AA
Once Creation have received a complaint they say they will acknowledge it within 5 working days. They will also send you a copy of their formal complaints procedure.
Creation will have a total of 8 weeks to resolve the complaint internally since initial receipt of your complaint. If after 8 weeks you are still not happy with the progress, or their final response you can then refer your complaint to the Financial Ombudsman Service.
The Financial Ombudsman Service can be contacted at:
Financial Ombudsman Service
London E14 9SR
Telephone: 0800 023 4567 or 0300 123 9123