Who are Creation Financial?
Creation Finance are a credit and consumer loans company based in Solihull in the UK, the company has operated since 1973, originally as a financial division of the retailer Selfridges, the company offer payment and credit options for a number of high street retailers, as well as consumer loans and credit card services. The company offer payment and finance options for retailers such as John Lewis, Currys, dfs and E.on.
Why are Creation Financial contacting me?
Creation Financial offer credit options for a number of popular UK retailers. If you have received a letter from Creation Financial, it’s likely related to unpaid store credit or financing taken out with a retailer partnered with Creation Financial. Unlike other creditor contacts such as Moorcroft Debt Recovery or Lowell Financial, Creation Financial are not a third-party company and Creation handle their debt recovery internally.
Is contact from Creation Financial serious?
Yes, receiving a letter or call from Creation Financial should be taken seriously. Creation Financial are a legitimate financial agency registered and regulated by the Financial Conduct Authority (FCA) This means they work within legally compliant and strict regulations and can legally pursue your unpaid debts through letters, calls and other means to recovery your outstanding payments. After contacting you, Creation Finance will continue to seek payment from you through various methods, even escalating to legal action if you fail to respond to requests.
Can a debt management plan stop Creation Financial contact?
If you are able to repay the amount you owe to Creation Financial you should do so, failing to repay your debts will lead to further interest and charges and could negatively impact your credit score.
However, if you are unable to repay the amount you owe, there are options available to stop further contact from Creation Financial. A debt management plan may be able to help. By contacting a debt advice company, like MoneyPlus Advice, we can offer advice and set up a debt management plan that can help lower your monthly payments and find a repayment method that works for you.
More importantly, we can deal with your creditors and debt collectors on your behalf, protecting you from future contact and potential bailiff and court hearings from Creation Financial. MoneyPlus Advice can offer judgement and jargon free financial advice, that helps you deal with creditors and handle your outstanding debts.
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I have received a letter from Creation Financial what does this mean?
If you have received a letter from Creation Financial, it is likely that you have fallen behind on payments for either store credit or a loan taken out at one of Creations retailers. This letter will include a request for the outstanding debt repayment as well as any addition fees, interested or late payments applied by Creation Financial.
It is important to take action after receiving this letter, Creation Financial will continue to apply pressure to receive payments and any attempts to ignore their requests could ultimately lead to further debts with continued interest and arrears fees, Creation Financial may also send debt collection agents to your house if you continue to ignore these requests. This is why contacting a debt advice company as soon as possible is much an important step.
Creation Financial are sending debt collectors to my house, what should I do?
Do not let debt collectors into your home. It’s vital to remember that debt collectors cannot legally enter your home and cease your property without legal due process. Debt collectors may enforce intimidation tactics or threats to receive payment from you but it’s important to remember your legal protections when dealing with debt collectors.
Remember that debt collection agents are not bailiffs, who act on behalf of courts to enforce legal action on property. It is illegal for debt collectors to mislead you in this regard, and they must clearly state who they are representing upon visiting your home.
Though it’s important to remember that Creation Financial will continue to seek payments from you and once debt collectors are sent, the company may move ahead with legal action against you as a final effort to recover your debts. While you may be able to keep Creation collectors away from your property in the short term, repaying your debts or entering a debt plan is the only way to completely stop further action.
Will Creation Financial repossess my home?
Losing your home to Creation Financial is unlikely, however, it can happen if your outstanding debt is secured against your home.
When looking to obtain unsecured debts, Creation will require a court order known as a charging order before being allowed to repossess your valuables and property.
It’s important to seek debt advice before your arears with Creation Financial proceed to this point, if you have received letters, phone calls or visits from Creation Financial agents requesting payment you should get in contact with MoneyPlus Advice before legal action is taken against you.
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What debt plans can help stop Creation Financial from contacting me further?
There are many debt management solutions that can protect you from creditors and recovery agents such as Creation. When signing up to most debt management plans, you become legally protected from creditor contact and all payments and interaction with creditors is handled by your advisor at MoneyPlus Advice.
There are a number of Debt Management Plans that can help you more manageably repay your debts, these include:
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement is a form of insolvency that allows you to write off up to 80% of your debt as an alternative to bankruptcy.
Once entered, creditors can no longer contact you directly as all contact goes through your debt management company (us!)
After making repayments over a set time, any remaining debt is officially written off.
Debt Management Plan (DMP)
A debt management plan is an informal agreement between you and your creditors to payback your debts, put in place between you or a third party to help reduce your monthly repayments to creditors.
Unlike some other debt solutions, a DMP is not legally binding. Through a breakdown of your income and monthly spend, a monthly payment amount of proposed based on what you can more manageably afford, usually over an extended period.
What if I can’t afford to pay Creation Financial?
If you have the money to repay your outstanding debts to Creation Financial, it’s best to repay them before things escalate to further contact or legal actions.
If you are unable to make your payment, a debt plan may be your best option. A debt advisor will work out a debt repayment plan, allow you to repay only what you can afford back towards your debts each month.
An IVA with MoneyPlus Advice could cut your monthly repayments by £239 a month, allowing you to repay your debts in a manageable, easy monthly instalment.
How do I stop contact from Creation Financial?
As Creation Financial are an FCA authorised financial organisation they are legally allowed contact you to try and recover outstanding debt payments. It’s important to remember that Creation Financial are not legally allowed to harass or intimidate you and try to bully a customer into paying with intimidation or by contact you at unreasonable times.
What a reasonable time means may be unfortunately broad and early morning/ evening calls could be expected. Debt collection companies cannot contact you before 8am in the morning or after 9pm at night, unless given express permission to do so.
Under current regulations you can specify some of the ways you wish to be contacted by your creditors, including specifying reasonable contact times and denying contact through call or email (though they can still contact you through letters)
Creation Financial will continue to pursue you until a payment is made or you get in touch with a debt advisor to contact Creation Financial on your behalf. Speaking to a financial advisor can help put a debt repayment plan is place between you and Creation. Once a Debt Repayment Plan is reached and your plan is approved you will be legally protected from creditor contact and will be unable to contact you further.
How do I get help with Creation Financial?
If you have received contact from Creation Financial getting in touch with a financial advisor is an important first step.
Don’t put off getting help, get in touch with MoneyPlus and live better today.
Still unsure or want to know more?
That’s where our advisors come in, our expert debt advice team can help you find a solution that works for you. If you think a Debt Management Plan could be right for you, get in touch now.
At MoneyPlus we understand that every financial situation is different, and approach every customer with the care and individuality that they deserve.
So, get in touch today and start living better with MoneyPlus Advice.