Demands for repayment flood in now festive season is over.

Demands are pouring in. The festive season is over and once more its January.  The month that sees households receiving payment demands whilst dealing with the increased costs the Christmas period brought.

This is nothing new, but the increased availability of buy now, pay later schemes has added to the debt pile for many.  Over the last few months there have been multiple warnings from various organisations and charities about these schemes.

The warnings have especially targeted younger people.  Experts say the easy availability of buy now, pay later schemes could see more people sleepwalking into financial problems.

Demands for repayment can overwhelm households who are struggling with bills and mortgage or rent payments.

Demands to pay back debts make January the busiest time of year for debt advisors.

Many people are receiving debt repayment demands, especially from credit card providers, before their first pay cheque of the year.

Caroline Siarkiewicz, acting-chief executive of the Money and Pensions Service, said that falling behind on payments as part of buy now, pay later schemes – offered by many retailers – can affect access to borrowing in subsequent years.

“These schemes attract younger people and are pretty straightforward.”

“Many do not understand borrowing in this way. It is great if you pay it off quickly. But many are not thinking about the future enough before they sign up to take out these products.”

Complaints service Resolver said it had received nearly 10,000 inquiries about the issue since it began recording them separately in September 2018.

“We know what a difficult time of year this can be for families who are worried about the bills piling up,” said Ms. Siarkiewicz.

“It can be tempting to avoid confronting money worries after an expensive Christmas but the sooner you act, the easier it will be.”

Research has shown that people who talk about their finances feel less stressed or anxious and more in control.

Other advice includes working out everything that is owed and writing it down, then paying the most important debts first – such as mortgage, rent and energy bills.

If you are struggling with debt problems, Ramsey Lomax can help. contact Ramsey Lomax.

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“over 12 years of dedicated advice.”

“People struggling with debt should seek help as early as possible.”

This is good advice from a leading charity.  Taking the first step is always difficult but it is vital.  There is help out there and solutions that can help, but you need to take the first step towards getting good debt advice.  We have listened to the stories of 1000s of people and are constantly striving to help them.  It is our mission to explore all their options and find a solution to help them become debt free. And what’s more, we have helped 1000s to achieve their goals since 2007, over 12 years of dedicated advice.

Find out how Ramsey Lomax can help you and if you qualify to write off up to 80% of your debts.

RAMSEY LOMAX – helping 1000s of people since 2007

Getting help with debt problems is ‘vital.’

Finding a good debt advisor is often a relief.  At Ramsey Lomax, we have years of experience in helping people.  One thing to remember is that your chat with our advisors is completely confidential, free and without obligation. For many of our clients just getting it off their chests and having a sympathetic ear to talk to can make all the difference. At Ramsey Lomax, we understand ‘financial fear’.  We have helped 1000’s of people to find a lasting solution to their debt.

Ramsey Lomax – fully authorised and regulated by the FCA, the Financial Conduct Authority. We also have a 5 star Trustpilot rating.

Taking that first step is not always easy but is a crucial step towards helping you to find financial freedom.

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• See if you qualify for an Individual Voluntary Arrangement. An IVA is a government-backed solution that could write of up to 80% of your debts.  Please read below for more information about other solutions that may be available to you.