Christmas on credit can lead to a dismal new year

Published: 21/11/2013

With just six weeks to go until Christmas the high street is hotting up with shoppers flashing the cash. However with news that one million of us will turn to a payday loan company to fund the Christmas festivities and a further third using plastic, Christmas on credit can be harder to digest that leftover brussel sprouts.

Last Christmas (no we’re not breaking into Wham’s festive favourite) UK households spent, on average, £1000. And, as the economy shows signs of settling, people feel safer to push the boat out that little bit more this year; it is expected £10bn will be spent online alone.

It is easy to get swept up in the ‘Christmas spirit’ and, by buying on credit, it can be difficult to keep up with exactly how much we’ve spent… until the bills begin to arrive in January.

Starting the new year in debt can be a very distressing time, particularly if those debts then become unmanageable prompting your creditors to issue a statutory demand.

However it is important to remember you do not have to face the threat of bankruptcy alone. In certain circumstances our team of specialist lawyers may be able to help negotiate a reduction of your debt or even have the set aside.

If you have received a you have just 18 days from the date in which it was served to make an application to have it set aside so it is essential you contact our team immediately.

Content correct at time of publication