Credit Card debt Consolidation advice
Credit cards are a popular way to buy items in shops and online and pay the money back in installments later. Used wisely they can be useful, but if you’re not careful they can be an expensive way to borrow and can take a very long time to repay. If you don’t pay the minimum payment every month, your account will go into arrears. Your creditor will contact you to demand the missing payments are made, and if you don’t do this eventually the account will default and further action may be taken.
Best Ways To Reduce Credit Card Debt
Pay more than the minimum repayment
Pay The Most Expensive Cards First
Get A Balance Transfer Card
Worried About Credit Card Debt?
Solutions To Deal With Debt
Free Debt Management Plans
Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.
Debt Consolidation Advice
Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.
Debt Relief Order Advice
A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.
Protected Trust Deed
A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.