Credit Card Debt Management
Solve Credit Card Debts
Money Advice Direct helps people who are in serious debt to get confidential, honest advice on debt solutions. The service advises on a range of debt solutions include Bankruptcy, IVAs (Individual Voluntary Arrangements), Debt Management Plans and Credit repair
The advice team can advise you if you need debt management services, an IVA or any another debt solution. The advice team is here to ensure you are fully advised about all your credit card debt management options.
With national debt at an all time high, credit card debt management has become a priority for the majority of UK citizens. The UK is over £1 trillion in debt, and credit cards are one of the main sources.
With global lending becoming more difficult, banks are now seeking to get their finances back in order in an attempt to steady the ship.
Credit card debt management can be of great help, especially to the following kinds of people:
- Those struggling to meet their credit card repayments.
- Those with equity in their property, but are unsure about remortgaging or taking out another loan.
- Those wishing to keep their debt problems private from their friends, family and neighbours.
- Those who struggle to take hold of their financial situation and need a third party to grasp the full situation and find a route to escape debt.
People can arrange for credit card debt management by contacting one of our advisors. We will look to set out a structured plan for repayment, and contact your creditors to negotiate lower interest repayments. These are informal plans, designed to offer the debtor a route out of debt, without being legally binding.
Call 0800 074 6918 to get information about IVA's, consolidation loans, management plans and other debt options.
IVA for Credit Card Debt Management
Those who cannot qualify for a debt management plan because their creditors don’t agree to it will be expected to arrange an IVA (Individual Voluntary Agreement). This will form a legally binding agreement, usually over a 5 year period, in which the debtor must meet all repayments.
The legal nature of these agreements requires all repayments to be met or property, investments and possessions can be acquired to finance all debts. Money Advice Direct offer reliable advice about debt solutions and finance management through an IVA.
Bankruptcy for Credit Card Debt Management
If you have no form of employment or incoming finances, you may fail to qualify for both an IVA and a debt management programme. Bankruptcy could be the only option to clear all of your debts and allow you to become debt free (subject to terms and conditions). As good as this prospect may sound, there are significant long term drawbacks. Personal possessions, property and investments will be obtained in order to finance the outstanding debt.
Money Advice Direct is an established provider of confidential and non-judgemental debt advice in the UK on serious debt problems. Whatever solution we recommend, honest, best advice is available 24 hours a day, 365 days per year. If you are in debt call us without obligation today on 0800 074 6918 or apply for debt help online.
Listed below are some of the frequently asked questions on Debt Management Plans
- How do I know whether a Debt Management Plan is right for me?
- What are the advantages of a Debt Management Plan?
- What are the disadvantages of a Debt Management Plan?
- Is a Debt Management Plan a type of loan?
- How long will I have to pay a Debt Management Plan before I am debt free?
- How much does a Debt Management Plan cost?
- How much money will actually go to the companies I owe money to under a Debt Management Plan?
- How do I make the payments?
- If I have a change of circumstance can I stop the Debt Management Plan?
- Who tells the companies I owe money to that I am actually in a Debt Management Plan?
- Will the companies I owe money actually accept a a Debt Management Plan?
- How a will Debt Management Plan affect my credit status with Experian, Equifax and Callcredit, the three main credit reference agencies
- Will a Debt Management Plan stop all the companies that I owe money to constantly telephoning me and sending me letters?
- Will I receive a regular report to inform me that my debts are actually going down?
- After the Debt Management Plan is set will I receive be able to get any additional help and advice?
- After the Debt Management Plan is set up can I still use a credit card or apply for car finance if I budget for it?
- Once the Debt Management Plan has been set up does it mean that I will have to keep paying interest and bank charges?
- Can I include secured loans in a Debt Management Plan, such as car finance or mortgage?
- Can the companies that I owe money to threaten to take my house or flat once that I am in a Debt Management Plan?
- Can I include all my debts in a Debt Management Plan?
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]