Credit Card Management
A planned payment structure via Debt Management
Personal debts can easily soar out of control, especially through bad credit card management. But credit card management doesn’t need to be a struggle.
It’s not uncommon for people to accumulate a range of credit cards and build up debt on each of them. This may be through purchases for birthdays, Christmas or holidays and can easily mount up discreetly, especially when spread over different cards.
A debt management plan can help to bring all of these debts together and work with the creditors to form a way out of debt. A planned payment structure will benefit you and your creditors, as any debt is cleared for all those involved.
A debt management plan is always advisable as a first step towards clearing debts. An informal agreement is made and no legal contracts are signed.
In the UK there are over 50 different credit card and loan companies that are licensed under the Consumer Credit Act. There firms are partly responsible for the mountain of personal credit card debts that consumers are experiencing. We are shocked to report that
Money Advice Direct finds that debt problems initially start with overdue credit account. Also that many single parent struggling with credit cards or loans call the service so that they can get help with money, debt and credit and get your finances in order
Do you ignore letters and calls from national credit card and loan companies or have you
been refused a loan to consolidate credit cards or overdrafts? If so please call 0800 074 6918 for advice on your debt options. Our advice team will provide you with advice on how to clear credit cards and loans with debt solutions such as an IVA or debt management plan.
Our personal credit helpline is open 24 hours and our advice team will provide you with an understanding on how to reduce credit and make a clear start.
IVA for Credit Card Management
An IVA (individual voluntary agreement) is generally an option taken by those who are unable to qualify for a debt management agreement. Bad credit card management can often result in requiring an IVA.
If you’re struggling with debts due to bad credit card management, an IVA is generally considered a better course of action than declaring bankruptcy, as there is no stigma or publicity attached, so it can be conducted discreetly. Also, a business is still able to operate as normal and administration costs should be lower than bankruptcy.
Agreeing to an IVA generally results in a 5 year, legally binding agreement. Breaking these agreements can result in property, investments and possessions being sold to meet the repayments.
Bankruptcy for Credit Card Management
Declaring bankruptcy can have major pros and cons and should be considered when other avenues have failed. On the positive side, the burden and stress caused by creditors chasing money will be lifted, debtors can pay less with a bankruptcy order than an IVA and creditors are forced to accept that they will receive less money than is owed.
There are some negative effects, such as any assets of value will be lost, any businesses owned will be sold with employees made redundant and any equity owned in a home will be sold.
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 and make a clear start today.
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?
- Debt Management Programme
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- Debt Management can help you make a clear start with your debts
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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...]