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Credit Card Debt

If you are affected by credit card debt and struggling to meet your minimum monthly payments and other bills then an IVA may be an option in easing these problems.

Credit Card Help

Credit cards can be useful in managing a budget when used sensibly. However, in many circumstances this credit comes all too easliy and credit card debt can spiral out of control.

Where the balance is not paid off monthly, high rates of interest will generally be applied unless you have an interest free period as part of an introductory offer.

It is very common place for many of our clients to have a number of credit cards where they have run up debts to a credit limit and then applied for another credit card with the same outcome. It is a vicious circle and, due to the high rates of interest, a very difficult cycle to break.

These problems can be worsened by changes in work such as redundancy or reduced hours making the debt repayments impossible to meet.

How to pay off credit cards

We have further information on managing Credit Card Debt including how to pay these off, in our News section.

There are options available to ease these debt problems and help put your mind at ease.

Options may include a debt consolidation loan or debt management as well as an IVA. With an IVA, monthly payments can be reduced to an affordable level with a fixed time limit, usually 5 years, on the arrangement. During this time and assuming you keep to the terms, any outstanding balance will be legally written off at the end of the IVA. During this time your home will be protected and you will be safe from the threat of bankruptcy.

Where a credit card balance is high there is the option of a balance transfer. Here you would transfer a balance from a card (or more than one card) with a high rate of interest to another card with 0% interest. The interest free period can last for 6 months up to 2 years and more. Generally a fee is charge in the region of 3% of the total balance but this would still show a good saving over the terms of the debt. However, depending on your personal circumstances and credit rating, there maybe offers available with no fee.

Take a look at our Credit Card Debt news article for more information.

If you are struggling with credit card and other debt problems, please call us on 0161 787 3400 or 0800 043 2424 for assistance.


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