Worried About Credit Card Debt?

If you’re having financial problems then charity advisers can assist you. Regulated money advisers specialise in all forms of unsecured debts and can assist you via the phone, face to face or email.

Struggling with credit commitments can vary from using credit to pay the minimum payments towards your cards, through to being rejected for a balance transfer.

If you’re losing sleep, struggling to maintain relationships at work or with friends or avoiding the telephone / mail due to money worries, then please call a free debt advice charity:

StepChange: 0800 138 1111
Debt Advice Foundation: 0800 043 40 50
Citizens Advice Bureau: 0808 223 1133
National Debtline: 0808 808 4000

Supportive Debt Services

If you’re struggling to pay off your credit card debt then you may need debt advice. It costs nothing to phone to find out which options are applicable for you.

The first sign of a debt problem with your credit card may be that you’re only able to repay the interest each month. This would mean your debt won’t be repaid, but you’ll be maintaining your obligations to meet the minimum payments.

Charity advisors help people with repayment plans, negotiating with creditors and a variety of solutions, to help make problematic debts more manageable. 

Clearing Debts To Credit Cards

The traditional methods of repaying credit card debts include making a payment over the phone or internet towards your bill. If you only pay the minimum repayment then it could mean you’re meeting your contractual obligations, but not clearing the debt. It’s possible to transfer the balance to another interest free credit card, however there may come a time when that is no longer an option.

At this stage, we would recommend speaking to a debt specialist who can provide guidance on your options.

There are solutions available to help with money problems, but it’s essential they’re suitable for your circumstances. A charity money adviser will consider your income and expenditure each month to understand how much you can realistically afford to pay. They will then review your assets (house, cars etc) to determine if there is any equity.

Once your adviser has an understanding of your financial situation they will provide tailored recommendations. There may be two or three solutions to choose from and the decision will be entirely yours.

What Options Exist?

The range of debt solutions available will vary depending on your specific situation. An adviser will explore all options from refinancing to formal payment plans:

Debt Management: An informal agreement where debt, interest and charges are requested to be frozen. You would repay all of the money borrowed in an affordable monthly plan.

IVA: A formal solution which, if agreed by the creditors, will mean you will pay back what you can afford over a 5 year period. After the IVA agreement has completed then any outstanding debt will be written off.

Protected Trust Deed: The Trust Deed is similar to the IVA but only for people in Scotland and lasts for 4 years.

Bankruptcy: There are various ways to enter bankruptcy and this could stop all creditor action.

To find out which options are available for you, or if you have an idea of which option you would like to enter, please call one of these charities:

StepChange: 0800 138 1111
Debt Advice Foundation: 0800 043 40 50
Citizens Advice Bureau: 0808 223 1133
National Debtline: 0808 808 4000