Credit Card Debt Advice

With Credit card debt advice you will get a lot of advice, both good and bad, from family, friends, and relatives and even websites and companies those themselves give out loans, on how to manage your credit card debt. The trick here is to know from whom to take the advice and what advice you are going to take.

There are a lot of believers in the philosophy that you should never use credit cards. So the question of handling and managing debts on the credit cards do not arise. However, in popular practice, this is not only unwise but at times even impractical.

There are many instances when you do need to use credit cards and have a financial history as a respectable borrower. For example, if you want to apply for a loan for buying a car, an apartment or at times even apply for a job, your financial history will definitely be checked.

Now, if you do not have a history of borrowing financially, then the lending institution or your prospective employer, will assume that depending on you is risky, both financial and employment wise.

Instead of following the self-imposition of not using a credit card, what you can do is use it wisely. You can follow certain thumb rules which not only ensure intelligent use of your credit cards but also prevent building up of huge debts on the cards.

The first basic thing that can be followed is to pay off the monthly outstanding bills on the credit cards, well before the last date, so that you don’t have to worry about late fines, interest charges and increasing outstanding amount or credit score.

You can slowly pay off all your outstanding credit card debts and prevent further build up of the same by changing your spending habits. Use the leftover money, after meeting monthly expenses, to pay your card bills.

Some people suggest consolidation of loans under one loan, but only do that when you are sure you won’t spend on other cards. If you follow these ways you won’t have to worry about your growing credit card debts anymore.

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Debt Consolidation

Apply for IVA

Do you want to apply for IVA? Are you eligible? To apply for IVA, you need to have more than three creditors and a debt of over 15k. But to apply for IVA is not always the best solutions to your debt problems. We have helped people apply for IVA in Manchester, London, and Birmingham and throughout the UK.

IVA is a new government backed scheme that allows you to come to an agreement with your creditors to write off 70% of you debt and settle on 30% of the loan broken down in monthly payments over five years.

To apply for IVA, you would need to provide a full financial statement and declare all your assets and bank accounts. An insolvency practitioner will then assess the case and advise of weather you are eligible for an IVA or not.

It has been seen in recent cases that if you apply for IVA and have assets, you would be required to re mortgage your properties to pay off the debt, so if you have any property to your name, it would not always be the right path to apply for an IVA. more...