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Impartial advice from our financial experts
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Thank you for all your help with our Trust Deed. Itís such a relief to speak to someone professional.
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I had debts of £57,000 costing me £986 per month. Now all I pay is £190 per month for 60 months"
Mr Wilkinson from Stafford

Credit Card Debt Help

Credit cards provide a convenient way of making purchases on a day to day basis. The problem with having such convenience is it makes it more and more tempting to use them for things we don’t necessarily need or could do without. The temptation to resist spending the banks money for your own personal needs is too much for some of us to resist and before you know it you will have an enormous bill you cannot afford to repay.

There are many ways to clear out the balances of your credit card to help save you money, i.e. 0% offers on balance transfers or applying for a debt help loan, however, it is advisable to search for more solid means to clear out all of your credit balances. If you feel you are getting yourself into a difficult situation with your finances and are searching for effective debt help, the UK Debt Advisor can assist you with your finances and look at different solutions available to you.

If you have built up a substantial amount on your Credit Cards or Store Cards getting the balance in the clear is never going to be easy, especially if you are just paying the minimum amount. The high interest applied to credit cards causes an ever increasing battle to try and become free from debt. Minimum repayment only means that you are paying a small amount to your actual debt and the rest will be towards the interest. i.e. if your minimum payment is £100, it is likely that £40-50 of this will be on interest alone. 0% offers from credit card companies are beneficial at the start but once this period runs out, if you are not strong willed enough, this is when the trouble will begin.

So how do you deal with it effectively?

Ditch the PPI

Payment Protection Insurance is generally seen as a rip off by people as it is costly and very difficult to claim if you need it. At lot of lenders have been under fire from the Office of Fair Trading due to the mis-selling of PPI. A better and cheaper alternative is Income Protection which has recommended by consumer watchdog Which?

Balance Transfers

If you can obtain further credit a balance transfer maybe a short term option to saving money on interest charges and get you out of debt faster. Search around for the best 0% deals, once you have found one apply either online or over the phone. If your application is successful you can request a balance transfer from your current credit card to your new card. Most credit card debt help companies offer a introductory 0% interest free period on balance transfers and purchases from 6-12months. This would mean saving on paying interest for up to a whole year! Be aware though that most companies will charge a handling fee, usually no more than 3% of the balance. Although some people don’t like the sound of this fee, it will eventually save you more money in the long term by avoiding the interest usually accrued by your current provider.

Bad Credit Loan Companies

If you have accrued debt on your credit card and cannot obtain another to do a balance transfer, it may be tempted to approach a Bad Credit Loan company to bail you out. With more and more of the population facing bad credit on the rise, the financial markets are becoming flooded with sub prime and adverse lenders offering money at very high interest levels.

These companies will offer credit card debt help loans to people with adverse credit and who struggle to get credit through the average high street lender. This is to cater to individuals who have accumulated a bad credit rating, and those who are using more than three credit cards on a regular basis. Prior to applying for a Bad Credit Loan, it is best to shop around from various companies who provide specialised loans for bad credit and compare rates.

Be sure to do your research, check the company is registered with the relevant authorities and check all terms and conditions before signing anything. For a list of relevant authorities see our Useful Contacts page.

Keep in mind that most Bad Credit Loan companies will charge a very high level of interest, i.e. if you borrow £500 for a short period you may end up repaying close to £1,000.

Debt Consolidation companies

You will come across some companies offering Debt Consolidation. These are usually similar to Bad Credit Loan companies or credit card debt help companies, who will offer you a high interest loan to consolidate your payments into one. Bear in mind these are high interest loan companies and you will inevitably end up paying back much more than you borrowed. Be very careful, check all terms and conditions before signing anything and check the company is registered with the relevant authorities.

UK Debt Advisor

The UK Debt Advisor can help you look at your financial situation and work out a solution that works for you without the need for a loan. We can negotiate with your creditors, look to have interest and charges frozen and set new arrangements in place through a Debt Management Plan or IVA.