Taking responsibility - credit card debt dropped by more than 40%

Debt Solution - IVA: Credit Card Debt

Miss E, 27, had just found easy credit too attractive. She built up £76,000 of credit card debt and had no way to repay it. She could have gone bankrupt and her creditors would have got nothing (she had no assets). Instead she chose a ClearDebt IVA.

Her creditors will get back just over 60% of what they are owed, Miss E pays more than £600 less every month. True, an IVA means her credit record is less than perfect - but it's nowhere near as black as it would have been had she done nothing - or opted for bankruptcy. She might pay a little more, but there's a good chance some lenders would even offer her a mortgage - even whilst she is in the IVA.

Individual Voluntary Arrangements (IVA) aren't always the easiest solution - but the easiest solutions are often more damaging to your financial future.

Debt Solution - IVA: Credit Card Debt

For free bankruptcy advice to help you avoid bankruptcy please contact ClearDebt to discuss a
debt solution and for IVA advice.

Links to related ClearDebt articles:

IVA cut £211,000 debt to £113,000 over five years
Will your credit card put your home at risk?
Credit card users need minimum payment education
Credit card attempts to teach financial discipline
Credit card website aims to advise would-be debtors
Store Card pushers criticised for not knowing products
Credit Card spending keeping Brits from reality
Charges cut at 3 credit card providers
Which? wants credit card charges explanation
"UFOs" identified as a potential source of debt
Credit Card Debt
Credit card guide recommends right choice
Bankruptcy avoided, 75% debt write-off, but after a struggle
IVA prevented business failure
Debts cut by 61% - saving £600 a month with an IVA
IVA is not always the right choice
Clear debt with an IVA - and starting life again
Your money or your job
IVA slashed monthly payments to £300 - from more than £2,000
Divorce/separation can change your financial life
IVA after wage drop and debts spiralling.

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Latest news about UK debt

Nationwide welcomes credit card praise
(Fri, 15 Feb 2008) Nationwide Building Society has welcomed the news that it has been named as the best credit card provider in the UK at this year’s Card Awards. With millions of consumers struggling with high levels of debt management, the building society has suggested that the transparency and the quality of the information it provides has played an ... more >>
Brits ‘being hit’ by balance transfer hikes
(Fri, 15 Feb 2008) Many British consumers are facing increased pressure on their personal finances as a result of rising balance transfer fees, according to a recent report. Moneyfacts.co.uk has claimed that since people with credit card debt first started being charged for transferring their balances four years ago, the associated costs have become increasingly difficult to pay off. The price ... more >>
Report highlights UK’s ‘credit culture’
(Thu, 14 Feb 2008) UK consumers are far more comfortable about paying for goods and services using credit card debt than any of their European cousins, according to a new report. Research by Datamonitor has found that at the end of 2006 the average British adult had at least twice as many credit cards as ordinary consumers from any other ... more >>
Statto declared bankrupt
(Thu, 14 Feb 2008) The man known to TV sports fans as ‘Statto’ has been declared bankrupt by Manchester county court, it has been revealed. It is not known exactly how betting expert Statto, real name Angus Loughran, found himself in such serious debt management difficulty but it is believed to be related to unpaid council taxes. The Insolvency Service has ... more >>
Credit card users warned over order of payments
(Thu, 14 Feb 2008) Credit card users have been warned that many of the foremost providers in the UK do not clear the most expensive forms of debt first. Research by Moneysupermarket.com has found that the order of payment patterns used by financial service firms could leave people with credit card debts in the red for longer than necessary. In fact, ... more >>

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The Debt Management comparison tool compares the likely impact of an IVA or a debt management plan on your debt and your pocket. Once you have input your real figures you’ll get an instant comparison for free. You might be surprised by the result!