Credit card and store card debt explained by E-insolvency.co.ukCredit Card Debt explainedThe average level of credit card for our clients is £25,000 which is generally built up over time. Credit card debt is easy to get into and sometimes very difficult to free yourself out of. If this is you, don't panic - credit card debt help is available from by calling 0800 074 6918. The credit card debt problem in the UK has left a real debt footprint with clients needing advice. Bankruptcy for dealing with credit card debt - Declaring bankruptcy is a major step, and is often seen as a last resort taken by those who can no longer repay their debts. It is likely to mean the loss of all an individuals major assets. Individual Voluntary Arrangements or IVAs for dealing with credit card debt - Individual Voluntary Arrangements or IVAs are another form of insolvency. The numbers of IVAs have grown so much in recent years, that they are approaching parity with bankruptcies. Setting up an IVA with creditors is a popular option and has less effect on a debtors credit report compared to bankruptcy, which makes is easier to gain credit in the future. Let our credit card debt help counsellors put you back in control of your life by calling 0800 074 6918
Common Credit Card Debt QuestionsI have a county court judgment against me over an unpaid credit card debt and the card issuer has threatened me with bailiffs. What can I do? Try and negotiate with the company. Even if you can't pay the debt in full, you could try to agree a set amount to pay weekly or monthly. If you cannot come to an agreement with the company, they will need to get a warrant of execution from the courts before they can send in the bailiffs to remove property from your home in payment of your debt. If they already have the warrant, you should apply to the court to have it suspended.If the bailiffs arrive, you do not have to let them in and they cannot generally force their way in. However, they are allowed into your property without your permission if they can enter without breaking in. This is called 'gaining peaceful entry' and includes getting in through an open window, or a closed but unlocked door. Bailiffs are not allowed to take basic clothing, bedding, furniture or household goods, and any goods they do take will be sold at auction in order to pay off your debt. I think someone may be using my credit card details without my knowledge. What can I do about it? You may be a victim of identity theft. This is a type of fraud which takes place when someone you don't know gets hold of your personal details and uses them to access your account. If you have been a victim of identity theft and your card is still in your possession, you will not have to pay for anything bought on it without your permission. If your card has been stolen, you will usually not have to pay, unless it can be shown that you have acted fraudulently or without reasonable care, for example by keeping your PIN number written down with your card. You must act quickly: contact your credit card company straight away, keep a record of all conversations you have with them, and copies of any letters sent or received; and report the matter to the police, and get a crime reference number. For more information and advice about credit card fraud and identity theft, go to www.cardwatch.org.uk, or to the Home Office website at: www.identitytheft.org.uk.
Credit card debt statisticsOne in every five people in the UK miss the credit card payment date on their credit card statement. The UK credit card industry is one of the most profitable sectors. Credit card debt in the UK is in the £BILLIONS The avergage credit card rate is over 3 times the average mortgage rate. The average credit card debt balance rises throughout the year. It is better on your credit file to miss a credit card debt payment that a mortgage debt payment.
Store Card Debt explainedThe average level of store card for our clients is £25,000 which is generally built up over time. Credit card debt is easy to get into and sometimes very difficult to free yourself out of. If this is you, don't panic - store card debt help is available from by calling 0800 074 6918. The store card debt problem in the UK has left a real debt footprint with clients needing advice. Bankruptcy for dealing with store card debt - Declaring bankruptcy is a major step, and is often seen as a last resort taken by those who can no longer repay their debts. It is likely to mean the loss of all an individuals major assets. Individual Voluntary Arrangements or IVAs for dealing with store card debt - Individual Voluntary Arrangements or IVAs are another form of insolvency. The numbers of IVAs have grown so much in recent years, that they are approaching parity with bankruptcies. Setting up an IVA with creditors is a popular option and has less effect on a debtors credit report compared to bankruptcy, which makes is easier to gain credit in the future. Let our store card debt help counsellors put you back in control of your life by calling 0800 074 6918
Common Store Card Debt QuestionsI have a county court judgment against me over an unpaid store card debt and the card issuer has threatened me with bailiffs. What can I do? Try and negotiate with the company. Even if you can't pay the debt in full, you could try to agree a set amount to pay weekly or monthly. If you cannot come to an agreement with the company, they will need to get a warrant of execution from the courts before they can send in the bailiffs to remove property from your home in payment of your debt. If they already have the warrant, you should apply to the court to have it suspended.If the bailiffs arrive, you do not have to let them in and they cannot generally force their way in. However, they are allowed into your property without your permission if they can enter without breaking in. This is called 'gaining peaceful entry' and includes getting in through an open window, or a closed but unlocked door. Bailiffs are not allowed to take basic clothing, bedding, furniture or household goods, and any goods they do take will be sold at auction in order to pay off your debt. I think someone may be using my store card details without my knowledge. What can I do about it? You may be a victim of identity theft. This is a type of fraud which takes place when someone you don't know gets hold of your personal details and uses them to access your account. If you have been a victim of identity theft and your card is still in your possession, you will not have to pay for anything bought on it without your permission. If your card has been stolen, you will usually not have to pay, unless it can be shown that you have acted fraudulently or without reasonable care, for example by keeping your PIN number written down with your card. You must act quickly: contact your credit card company straight away, keep a record of all conversations you have with them, and copies of any letters sent or received; and report the matter to the police, and get a crime reference number. For more information and advice about credit card fraud and identity theft, go to www.cardwatch.org.uk, or to the Home Office website at: www.identitytheft.org.uk.
Store card debt statisticsOne in every five people in the UK miss the storecard payment date on their store card statement. The UK store card industry is one of the most profitable sectors. Store card debt in the UK is in the £BILLIONS The avergage store card rate is over 3 times the average mortgage rate. The average store card debt balance rises throughout the year. It is better on your credit file to miss a store card debt payment that a mortgage debt payment.
E-insolvency.co.uk is proud to a completely free and independant store card debt advice service to help people sort out their store card debt problems . If you would like to speak to one of our advice team , please complete the short contact form on the left hand side of the page or call 0800 074 6918.
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