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If you’re struggling with debt, whether you’re unable to pay your energy bills or your credit card has been maxed out, chances are you are looking for a way to improve your financial situation as quickly as possible.
The good news is it’s possible to solve your debt problems no matter how drastic, although it may take some time before you can successfully pay your debts in full.
By doing your research on debt help, you’ve taken the first step in your debt action plan. The next step is to seek professional debt advice.
A professional debt adviser will be able to offer you advice based on your circumstances, and guide you towards the debt solutions that suit you best. That’s where we can help.
Store cards are a type of finance agreement tied to a certain shop or retail group. They’re designed to let you buy goods in-store or online and pay for them later. You’ll likely be issued with a plastic card, which you can use each time you shop.
The store card company will then send you a bill (usually once a month) to cover all the purchases made. You can then either pay off your store card debt all in one go or spread the payments over time. If you choose to spread the cost, you may have to pay additional interest in return.
So that we can find the best debt solution for you as quickly as possible, it helps to know your income, expenditure, and details of who you owe money to. This will help us fully gauge your situation if you have that information ready when you contact us.
If you don’t know the full details of all your debts, don’t worry – we can do a soft credit search to help you find out
It’s possible to enter into an IVA if you’re on benefits, but you will need to have money left over every month after your outgoings to make payments. You can read our handy guide to debt and benefits here.
It’s also important to check that you’re getting all the benefits you’re entitled to. Being up to date with your entitlement will help to make sure that you’re not losing out on income, and may give you more money to live your life while repaying your debts.
A store card is a type of credit agreement and so will have an impact on your credit score. Depending on the amount you spend, it could affect your debt-to-income ratio, and a hard credit search will be left on your report each time you apply for a new store card.
If you manage your spending and can pay the full balance each month, your store card could help to improve your credit score as you will demonstrate to lenders that you’re a reliable borrower. But on the other hand, if you fall behind with your payments or open several different store card accounts in a short time, it can negatively impact your score.
Whether you’ve accidentally spent more than you can afford to repay in one go or your circumstances have changed and you’re struggling to find the disposal income to deal with your store card debts, consider seeking expert debt advice. An impartial professional will be able to approach your situation without judgement, listen to your concerns, and help you find the right debt management solution to suit you and your circumstances.
Store card debt can have an impact on your life, or those around you. At My Debt Plan, we’re here to listen and understand, that’s why speaking to an experienced debt solution provider, like ourselves has its benefits. We can talk through your options and support you to find the right debt solution.
For free advice about your finances and the debt solutions available that can help you pay off your store card debts, call us on 0161 826 0585 or request a call back here.
Tell us about your current debts and one of our experienced and friendly advisors can help you get the ball rolling.
Dependant on your circumstances and financial situation, we'll let you know if an IVA is a potential solution for you.
If you qualify for an IVA, we will take the necessary steps to set up and arrange this for you.
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Credit Score Pop Up Wording : An Individual Voluntary Arrangement (IVA) is a formal agreement with creditors to repay a portion of your debts over time, but it does have an impact on your credit score and it will be difficult to obtain further credit whilst on an IVA. Once an IVA is approved, it is recorded on your credit report and will typically remain there for six years from the date it starts.
However, it’s important to note this is the case for most debt solutions and your credit score will likely already have been affected by being in debt in the first place.
Once your IVA is complete you will get a fresh start to begin rebuilding your credit rating.
IVA costs are charged for the preparation of your proposal and the administration of the arrangement for the full term (usually 5 years) these costs are charged from the monthly contributions you make into the IVA and are not in addition. Costs will only be recovered on approval of your arrangement and once you commence making payments to it. The fees for preparation of the proposal to creditors and calling the meeting for creditors to vote on its approval are called nominees fees, the fees for running the arrangement once approved are called supervisors fees. There are also some expenses incurred in the running of the arrangement such as the registration fee and the statutory insurance that needs to be taken by law, these are called disbursements. For our arrangements, the total of all of these is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you.
