Juggling Festivals Uk
Juggling Festivals Uk
IVA and Credit Card Debt
With Christmas approaching many shoppers will hit the High Street armed with their plastic, determined to bust the economic gloom with a spending spree. In the debt solution business, we gear ourselves for a flood of calls in January to March from people who have spent too much on credit over the festive period, who suddenly realise that they cannot make repayments.
The UK economy grew in the 2000’s on credit inspired purchases. The credit card companies now want their money back, and are going to increasing levels to make their customers pay. At present it is almost impossible to get new credit and so those who have taken credit are stuck withy having to pay it off, rather than transfer it to another interest free card. The moment of truth is here.
Finally many people who have been able to Juggle their finances are finding that they cannot meet repayments. In part this problem has been exacerbated by the card companies themselves who seem to have raised interest rates to in excess of 30%, whilst the cost of borrowing on the Bank of England rate is at an all time low of 0.5%. This is blatant profiteering by the card companies as they know that a debtor has no where else to turn to pay off the debt and so can merely service the interest.
Even servicing interest is now too hard for some people and we are helping some of these out by placing them with an IVA provider.
An IVA or Individual Voluntary Arrangement is (usually) a fixed term (60 month) arrangement between a debtor and his creditors to pay back an agreed amount every month for the specified period, following which any portion of the debt still outstanding and unpaid, is written off and is not due.
- This has the effect in many cases of cutting debts by up to 75%. It is not an easy option to take as it involves a long term commitment but for the right type of individual, it is a great way to deal with a credit card debt problem.
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