COVID-19: We have answered some of our customer's most frequently asked questions

Credit Card Debt

Help Me Erase My Credit Card Debt

Help Me Erase My Credit Card Debt

When you’re struggling with credit card debt, it can sometimes feel as if you’re the only person in the world who’s experiencing this problem. Yet, the reality is very different. Reportedly, every household across the country has average unpaid credit card debts of around £2,600.

Furthermore, with seemingly ever-climbing interest rates, increasing numbers of families are finding themselves with unmanageable levels of credit card debt.

These aren’t always for non-essential purchases either. Credit cards are frequently used when something needs to be repaired, groceries purchased, or to cover the cost of something unexpected.

Regardless, in many cases, credit card debt is unavoidable. While many try to pretend the problem doesn’t exist, you’ve done the right thing by looking to regain control of your finances.


Initially, you should consider contacting the credit card company about your debt. In some cases, the organisation might let you put a temporary pause on payments while the debt is resolved. However, if this is not an option, there are several solutions which could prove beneficial.

For example, as credit cards are classified as ‘non-priority’, they can be handled via a debt management plan (DMP). Typically for smaller debts, a DMP takes multiple sums owned to creditors and consolidates them into an affordable monthly payment.

Set up with your approval and getting backing from your creditors, the plan usually lasts until all sums have been repaid. Alternatively, for larger bills, an IVA (individual voluntary arrangement) might be more suitable.

This shares some similarities with a DMP. For example, it also aims to make multiple debts easier to repay via affordable monthly rates. If approved, the scheme will usually last around five years and – after this – any remaining debts will typically be written off.

Can I get a credit card after an IVA?

Once credit card debt has been written off, it’s quite common for people to ask whether they can get one again following an IVA. As they’ve had credit cards for so long, the idea of living without one can be scary. After all, it’s nice to have a safety net should problems arise.

Although there is nothing preventing you from applying for a credit card after an IVA, the arrangement usually lasts on your credit file for six years. Consequently, providers might be reluctant to issue a new card until your credit score improves.

While this will take time, your credit file will eventually recover and you’ll be able to apply for a credit card again.

Get credit card debt advice today

If you’re concerned about your credit card debt, and feel the problem is becoming unmanageable, then it’s essential you get in touch for a no-obligation discussion about your circumstances. Our advisors hear from people struggling under the weight of credit card debt regularly and strive to provide them with the best possible outcome.

Whatever your circumstances, whatever your situation, contact us and we can help find the best solution for you. You can either do this through the application form or by calling 0161 956 2691.

Reclaim Your Financial Freedom

Get debt help