Is there a way to reduce the high APR except for the IVA ?

[Dave.c]

Hi, My credit card high APR's are hitting me and my family very hard in the pocket each month. We cannot move to any 0% so we may have to take an IVA...is there a way to reduce the APR except for the IVA...what do they experts recommend we should do

[Michael Peoples]

There are a number of options depending on your circumstances which would reduce your outgoings. You could consolidate the debts to an affordable monthly payment but be careful that you do not revert to the cards again as otherwise the consolidation would be pointless.

You could also look at debt management whereby creditors reduce or cease interest and charges and allow you to repay at what you can afford. This will damage your credit file and is not legally binding and should not be used for long term or large debt problems.

Bankruptcy is also an option as is an IVA and there are other options available depending on the size of the debt, where you live, your employment status etc.

Get some free advice from an insolvency firm and discuss all the options. You can then choose which is best for you and your family.

[Adam Davies]

Hi

As Michael states have a good look at all options, you may be able to work through this without taking an informal or formal debt solution

Speak to several companies from both the commercial and free sector

Regards