Credit Card Debts

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What is Credit Card Debt?

Credit cards can be a valuable tool for managing your money ­– but only if they’re used responsibly.

Unfortunately, many people feel tempted to spend more than they can actually afford, and a credit card is one of the more expensive ways to borrow cash you don’t have.

If you start to fall behind with your credit card payments, it’s important to remember that the longer you continue to only make the minimum payment on your credit card, or not make payments at all, the more interest is added to your balance.

Worried about your Bounce Back Loan?

If you are worried about how you are going to repay your Bounce Back Loan, we’re here to help you! There are many people who will find themselves in a financial struggle after taking up the option of a Bounce Back Loan. Here at Business Helpline,  We can discuss all of your options and help you plan for a better future.
Call our team today on 0800 088 2142.

How can I pay off my credit card?

The best thing to do if you’re struggling with credit card debt is to stop using the card straight away and contact your provider to let them know.

If you’re struggling with making payments towards your credit card debt, it’s important that you stop using the card straight away and let your provider know. If you are open and honest about the fact that you are struggling, you may be able to arrange a payment plan before the situation gets out of control.

If you’re only making the minimum payment, your credit card company will write to you asking to pay more to try and get you out of what’s known as ‘persistent debt’.

By setting yourself a realistic and manageable budget that you can easily stick to, you’ll be able to pay off your credit card faster.

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Did you know?

Are you eligible to claim Director Redundancy?

As a Limited Company Director you may be entitled to claim Director Redundancy – Average UK claim is £9,000*.

Redundancy FAQs

How much will you make when claiming Director Redundancy?

The most you can receive for redundancy and other statutory entitlements is:

▪️ Redundancy pay – £16.140 capped at 20 weeks

▪️ Notice pay – £6,456 capped at 12 weeks

▪️ Unpaid holidays – £3,228 capped at 6 weeks

▪️ Unpaid wages – £4,304 capped at 8 weeks

▪️ Payments are limited to £544.00 per week

How long does the process usually take from claim to payment?

A director should receive payments within 4-6 weeks, after the creditors’ meeting, so long as you have filled in and returned the relevant paperwork. 

How long does it take to make a liquidation claim after redundancy?

You should be making a claim within 6 months of the company entering liquidation and ceasing trading. Some circumstances could lead to that time frame extending to 12 months but the process, in this case, is a little bit trickier. 

What can stop a redundancy from going through?

There are a number of reasons why a claim may not work. Popular ones are that the company has been incorporated for less than two years, you leave the company before it has gone through the liquidation process, or your employment has been transferred using TUPE regulation. 

What can you claim for with redundancy?

What you are eligible for with redundancy comes down to several factors:

▪️ How long you have been in the role

▪️ Your age at the time you have stopped trading

▪️ Your current salary

With redundancy, salary is capped at £544 per-week. 

£16,140 is the overall maximum pay amount of redundancy pay that you can get. This remains constant, even if your actual earnings are higher or your length of service is longer than is required. 

According to age, this is what you should be entitled to receive: 

    Under 22 – Half a week’s pay for each year of service

22 to 40 – A week’s pay for each year of service

Over 40 – A week and a half’s pay for each year of service

Employer notice

Your employee has to give you a minimum of one weeks’ notice for every year you have worked with them when you are made redundant. This goes up to a maximum of 12 weeks’ notice, worth £6,456. 

Unpaid wages – Up to 8 weeks 

Unpaid holidays – Up to 6 weeks holiday pay

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