Managing debt

If you are experiencing financial difficulty, there are a few steps you can take to help ease the situation.

• We recommend that the first thing you do is carry out a thorough review of your financial circumstances.   You can use the free budget planner located on the consumerhelp.ie website.

• Visit websites such as the Money Advice and Budgeting Service (MABS) as they offer valuable information and advice on saving money and tackling debt.

• If you have insurance such as payment protection insurance, depending on your policy details, you may be able to make a claim.

• If you have concerns, you can call us with the details of your finances on 0818 211 784.  Our team will be happy to discuss the options available to you.

How can I reduce my spending?

The best way to reduce your spending is by creating a budget.  As most bills are paid monthly, it is wise to budget monthly.  In order to create a budget, work out how much you earn per month and then how much you spend in a month.

A few tips to help reduce non - essential spending are:

• Set up direct debits. This way you won’t forget to make any regular payments, and you’ll have a clearer picture of what you have left to spend each month.

• Review your service providers and try reducing your bills, for example mobile, electricity or gas bills.

• Set aside money for things that arise from time to time, including both the expected -like insurance or motor tax - and the unexpected like medical bills or home repair costs.

• Plan your shopping list and stick to it.  This means you avoid topping up with additional shops throughout the week.

• Cut out impulse purchases.

• Save for occasional treats like holidays.

Are there any resources available to help me reduce my spending?

Websites such as consumerhelp.ie and compareireland.ie offer a free comparison service on household bills (gas, electricity, home and mobile phone, broadband and mortgage) and may help reduce expenditure.

If you would like us to help you review your financial situation you can use our Income and Expenditure form. Just print, complete and return it to us at:

Avantcard Customer Assistance Team,
Dublin Road,
Carrick on Shannon,
Co. Leitrim.

How can I reduce what I already owe?

Once your monthly budget is in place and you start reducing your expenditure, contact your lenders and creditors.  We can help you tackle your debts so ensure you contact us to let us know you are in difficulty.

If I owe money what charges may apply?

If your account falls into arrears you will be subject to the following default charges:

• A €10 fee will apply each time your monthly repayment has not reached your loan account in cleared funds by the payment date.  We will add this default charge directly to your account.

• Fees that may be charged in the event you miss a payment on your credit card are:

  • Late fee: There will be a fee of €15.24 each time your minimum payment has not reached your account in cleared funds by payment due date.  Your minimum payment must be cleared in your account before this date to remain in compliance with your Avantcard agreement.  Accounts with payments received after the due date shown on your statement are subject to late fees.

  • Over limit fee: A fee of €12.70 will be charged if your account has exceeded its credit limit at any time during that statement period.  This is a once-off fee during a statement period.

  • Returned payment fee: A fee of €19.05 will be charged each time we return a direct debit or another item for payment into your account.