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Turned down for a loan?Find out about Debt ManagementDebt Help and Advice The key to solving a debt problem is prompt action - act today before the situation gets worse. Don't ignore creditors and threatening letter or final demands hoping they'll go away - they won't - unless you do something about it! Turned down for a loan If you have applied for a Debt Consolidation loan, but have been turned down due to adverse credit or insufficient income, and you have a disposable income of £100 -125 per month and a total of unsecured debt of £5k, then a professional Debt Management plan can be a way for you to sort out your debts. Outstanding debts such as credit cards, store cards, catalogues, personal loans, overdrafts, repossessed property debt, mobile phones (in some cases) and Hire Purchase (in some cases) can be settled under a Debt Management plan, before your financial situation gets out of control. What is Debt Management? Rather than dealing with all your creditors yourself, a debt management company does this for you. They talk to your creditors and try to get the amount you owe reduced and interest frozen. You make one monthly payment to the debt management company and they arrange for your creditors to get a share. Most creditors go along with this as it shows that you are serious about dealing with your debt problem. They will often accept a partial repayment as it means that they don't have the extra expense of collection or legal proceedings with the risk of getting nothing at the end. Many people appreciate the peace of mind that debt management brings as the threatening letters and phone calls from creditors soon come to an end!
The Individual Voluntary Arrangement, otherwise known as IVA, is basically an alternative to bankruptcy and is governed by the Insolvency Act of 1986. With an IVA you make a reduced payment each month to your creditors for a reasonable period of time, generally up to a maximum of 60 months. In some cases, you can pay a one-off lump sum - this is called a Full and Final Settlement IVA. This is a legally binding arrangement with your creditors which enables you to repay a proportion of your debt in a one off lump sum payment. An IVA is often preferable to bankruptcy by your creditors because the fees involved in bankruptcy petitions can be high, leaving little left to settle any outstanding debts. An IVA is only possible if you can afford to make regular repayments to your creditors for a fixed period of time. You generally need a disposable income of £250+ per month and owe more than £15,000. We can connect you to professional debt managers who will carefully assess your personal financial situation, and undertake all the creditor negotiations on your behalf. They will then prepare a proposal for your creditors and seek approval for your IVA. Once your IVA has been approved you are legally protected from your creditors taking further action against you for recovery of the debt, or adding further interest or charges to your accounts. Your repayments are the same every month - there will be no added interest surprises. When you have made your final payment all remaining debt is then legally cancelled, including any remaining debts which were included within the arrangement by your creditors. Most importantly your professional status will not suffer, as the agreements are made privately with your creditors, unlike bankruptcy. IVA Advantages
Find out more - Call FREE on 0800 8030989Calls are free from UK Landlines. Charges may apply from mobile phones. Check with your network operator. What is a Debt Consolidation loan?
Some reasons for consolidating - Reduce monthly outgoings - Clear all outstanding credit cards, loans, bills and overdrafts - Combine high multiple payments into one convenient lower monthly payment. Find out more about a debt consolidation loan. |
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Debt Consolidation Loan is a single loan that can be used to pay off
existing debts - personal loans, credit cards, overdrafts,student loans
or unpaid bills. Credit cards and store cards have high-interest rates
which can mean heavy payments every month. A debt consolidation loan
enables you to reduce these high payments and avoid expensive loan penalties.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Our typical APR is 12.9% Variable. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
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