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Consolidation Loan UK
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Consolidation loans can ease debt problems. We specialise in helping people who have been declined a consolidation loan elsewhere.
We can help you find a unsecured or secured home loan. Even if you have bad credit, or have been declined a loan already, we can help.
Depending on the purpose of the loan, we can look for possible options for you:-
- Mortgage
- Remortgage / 2nd Loan
- Car Finance
- Unsecured loans
- Debt Consolidation
Many lenders will provide loans and mortgages to people with credit problems, or who've had previous problems. We will discuss your options and provide free, confidential and independent advice on receipt of your enquiry form.
We will outline your various options and leave it to you to decide which route to take.
Why Can you get me a mortgage when my bank Can't ?
Different lenders have different criteria as to who they will accept and in what circumstances. One in four people have some form of bad credit registered against them and there are thousands of mortgage products on the market, one for everyone.
Will the interest rates be very high?
Not necessarily. We will endeavour to find the most suitable product for you with the best rate possible.
Debt Consolidation Loans
A debt consolidation loan can be a great way to help reduce your monthly outgoings. We specialise in Debt Consolidation Solutions of all types and can advise on the best option for your circumstances.
Pros of a debt consolidation loan
- May be able to reduce your monthly payments.
- Can take off some of the pressure you may be under from your existing creditors.
- You will have only one creditor to deal with.
Cons of a debt consolidation loan
- Can pay more over a longer period.
- May incur additional costs for setting up the loan.
- If secured, your home may be at risk.
- You will be left with only one creditor - this can make it difficult to negotiate should you have further problems in repaying your loan.
If you are considering a loan to consolidate your debt problems, or would just like more information, contact one of our advisors today on 08700 620 688 for a free consultation.
Please note: Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
You may also want to consider Debt Management
We also offer Debt Management. Our Debt Management plans can reduce your monthly bills by up to 75%, clearing all existing credit cards, loans and other debts by replacing them all with one single lower monthly payment.
Our advice is FREE, the call is FREE, and you are under no obligation whatsoever.
Your legal rights: Coping with many Debts
Information for those with Multiple Debt Problems. If you have many different debts, there are several ways, using the courts, that you can help to sort things yourself.
article keywords: Coping, Debts, mangement, Administrative, orders, advice, Information, Bankruptcy, Bankruptsy.
Administrative orders
If you have at least one High Court or County Court Judgment (CCJ) against you, and your total debts are no more than £5000, you can apply for an 'administration order' (AO). This allows the court to send payments to all your creditors. You make one monthly payment to the court and this is then split between all your creditors in a way the court decides.
Once this happens, a creditor can't take any action against you, and they will stop adding interest to your debt. The administration order can include:
- Council Tax;
- gas, electricity, phone and water bills; and
- fines.
These creditors may object to being included on the administration order, but the court will decide whether or not to include them.
Individual voluntary arrangement (IVA)
An IVA is a legally-binding arrangement between you and your creditors that is drawn up by a qualified insolvency practitioner (usually an accountant). You must agree to pay money, as a lump sum, instalments, or both. In return, your creditors may:
- write-off part of the debt; and
- not take court action against you or make you bankrupt.
You have to pay all the costs and fees and also a large amount of the debt, so it is realistic only if you have a fair amount of spare money or things you can sell to pay your debts.
Not everyone qualifies for an IVA. Call us now to discover if you qualify.
Bankruptcy
This releases you from your debts after two or three years. But your finances will be officially investigated, and you will have to make reasonable payments towards your debts for the first two or three years, if you can afford to do so.
Bankruptcy is not an easy option and you should also get expert advice before applying to make yourself bankrupt. It may not be suitable for people:
- With certain types of job (for example, if you work in finance, you are a solicitor, or self employed);
- If you own (or are buying) your own home; or
- If you have a lot of other assets.
And there are some types of debt you will still have to pay after bankruptcy:
- Magistrates' fines;
- Maintenance for a partner or children;
- Debts from fraud; and
- Come forms of student loans.
Finally, you must make a lump-sum payment (currently at least £250) to make yourself bankrupt (even if you are receiving benefits). This fee alone rules it out for many people.
Bankruptcy Alternatives
Debts over £15K ? An IVA maybe the solution for you. upto 70% of all Debts written off.
Bad Credit Loans
Specialists in helping UK residents who have been refused a loan elsewhere.
Home Owner Loans UK
Experts in finding UK Homeowners the best Secured Loan or Remortgage.
See Also Abacus Debt Advice- Free Debt Help
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