Mortgages, Remortgages, Secured Loans and Personal Home Loans
10. Adverse credit can seem an insurmountable problem
Adverse credit can seem an insurmountable problem. Try not to worry because there are good debt consolidation solutions to suit you that can help you rid yourself of the shackles of debt.
You may use bad credit loans or bad credit mortgages to help you get out of your debt pit. One form of debt consolidation that works is the Individual Voluntary Arrangement (IVA). This can be as an alternative to bankruptcy which creditors would lose more from. So they come to an agreement with your Insolvency Practitioner (IP) as to how much and how long they will take a regular sum from you. At the end of the arrangement any remaining debt is written off.
This sounds very good but you must be made aware that an Individual Voluntary Arrangement (IVA) is a legally binding arrangement and it is usually only available to people with significant debts over £15,000 and who can repay at least £2000 over a minimum of five years.
If this doesn’t sound like your cup of tea then don’t worry a bad credit loan or a bad credit mortgage and other debt consolidation products that can reduce your adverse credit rating.
The first thing to think about when applying for a bad credit loan or a bad credit mortgage is how much you are prepared to repay each month. The best way to do this is to take a measure of your outgoings and incomings and find what you can realistically afford. You then look at your amount of adverse credit and work out a realistic timescale to pay off your debts.
These forms of debt consolidation and the Individual Voluntary Arrangements (IVA) are widely available. Think hard about which solution will be right for you. There is a way out of your debt prison.
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