Mortgages, Remortgages, Secured Loans and Personal Home Loans
13. Think about debt consolidation
If you have no further credit available on your credit cards, loans to pay off that seem unending, adverse credit and out of control debt you need to think about debt consolidation. This is where you can bundle all your debts into one package, decide how much you can realistically afford to repay each month, and use the right product for you.
There are a plethora of different ways to do this. You could decide to go for an Individual Voluntary Arrangement (IVA). You may even consider a bad credit loan or a bad credit mortgage.
If it all seems a bit bewildering there are experts out there who can help. There are no quick fixes for adverse credit, but to get a handle on debt consolidation first consider how much you owe in total. Then take a look at all your outgoings and deduct them from your incomings. From what is left you can then see if you have enough available to use an Individual Voluntary Arrangement (IVA). This requires you to pay at least £200 per month.
If this is impractical then maybe a bad credit loan or a bad credit mortgage may be right for you. These can be applied even if you have adverse credit. Debt is a lot easier to deal with if you only have one simple monthly repayment to think about.
The security of an Individual Voluntary Arrangement (IVA) in that your home will not be at risk may be tempting but you must have substantial debts to qualify, at least £15,000. For proper debt consolidation a bad credit loan or a bad credit mortgage.
might be the correct answer. You may have to pay a high rate of interest but it will help you to pay off your debt in the end.
These Articles are copyrighted and may not be reproduced without permission.
Copyright © 24/07/2008 Brabazon Group Ltd
