Mortgages, Remortgages, Secured Loans and Personal Home Loans
24. Accumulated large debts
If you have accumulated large debts from multiple creditors you should think about debt consolidation to reverse your adverse credit. If you require a mortgage there are bad credit mortgages available to people with bad credit ratings. There are also bad credit loans for people who have been rejected elsewhere.
If you want to cut the amount you presently owe, prevent creditors from taking legal action against you and freeze the interest you have to pay you should ask an advisor about Individual Voluntary Arrangements (IVA). They are useful also if you do not have enough equity in your property or you do not want to run the risk of losing your house.
This is a legally binding agreement with your creditors that is overseen and supervised by a licensed insolvency practioner. Unlike other debt consolidation products like bad credit mortgages or bad credit loans Individual Voluntary Arrangements (IVA) can help you get out of adverse credit without risking all your assets.
In the first place the insolvency practioner gets an Interim Order which gives you up to seven weeks where your creditors can not take any actions against you. Within this time the insolvency practioner can draw up an Individual Voluntary Arrangement (IVA) to propose to the creditors. If they accept and you can keep up with the repayments even after the annual reviews then your troubles may be over.
If you can not apply for one then check out what is required by other debt consolidation products. Bad credit mortgages and bad credit loans can lead you out of adverse credit too, but they do not have as many safeguards as the Individual Voluntary Arrangement (IVA). Choose wisely depending on your own circumstances. Decide how much you can repay per month and which product best suits your needs.
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