Mortgage shortfall debt collection advice
A mortgage shortfall can happen if your home has been repossessed, or you have handed back the keys and the amount your home has been sold for, is less than any outstanding mortgage or secured loans. In some situations where you have had your home repossessed, or have handed back the keys to your mortgage lender, you may later be told you still owe money. This happens when the amount your home is sold for is not enough to pay the outstanding mortgage and any secured loans.
Mortgage Shortfall Settlement
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Mortgage Repossession Advice
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Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.
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Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.
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A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.
Protected Trust Deed
A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.