Unsecured Loan Debt Consolidation
Debt Consolidation Loan
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Help With Personal Debt Consolidation
Consolidating personal debt can be a good option if your’e looking to only have one monthly payment. If you’ve been turned down for a credit card or loan there are steps you can take to understand why. There are also things you should avoid doing which could make it even harder for you to get credit in the future. If you have been refused a loan or turned down for a credit card, the worst thing you can do is to keep applying as it affects your credit. Any credit applications you make – successful or not – will show up on your credit file. Finding the right debt consolidation programme or company will depend on your circumstances, and getting a realistic outcome to solve your debts.
Best Ways To Consolidate Debt
Find Solution To Deal With Debt
Free Debt Management Plan (DMP)
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.
Individual Voluntary Arrangement (IVA)
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.
Debt Relief Order (DRO)
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.