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Consolidation UK
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Consolidation of debt by means of a loan is usually the first solution that most people consider to consolidate debt, but this is not always the answer, we have several alternative solutions that will consolidate debt
We are UK Licensed Debt Adjusters, Our debt consolidation programmes can reduce your monthly bills by up to 75%, consolidating all existing credit cards, loans and other debts with one single lower monthly payment.
Whether its credit card debt that needs to be sorted, or just debt reduction, Abacus Debt Management can offer a solution.
Monthly repayment mays be lower than the sum you are currently paying, however, you will continue making the repayments for a much longer period.
Before you consider taking out a debt consolidation loan you should consider the following:-
1. As there are sometimes charges and penalties for early completion of a credit agreement always ensure you obtain a settlement figure from your existing lenders rather than a balance. Otherwise you could find you have not borrowed enough to repay your other debts in full.
2. Once you know exactly how much you owe and what the cost of your debt consolidation loan will be, you must take time to work out a realistic income and expenditure figure to establish whether or not you can afford the new payments. Remember to include an amount for contingencies and emergencies. If the sums still do not add up, then perhaps you should consider some form of debt management plan.
Our advice is FREE, the call is FREE, and you are under no obligation whatsoever.
Your legal rights: Coping with many Debts
Information for those with Multiple Debt Problems. If you have many different debts, there are several ways, using the courts, that you can help to sort things yourself.
article keywords: Coping, Debts, mangement, Administrative, orders, advice, Information, Bankruptcy, Bankruptsy.
Administrative orders
If you have at least one High Court or County Court Judgment (CCJ) against you, and your total debts are no more than £5000, you can apply for an 'administration order' (AO). This allows the court to send payments to all your creditors. You make one monthly payment to the court and this is then split between all your creditors in a way the court decides.
Once this happens, a creditor can't take any action against you, and they will stop adding interest to your debt. The administration order can include:
- Council Tax;
- gas, electricity, phone and water bills; and
- fines.
These creditors may object to being included on the administration order, but the court will decide whether or not to include them.
Individual voluntary arrangement (IVA)
An IVA is a legally-binding arrangement between you and your creditors that is drawn up by a qualified insolvency practitioner (usually an accountant). You must agree to pay money, as a lump sum, instalments, or both. In return, your creditors may:
- write-off part of the debt; and
- not take court action against you or make you bankrupt.
You have to pay all the costs and fees and also a large amount of the debt, so it is realistic only if you have a fair amount of spare money or things you can sell to pay your debts.
Not everyone qualifies for an IVA. Call us now to discover if you qualify.
Bankruptcy
This releases you from your debts after two or three years. But your finances will be officially investigated, and you will have to make reasonable payments towards your debts for the first two or three years, if you can afford to do so.
Bankruptcy is not an easy option and you should also get expert advice before applying to make yourself bankrupt. It may not be suitable for people:
- With certain types of job (for example, if you work in finance, you are a solicitor, or self employed);
- If you own (or are buying) your own home; or
- If you have a lot of other assets.
And there are some types of debt you will still have to pay after bankruptcy:
- Magistrates' fines;
- Maintenance for a partner or children;
- Debts from fraud; and
- Come forms of student loans.
Finally, you must make a lump-sum payment (currently at least £250) to make yourself bankrupt (even if you are receiving benefits). This fee alone rules it out for many people.
Bankruptcy Alternatives
Debts over £15K ? An IVA maybe the solution for you. upto 70% of all Debts written off.
Bad Credit Loans
Specialists in helping UK residents who have been refused a loan elsewhere.
See Also Abacus Debt Advice- Free Debt Help
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