Debt consolidation options, government help?
Question:
Answer:
they do it with an Individual Volentry Agreement
what they dont tell you is it hits your credit history as hard as a bankruptcy and 70% of your creditors have to agree to it.
your pay money every month which is spread between your creditors, and probably have to agree to re-mortgage your house at the end of it to make 1 final lump payment.
of course if you win the lottery during the 5/6/7 years you have to pay all your debts off
if you get an inhertitance you have to pay all your debts off
and i think they will probably put a charge on your house so you cant sell it.
they charge management fees which is how they make their money.
call them up, they will tell you if you qualify
The government help, its called an IVA, to findout all about IVAs read this article:
http://www.breadmarket.co.uk/debt-consol...
If they can afford to advertise on TV, they are making a killing out of it.. Sounds like sharks to me !
Consolidation loan companies and companies that offer them as well as other 'services' like Baines and Earnst are in business, and commerce is thier goal... Thier gain not yours.
Why not get your credit report from Experian £2 ! and then sort it out without borrowing more ! I did, it took 2 years and I'm free of debt.
These ads are most likely referring to bankruptcy, usually chapter 13. That's the only help you'll get from the government.
I've seen these ads several years ago, when I was in the same situtation. After I found out what it really was, I said no thanks.
I've never heard of that, perhaps try to go to http://www.hotloansources.com They offer great advices and resources for all types of loans, provided to you for FREE.
More Related Questions & Answers...