Are Consolidation Loans A Good Idea?
In some situations a debt consolidation loan - secured against your property for a low interest rate - can make sense. But the temptation is always to borrow more than you need, leaving you more in debt, adding fuel to the fire.
In fact, even if you borrow only what you need at the lowest rate of interest available, the total amount you repay can largely be determined by the duration ('term') of the loan. Many secured loans display low APRs, but last for twenty years or more! This means loans and mortgages with a low headline rate can end up costing you thousands - or tens of thousands - more than you thought. You can thank government-related bodies for simplifying the competition for credit into an unhelpful APR contest, encouraging consumers to be aware of APR and little else. Over-reliance on APR as opposed to 'total amount repayable' is a sure-fire way of getting you into trouble over and above what you wanted.
You may already feel like you have been put in this unfair situation by loan companies offering you holidays, cars, home improvements, and extra cash. You may have been offered low interest rates, large sums, and been given ever-increasing credit limits you didn't ask for... well we say enough is enough! Perhaps its time for you to investigate some debt solutions that can really work.
We offer a range of debt solutions that can help to bring your debt under control by reducing your monthly repayments to a level that you can comfortably afford. We will handle any letters and phone calls that you receive from your creditors.
Bradford & Bingley Says Mortgage Arrears Slowing
Article From: The Press Association (UKPA), Aug 14 2009
Nationalised lender Bradford & Bingley has said the proportion of its mortgages in arrears was slowing, despite predicting increased numbers of repossessions this year.
B&B, which is being wound down after its Government rescue, said the number of repossessed properties it held jumped by almost 50% in the first six months of the year.
The lender said that while the proportion of its mortgages in possession or more than three months in arrears had risen to 5.88%, from 4.6% for the whole of 2008, this was below expectations.
Managing Director Richard Banks said: "The level of arrears is certainly below our business plan and the even better news is that over the last three months there has been a stabilisation of arrears."
B&B said three-month arrears and possessions had fallen to 5.82% of its mortgage book at the end of July.
Mr. Banks said: "Possessions as at the half-year were up at 961 which was compared with 643 at the end of last year and I expect those possession levels to continue to drift up throughout the rest of the year simply because what we are seeing is the lag effect from arrears that started in the last part of last year and early part of this year."
B&B also posted a pre-tax loss of £160 million for the six months to the end of June, up from £26.7 million for the same period last year. It said the market remained difficult and it expected to see another loss for the second half of the year.
The lender said loan impairments rose to £328.4 million, from £74.6 million in the same period last year and £507.7 million for 2008 as a whole.
B&B said it works closely with customers struggling to pay their mortgage and "exhausts all reasonable efforts before commencing repossession proceedings, which is viewed as a last resort".
Mr. Banks said it was usually 12 months between a customer first falling into arrears and the property being possessed.
How Can I Escape The Credit Crunch And Reduce My Debts?
We feel we can partly blame 0% credit card interest deals for creating the demand that led to the credit crunch. Why? Because they encouraged normal UK families and individuals into associating short-term pleasure, not long-term pain with personal debt. Thousands of people started their credit-boom spending spree on the back of 0% interest deals, later switching to 'low-rate' credit card balance transfers; drastically increasing their debt levels and the total amounts they would eventually have to repay.
We all know how banks offered excessive, unsustainable credit so they could keep up with their competitors and justify high salaries and bonuses. The excess demand led to high prices, especially for high-ticket goods and services typically bought with credit e.g. cars, houses and home improvements. So this credit-boom demand contributed to the condition of 'Rip-off Britain'. Banks convinced most people, even some politicians, that consumer credit was a good idea, and long term, that's not usually true; unless you're expecting a return from your spending that's higher than your interest payments.
Enough is enough! If you're struggling to repay debts due to the credit crunch, then you need help and advice now to discover the best debt solution for your situation. And one thing's certain; at Debt Free Me, we understand what you're going through. We've helped literally thousands of UK families, individuals and couples living with debt worries.
Ultimately no-one can guarantee they will escape the effects of the credit crunch. But if you are struggling to repay your debts, there's a chance you can reduce your payments and stop your interest. If you're interested, please phone us for free on 0800 9887 007 or use the contact form and we'll call you back.
Almost uniquely amongst our competitors, Debt Free Me provides free, face-to-face advice to anyone we can help. Most other debt companies just send application forms to save costs, and we refuse to work like this.
We are a national company and we will spend time making sure you get the right debt solution for your situation. Simply contact us and if we think we can help, one of our advisors can visit you. Perhaps then you can start to live a life free from debt.
When we agree to help solve someone's debt problems, we contact all the lenders they owe money to. Our clients never worry about answering troublesome phone calls. We handle them for you, so you can relax. Just call us, and we'll do the rest. We'll hold your hand right through the process.
We can't promise to help everyone, but most people who call us are extremely grateful they did! Our customer satisfaction levels are through the roof, so we must be doing something right. Read our testimonials.
Does The Government Provide Personal Debt Solutions?
When companies talk about a 'Government Backed Debt Scheme', or 'Government Debt Solutions' they're usually referring to an Individual Voluntary Arrangement (IVA) or a Debt Relief Order (DRO). This is because these solutions have been regulated or designed through Government legislation.
To find out whether you qualify for an IVA or Debt Relief Order call free on 0800 988 7701 or use our contact form on the left.
At Debt Free Me we offer no-obligation debt advice that is specific to your personal circumstances. We're always easy to talk to and our advice is completely free of charge; perhaps that's why our customers are so happy with our service. Read our testimonials.
What Can I Do About My Money Problems?
We understand that a change in circumstances can often lead to serious money problems, which can cause a lot of stress and worry. We provide debt solutions that could write off a large proportion of your debt and reduce your monthly repayments to a level that you can comfortably afford. We provide expert advice that is specific to your current situation and offer a range of solutions to help with your debt problems.
Debt Management Plan
The 'Informal Personal Plan' is often be described as a 'Debt Management Plan'. Most individuals who have debts in excess of £15,000 should be advised, if the situation warrants, that they consider an IVA, but unfortunately, not everybody fits the criteria for an IVA, so a debt management plan may be the only option unless bankruptcy is recommended.
Individual Voluntary Arrangement (IVA)
An IVA is a legally binding arrangement between an individual and his/her creditors that forms part of the 1986 Insolvency Act. It is for people who can no longer afford to make their monthly repayments to their creditors in full, but can afford to make a reasonable offer.
Debt Relief Order
'Debt Relief Orders' are a new debt solution for people struggling with debts less than £15,000 in total. Very few people actually qualify for a debt relief order because they're only available to people who have a disposable income less than £50 per month.
For expert help and advice on your money problems call our free helpline on 0800 988 7701 or complete our contact form on the left.
After 'County Court' action begins, the court may issue an order stating that you must repay the debt. This is called a County Court Judgement (CCJ) and will either be for the amount agreed between you and your creditor or, if an agreement is unable to be made, a payment that has been deemed appropriate by the court. If you have judgements from more than one creditor, the court can combine your debts and make an 'administration order' - this states you must make a single payment every month to be shared by all your creditors.
Note: If you have received a County Court Judgement form, it is essential you reply to the claim form within 14 days from the date it was served:
If delivered or left at your address, the date of service will be the day after it was delivered.
If it was handed to you personally, the date of service will be the day it was given to you.
If sent by post the date of service is taken as the second day after posting (refer to post-mark)
A leaflet is available from the Court Office explaining what happens when you come to a court hearing. The pack will arrive and include two forms: 'Admission' and 'Defence'.
For further information please call 0800 988 7701 or use our contact form on the left.
What Can I Do About Credit Card Debt?
Here at Debt Free Me we genuinely care about people who were lured into expensive lifestyles; buying cars, holidays, and home improvements on credit cards, and becoming over-burdened with debt.
And we absolutely don't like 0% credit card interest deals. Why? Because they encouraged normal UK families and individuals into associating short-term pleasure, not long-term pain with personal credit card debt. Thousands of people started their credit-boom spending spree on the back of 0% interest deals, later switching to 'low-rate' credit card balance transfers; drastically increasing their debt levels and the total amounts they would eventually have to repay.
We all know how banks offered excessive, unsustainable credit so they could keep up with their competitors and justify high salaries and bonuses. The excess demand led to high prices, especially for high-ticket goods and services typically bought with credit e.g. cars, houses and home improvements. So this credit-boom demand contributed to the condition of 'Rip-off Britain'. Banks convinced most people, even some politicians, that consumer credit was a good idea, and long term, that's not usually true; unless you're expecting a return from your spending that's higher than your interest payments...
Enough is enough! If you're struggling to repay credit card debts, then you need help and advice now to discover the best debt solution for your situation. And one thing's certain; at Debt Free Me, we understand what you're going through. We've helped literally thousands of UK families, individuals and couples living with debt worries. We have an excellent track record, and we really do know what we're doing!
So if you're struggling to repay credit card debt, please phone us on 0800 988 7701 or complete our contact form on the left.
Almost uniquely amongst our competitors, Debt Free Me provides free, face-to-face advice to anyone we can help. Most other debt companies just send application forms to save costs, and we refuse to work like this.
We are a national company and we will spend time making sure you get the right debt solution for your situation. Simply contact us and if we think we can help, one of our advisors can visit you. Perhaps then you can start to live a life free from credit card debt.
When we agree to help solve someone's debt problems, we contact all the lenders they owe money to. Our clients never worry about answering troublesome phone calls. We handle them for you, so you can relax. Just call us, and we'll do the rest. We'll hold your hand right through the process.
We can't promise to help everyone, but most people who call us are extremely grateful they did! Our customer satisfaction levels are through the roof, so we must be doing something right. Read our testimonials.
How Can I Get Free Financial Help & Advice?
If you are looking for free debt advice, then you have come to the right place. Our customers only pay for specific products and services, the advice is always completely free and there is no obligation to use if if you aren't completely happy with our advice.
If you want help with your debts then please give us a call on freephone 0800 988 7701. If we think we might be able to help, you'll receive a visit from one of our professional, friendly debt advisors to assess your personal financial situation. All of our advisors are highly trained and have the benefit of decades of collective experience acting on behalf of UK families and individuals.
We're proud of our business, and we have many satisfied clients who are grateful for what we've achieved for them (Read our testimonials). We are confident of the benefits of the service we offer.
Whatever your debt problem, please phone us on 0800 988 7701 or complete the contact form.
At Debt Free Me, we help thousands of UK families, individuals and couples living with debt worries. We advise on debt relief orders, debt management plan, IVAs and other options for people struggling with debts.
We are a national company and we will take time making sure you get the right debt solution for your situation. Simply contact us and if we think we can help, one of our advisors can visit you. Perhaps then you can start to live a life free from debt stress.
When we agree to help solve someone's debt problems, we contact all the lenders they owe money to. Our clients never worry about answering troublesome phone calls. We handle them for you, so you can relax. We aim to reduce your repayments and stop interest and charges where possible. Just call us, and we'll do the rest. We'll hold your hand right through the process.
We can't promise to help everyone, but most people who call us are extremely grateful they did! Our customer satisfaction levels are through the roof, so we must be doing something right!
If you have debt worries and you live in the UK, put your trust in us; we'll do all we can to help. A friendly, personal advisor can visit you at your convenience and provide you with the free advice and information you need. We'll go through all the bills and letters with you; make sense of it all, and help you get the best possible debt solution. If you're interested, please call us free on 0800 988 7701 or complete our contact form and we will call you back.
It's never easy to deal with debt so we do our best to find the right solution for everyone who contacts us. If we think we might be able to help, you'll receive a visit from one of our professional, friendly debt advisors to assess your personal financial situation.
All of our advisors are highly trained and have the benefit of decades of collective experience acting on behalf of UK families and individuals. The individual services that we offer can be found throughout the website.
