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Refused Credit on a Loan, Credit Card or Mortgage?

We could help you apply even with Bad Credit

If you have recently been refused credit it could be because of a poor credit file. Perhaps you are struggling to meet your commitments and companies are chasing you for money. Money Expert can help you with a range of products and advice. Look at the pros and cons tables below and then fill in our 60 second form for no obligation help.

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Pros and cons of different debt solutions

Debt Management: Reduce your monthly payments

  • Clear your debts with one affordable monthly payment which is based on what you can afford
  • Take control of your debts without the need to take out another loan
  • In most cases creditors stop interest and penalty charges whilst you repay your debts
  • Repaying debts over a longer period may increase the total amount to be paid
  • Your credit rating will be affected for 6 years which may affect your ability to obtain credit in the future
  • Debt Management is an informal agreement creditors may still pursue default actions and creditors may not agree to stop interest and charges

Debt Settlement: Settle your debts for less

  • Clear your debts for a fraction of their balance and quicker on a no win no fee basis
  • No monthly debt managment fees
  • Consolidate all your payments into one manageable monthly amount
  • Your credit rating will be adversley affected for 6 years
  • Nominal payments are made to creditors which may increase creditor contact
  • An informal arrangement only and so creditors may take default action

Debt Consolidation Have one monthly payment

There are different factors that can affect your credit score for good and for bad.

  • Reduce payments without affecting your credit rating
  • Consolidate debts into one lower monthly payment
  • If you have a poor credit rating you may not be able to obtain a loan or you may be offered a loan with high interest rates
  • You may have to pay an arrangement fee
  • Consolidation loans are often repaid over a longer period

Debt Relief Orders A low income low asset route to bankruptcy

  • Clear all your debts in a yea
  • Only costs £90 and you can pay this by installments over 6 months
  • Make one monthly payment
  • Adversely affects your credit rating for six years
  • Hard to qualify for it. Assets must be less than £300. Disposable income less than £50
  • You are placed on the insolvency register which is a public register
  • Your current and future employment prospects can be severely affected

IVA: Write off the debt you can't afford to pay

  • Fixed period to repay your debts usually 60 months
  • Interest & charges frozen once agreed.
  • Maintain a reasonable standard of living whilst repaying your debts
  • Prevent or stop legal action including bankruptcy
  • Your credit rating will be affected for a minimum 6 years which may affect your ability to obtain credit in the future
  • You will not be permitted to take out any further unsecured credit
  • Homeowners may be required to release equity from their property
  • Failing to make the agreed payments could result in the failure of the IVA

Administration Order A payment plan through a County Court

  • Pay one lump sum you can afford to the court
  • Interest and charges are frozen
  • Your creditors may not contact you or take further legal action
  • You pay 100% of your debt back and an admin fee which is usually 10% of your payment. Can take a long time
  • You must have already been taken to court to qualify
  • Will affect your credit rating for six years

Bankruptcy: When you cannot pay your debts you want to start afresh

  • Most Debt is written off and you gain a degree of freedom and a certain peace of mind
  • Most cases are automatically discharged from bankruptcy after one year
  • You are allowed to keep basic possessions and the tools of your trade if you are self employed
  • Your bankruptcy is entered on a public register and is advertised
  • You will remain liable to pay certain debts in particular student loans, fines and some debts arising from family proceedings
  • Certain professionals are barred from practicing if they are made bankrupt
  • If you apply to the court for your own bankruptcy, you will have to pay a court fee

Debt Arrangement Scheme A Scottish debt payment plan

  • You keep your assets like your house and car
  • Interest and charges are frozen
  • Creditors are not allowed to contact you
  • You pay back 100% of your debt plus a distribution fee usually 10% of your payment
  • Your credit rating is affected for six years and while in a DAS you will not be permitted any further credit
  • You cant apply without assistance

Trust Deeds: When you cannot pay your debts you want to start afresh

  • Write off all the debt you can't afford to repay
  • Prevent or stop legal action including sequestration
  • Be debt free in 3 years (in most cases)
  • Your credit rating will be affected for 6 years in tota

LILA Sequestration A low income low asset option for Scottish residents

  • Debts are written off after a year
  • Creditors may not contact you
  • Less difficult to qualify for than sequestration
  • You are placed on the insolvency register which is a public register
  • Your assets may still be sold to pay your debts
  • Your credit rating is severely affected for six years
  • Homeowners may not apply even if they have negative equity
  • Your employment and employment prospects can be severely affected

Sequestration The Scottish Equivalent of Bankruptcy

  • Usually lasts a year but you can pay in for three. After that all debts are written off
  • Creditors may not contact you
  • You can keep your car if it is worth less than £3000
  • You can sometimes keep your house if you have little or no equity
  • You are placed on the insolvency register which is a public register
  • Your employment and employment prospects can be severely affected
  • Your assets will be sold to pay your debts
  • Your credit rating is severely affected for six years
  • You must show apparent insolvency or have certificate of sequestration

How do i apply?

To find out more with no obligation simply complete the quick online form and talk with a debt specialist in minutes for advice on how to manage your debt today. By completing this request you are under no obligation to enter into any debt solution. Apply for debt help now

Alternatively you can call free on 0800 298 0033 for a confidential chat one of our advisors about what's right for you.

Need advice?
Call us free on
0800 954 1263

Alternative number for mobiles: 01942 710 975

Get in touch now for a confidential, no obligations chat with of our advisors and let us find the debt solution that's right for you..

  • Clear your debts without the need for a loan
  • Have one affordable monthly payment
  • Reduce demands from your creditors

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