The Latest Information On Debt Consolidation

If you’re looking for The Latest Information On Debt Consolidation then, pull up a chair and buckle down, because this is the article that you’ve been looking for.

With the huge collapse of the banking sector in 2007, it seems that our once friendly banks are slightly bashful when it comes to borrowing money and have went from one extreme to the other despite their promises to the governments for bailing them out with taxpayers money.

If you have fallen victim of the credit crunch and are struggling to cope with the mounting monthly bills then, you’ll know how difficult it is to climb down from that financial debt mountain. The banks are now very strict and won’t allow you to borrow any more money, if you’ve fallen behind with any payments or have any past court judgements against your name, so you’re unlikely to qualify for a debt consolidation type of loan from your bank.

How do I get a debt consolidation loan?

Until recently you had no other option if you had a negative credit record and would be basically hitting a brick wall with your financial debt. There is now a bad debt consolidation type of loan, which allows you to secure some much needed capital and it’s secured against your property, so you would need to be a homeowner to receive this type of loan, as your house would act as collateral.

How will this effect my credit rating?

Sometimes a short term cure is not the answer, but with this type of loan all of your debt would go in to the property and you’ll be paying your mortgage and debt as one continuous payment and therefore this will show as meeting your ongoing financial obligations and will help build up your credit score and future ratings and will enable you to make a fresh start. After approximately six months to one year, your credit rating should be repaired and you’ll be able to apply for new credit with confidence.

You don’t have to sit there and suffer in silence, as we’re here to help you get out of that unwanted financial debt bubble and consolidate your debt in to one regular payment and repair your damaged credit score.

Source by Mark Boyle

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