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Cant get a debt consolidation loan

Individual Voluntary Arrangements are a way to clear debts that you can no longer manage the payments for. If your debt situation is out of control and bankruptcy is becoming a possibility, then an IVA may help. 

The end result of an IVA, if successful, is that you can ultimately work on improving your credit rating and secure further borrowing if you choose. However the purpose of an IVA is definitely not to give you the ability to get further borrowing, but rather to deal with the borrowing that you currently have.

Debt Consolidation Loan

If you are struggling with debt and can’t get further borrowing, your best first course of action is necessarily to deal with the debts you’re having trouble with. If your credit rating is such that you’re being refused credit, the chances are you have other problems with money that really need dealt with. Getting further borrowing can seem like an easy answer to debt troubles, but in most cases this just adds to your problems.

There are a number of options when it comes to dealing with debts you’re struggling to keep on top of. IVAs are really only for cases where the situation is so serious that bankruptcy is looming. For other cases there are numerous other debt management options.

Speaking to professional debt management experts is the way to go if you don’t know what to do next. Debt mediation services can help if you’re having trouble dealing with your creditors. Getting the right help and advice can make a huge difference in getting your finances in hand.

If you feel your debts are no longer in control, it’s advisable to speak to someone sooner rather than later. The quicker you act the more options you are likely to have.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info. Please note: From time to time we may refer you to other services providers or charities such as the CAB.

MoneyHelper

If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper