IVA - Individual Voluntary Arrangements, Debt Management, Debt Solutions - Your Debts Solved
Debt Solutions
X-debt provide the following debt solutions:
IVA - Individual Voluntary Arrangements
And can assist in the following:
Other debt solutions:
However, there are other forms of debt solutions which may be worth considering where your personal debt situation isn't too serious but may just need bringing under control. If you do have serious debt problems then please contact us so we may help you through this difficult time.
If you have a couple of credit cards then there may be balance transfer options available to you where you can transfer a balance from an existing card charging high rates of interest, to a different card with an introductory low or even 0% interest rate. This can be a good short term solution but it is important that the original cards which may now have zero balance are cancelled and destroyed so you are not tempted to start spending on them in the future.
Introductory balance transfer rates may last for anything between 6 to 18 months when interest will again start to accumulate. At this stage another balance transfer to a new card could be instigated.
This can reduce your credit balance over time as all of the monthly payments are going towards reducing the outstanding amount and not on interest.
Please note that most balance transfer offers charge a fee which is generally around 3% of the total amount transferred. Therefore for a balance transfer of £10,000 a £300 fee will be charged at 3% and this charge is added to the total balance on the card. Interest is generally charged on this fee.
For credit cards and consolidation loans please visit www.loans2help.co.uk.
If you have a house with equity and maybe not the most competitive mortgage deal then you may wish to explore the possibility of a remortgage.
With a remortgage you can continue with the current balance and reduce your monthly payments with a more competitive interest rate. You could also reduce the monthly payment further by increasing the period of the mortgage.
If you do have surplus equity, you could increase the amount owed on your mortgage in order to consolidate other debts, loans and credit cards. This can considerably reduce your total monthly outgoings.
You should bare in mind when considering a remortgage that there may well be fees involved. These can include arrangement, valuation and legal fees. In the first instance you should speak with your own bank and other high street banks or building societies as these generally have the best offers and lower fees.
Other things to consider when remortgaging your property:
Where a loan or mortgage is secured on your property, the property is a risk if you fall into financial difficulty and struggle making payments as it could be repossessed. You may make your financial position worse if the mortgage balance has been increased due to consolidation or other re-mortgaging reasons. You should seriously consider other options available before consolidating other debts against your home. That is where we can assist you. Please contact us so we can advise further.
You may be able to considerably reduce monthly payments when consolidating debts with a remortgage, or increasing the amount of time to reduce these payments,. However, in the long run it is likely that you will pay a greatly increased amount as interest is payable over a much longer period.
If you do wish to consider a remortgage please visit www.loans2help.co.uk.
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