i've seen ads on tv about how you can slash your debt by 75% due to a government law help. how do i findout more about it, and how do i qualify for it?
2006-11-14 08:56:33 · 6 answers · asked by adeleke2002 1 in Business & Finance ➔ Credit
they do it with an Individual Volentry Agreement
what they dont tell you is it hits your credit history as hard as a bankruptcy and 70% of your creditors have to agree to it.
your pay money every month which is spread between your creditors, and probably have to agree to re-mortgage your house at the end of it to make 1 final lump payment.
of course if you win the lottery during the 5/6/7 years you have to pay all your debts off
if you get an inhertitance you have to pay all your debts off
and i think they will probably put a charge on your house so you cant sell it.
they charge management fees which is how they make their money.
2006-11-14 21:41:22 · answer #1 · answered by alatoruk 5 · 0⤊ 0⤋
besides the reality that his call merely isn't affected in the financial disaster; your lenders will anticipate the co-signer on the loans to pay. meaning you would be leaving your grandfather totally in charge. the different concern with a financial disaster is that it will stay on your credit record for 7 years. this would possibly not look like a huge concern suitable now...despite the fact that it will make it lots extra good so which you may purchase a automobile, a house, get a mastercard. you'll be able to pay attention large thoughts approximately submitting and then getting each and every variety of large gives you in the mail. nicely, you do get dissimilar gives you; yet they contain a value. working example, just to have a mastercard after financial disaster will can charge you a minimum of $eighty consistent with 365 days...just to HAVE the cardboard. particularly possibly acceptable could be for you in looking somebody who enable you to do a debt consolidation. this provides you with one month-to-month fee and it is oftentimes a decrease pmt than what you're at the instant paying AND there will be an lead to sight. in case you get a 4 365 days very own loan, you be attentive to the debt would be paid off in 4 years. sturdy success! i wish you may consolidate. i think of it is going to likely be lots less complicated for you.
2016-10-17 07:04:23 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If they can afford to advertise on TV, they are making a killing out of it..... Sounds like sharks to me !
Consolidation loan companies and companies that offer them as well as other 'services' like Baines and Earnst are in business, and commerce is thier goal... Thier gain not yours.
Why not get your credit report from Experian £2 ! and then sort it out without borrowing more !!! I did, it took 2 years and I'm free of debt.
2006-11-14 09:13:58 · answer #3 · answered by mittobridges@btinternet.com 4 · 0⤊ 0⤋
These ads are most likely referring to bankruptcy, usually chapter 13. That's the only help you'll get from the government.
I've seen these ads several years ago, when I was in the same situtation. After I found out what it really was, I said no thanks.
2006-11-14 09:32:22 · answer #4 · answered by Celeste 6 · 0⤊ 0⤋
The government help, its called an IVA, to findout all about IVAs read this article:
http://www.breadmarket.co.uk/debt-consolidation/iva-advice.php
2006-11-14 09:01:11 · answer #5 · answered by Gravity145 1 · 0⤊ 0⤋
call them up, they will tell you if you qualify
2006-11-14 08:58:52 · answer #6 · answered by thegolfingjunkie 4 · 0⤊ 0⤋