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Debt Solutions
Baker Financial offer various debt solutions including remortgage's, secured loans, debt management and IVA - if you have perfect credit and simply want to reduce your payment or are struggling and want a bad credit debt solution we can help.
- Debt Consolidation Remortgage - even with bad credit
- Secured Loan
- Debt Management - one single monthly payment
- IVA - Individual Voluntary Arrangement
Consolidate your debts with a remortgage or secured loan
For many homeowners wanting to reduce their monthly outgoings, debt consolidation by way of a remortgage may be an option. A debt consolidation remortgage is popular with many homeowners as it allows all your debts to be tied up into one single mortgage payment
The credit crunch will have closed the doors for many people wanting to do this though (which is why we haven't even touched on unsecured lending) - mortgage lenders have fewer products, the products they do have seem to be harder to obtain and if there is bad credit involved things can go wrong quickly which is why we specialist in helping people obtain the correct solution to suit their needs.
Negotiate better deals with creditors
Trying to negotiate better terms with your existing lenders may sound like a reasonable suggestion but realistically the only way a lender will reduce your normal monthly credit agreement and monthly payments is if you have missed payments - asking them to reduce your payments when your account is up to date will undoubtedly get nowhere, why should they, you can afford the payments because there are no arrears right? the truth is many people struggle daily trying to make ends meet and have a tough choice between not missing a payment and putting food on the table. Missing payments will effect your credit rating and it could mean you can re-negotiate your existing commitments but how far will someone get talking to the creditors themselves?
Contact a debt management company and do it right
If a remortgage is out of the question and you need to reduce you normal monthly credit commitments a debt management plan could be just the ticket. In these times of the credit crunch and lenders tightening their purses you can bet one of the few financial industries that will flourish are those offering none financed debt solutions such as debt management. When people look to reduce their monthly credit commitments without incurring more debt there are limited options, one option would be IVA but its a much more sever option than a debt management plan.
A debt management company will do a correct job of ensuring people can afford to live whilst making reasonable payments to the creditor and because its been managed by a third party company the creditor will be much more willing to accept any new payment arrangements as the debt management company will undoubtedly back up their requests for new payments with a full income and expenditure breakdown for the creditor.
Essentially the client makes one single monthly payment to the creditor and the debt management company deals with everything from distributing the individual payments to the creditors to sending monthly statements out to the clients so they know where they're up to.
In our opinion if you do not qualify for a remortgage and you need to reduce your credit commitments then a debt management plan would very likely be the next best option.
IVA
An IVA is an Individual Voluntary Arrangement and can be a good alternative if you are really struggling, an IVA is thought of as a last resort prior to bankruptcy and should not be taken lightly.
