Loans to clear debts
There are several types of loans to clear debt in the UK
Before deciding on taking out loans to clear debts, we advise the public to do their research and talk to different lenders before deciding on the right loan for their particular needs.
In the UK there are more options than ever before for taking out credit or borrowing money; from mortgages to flexible-rate loans to credit card loans. It seems that there are are basically unsecured and secured finance products designed to meet the needs of virtually anyone.
If you require advice on loans to clear debt please call 0800 074 6918 or apply online
While the different choices of loans and credit options may be confusing at first, the overall aim of getting credit is really quite simple; paople want to buy a product or service but do not have the cash available or would rather not tie up their own cash at present..
Different types of loans to clear debt
- Unsecured loans - An unsecured loan is a loan that is not backed by collateral.. Unsecured loans are based solely upon the borrower's credit rating. As a result, they are often difficult to get
- Credit card loans – These are offered by credit card providers to existing customers to either consolidate existing credit card balances or loans in to one loan.
- Homeowner loans – These are unsecured loans offered to home owners at reasonable rates. The lender knows the borrower is a home owner to risk is reduced and there for interest rates are lower.
- Small business loans – These are loans offered to businesses that may either be unsecured, partly secured or guaranteed by the DTI or bank.
- Payday loans - A small, short-term loan that is intended to cover a borrower's expenses until his or her next payday.
- Fixed rate loans - A fixed rate loan is when the interest rate and monthly payments stay the same over the length of the loan.
- Secured loans – These loans assign rights to the security of an asset in the event of a loan default.
While the payment period of loans may vary from company to company, typically, consumers will have between 1 and 25 years to repay loans. The amount of interest incurred on the loans depends on the lending institution in which the loans are made.
Alternatives to loans to clear debts
- Debt Management Plans to clear debts of over £2000
- Informal Arrangements to clear debts of any amount
- IVA to clear debts of over £17,000
- Bankruptcy to clear debts of over £750
- Administration Order Bankruptcy to clear debts of under £5,000
- Bankruptcy to clear debts of over £750
- Trust Deeds to clear debts of over £10,000 in Scotland
- Sequestrations to clear debt of over £750 in Scotland.
Money Advice Direct understand that while there are many sources that individuals and businesses may go to for funds, all consumers should assess both the positive and negative aspects of any loan before signing on the dotted line for taking loans to clear debt. Please call 0800 074 6918 or apply online for further information.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]