Are You Struggling To Make Your Monthly Payments?
Companies like Dutchess Partners can help you reclaim your financial freedom.

We all know that making minimum monthly payments isn’t going to do the trick to get us out of our debt. If you’re currently making monthly payments towards multiple high-interest credit cards or loans, by converting those payments into a single monthly payment at a lower interest rate you could get back in control of your finances. One way to do this is with a low debt consolidation loan. However, the truth is debt consolidation loans and debt settlement companies won’t help you slay mammoth amounts of debt. This solution is best suited for those with a steady income and low debt situation. 

If this is you, a debt consolidation loan could be a great way for you to get a low-interest loan to pay off high-interest debt. Plus, by rolling multiple debts into a single new one with fixed monthly payment your credit rating could actually go up. This phenomenon can occur when you use the debt consolidation loan to pay off your credit card debt because by doing so your utilization ratio goes down, thus causing your score to go up. And, as long as the interest rate on the new loan is lower than the average rate on the existing debts, you’ll be saving money on interest payments each month as well.

As you shop around to find the best personal loan rates, be sure to request rate quotes. This can be done using soft credit checks so it will not affect your credit score. This is how Lendingtree is able to allow you to compare rates from multiple lenders without affecting your score. Once you have your custom debt consolidation loan rates, you can compare costs and rates to find the best debt consolidation loan for your needs.

Dutchess Partners For Debt Solution

It can take some time to hunt down the best lenders that offer low debt consolidation loan rates. Dutchess Partners is a marketing lead generation company that can help match you quickly with debt consolidation loan companies that have enlisted them to connect their company with interested clients.

Remember, you must consider why you want to do debt consolidation. If it’s to pay off your debt faster, then you don’t want to obligate yourself to a longer repayment period. But if you’re struggling to pay your payments and need to pay less per month, then a longer repayment period may be the only way to do it. I must mention that I agree with Get Out of Debt Guy, an educated consumer is always the best consumer.  And, recommend that you learn how to check out a company with their free Ultimate Consumer Guide.

After consolidating your debt through a company like Dutches Partners.

If your behavior with money doesn’t change, you will find yourself right back in the same boat. All too often, after someone consolidates their debt, the debt grows back. This is because they don’t change their money habits nor do they have a plan in place to stay out of debt. After getting control of your finances you need to establish good money habits for staying out of debt and building wealth.

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Debt Explained – Bankruptcy, IVA, Trust Deeds and More

Debt, unfortunately, affects millions of people all over the world. While it can sometimes be easy to pay back money we owe, there may be some circumstances which lead us to look for additional help and support.

For that reason, there is always plenty of debt relief support available from advisors up and down the country. There are also plenty of different ways to get out of debt without you having to take on any additional stress or worry. Getting into debt can be very stressful indeed, and getting out of it isn’t always as simple as some creditors will demand it to be.

In this guide, we will take a quick look at some of the best ways you can start to relieve yourself of debt and to get your life back on track. Don’t forget, even if a formal agreement doesn’t apply to you right now, free, friendly and impartial debt advice will help you to understand your situation a little more clearly.

What is an IVA?

In England and Wales, an IVA (Individual Voluntary Arrangement) is a popular and accessible way for debtors to consolidate and pay off debts to several creditors at once.

• With the help of a trustee, you will make arrangements to agree to a monthly payment to any creditors you may owe money to.
• Your assets may be tied to your trustee and your arrangement, and you must, therefore, agree to a certain set of rules for an IVA to be upheld.
• An IVA can not only allow you to safely and feasibly manage paying several creditors at once, it can also freeze debt collection and interest activity.
• You will likely be able to qualify for an IVA if you have an income of at least £150 per month. IVAs are based on your ability to pay.
• IVAs, similarly to other types of debt relief, will be recorded publicly and on your credit file.

What is a Trust Deed?

In Scotland, debt relief works a little differently. Trust Deeds are offered to debtors who have assets and who are willing to transfer such items of value to a trustee.

• This trustee will make arrangements between you and your creditors to arrange payments to be made in a manner which is feasible to you. Trust Deeds are fairly similar to IVAs to this extent.
• As with an IVA, debt activity and interest can be frozen. This means that, for the duration of your arrangement, you won’t be pursued for money or by any legal means.
• Your trustee will take the brunt of correspondence, which means that they will communicate with your creditors directly on your behalf.
• Trust Deeds can, however, once again have an impact upon your credit rating. However, they will not prevent you from holding public office or running your own business in many cases.
• However, it is worth bearing in mind that creditors are not obliged to agree to any terms laid out as part of a Trust Deed or IVA.

What is Bankruptcy?

Bankruptcy may sound like a feasible option to relieve debt in some ways, but in others, it is likely to be the ultimate action to take.

• Bankruptcy effectively allows you to write off all of your debt. This will, of course, be agreed upon by your creditors.
• During the process, there will be no legal action taken against you or interest added to your debt. This means that – essentially – debt activity will cease.
• However, bankruptcy can have a major effect upon your credit rating and your ability to apply for certain jobs in the future.
• Your details will appear on a public register, and bankruptcy flags will remain on your credit file for up to six years.
• While bankruptcy may seem like a viable option, it is something you should never lead into without getting advice from an experienced debt advisor beforehand.

Other Types of Debt Solution

There are many other ways through which you can find help with debt.

• Sequestration – this Scottish debt support system is very similar to bankruptcy. It is seen as an opportunity for you to wipe your debt clean – but your credit will be affected.
• Debt Management Plans – DMPs are great for helping to ease the pressure of mounting debts. These plans allow you to reduce your monthly payments with minimal risk to your credit file.
• Debt Relief Orders – DROs are only available in England, Wales and Northern Ireland. These orders can help you to write off certain debts if your financial situation does not improve within a 12-month period.

If you are worried about debt and managing your finances, help is at hand. There are many different ways through which you can relieve yourself of mounting financial demands. Debt advisors are here to help you!

 

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