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• Will consolidating my debts affect my credit rating? [16/03/2010]
  If you have multiple debts and you`re finding it hard to keep track of all your outgoings - or if you want to reduce your outgoings and improve your financial wellbeing - you may have considered taking out a debt consolidation loan.
• In debt: what can a bailiff take from my home? [18/01/2010]
  If you have outstanding debts that you have been unable to repay despite repeated warnings, your lenders may take legal action against you through the County Court to obtain a Judgment on your debt. Once they have a Judgment, they may be entitled to instruct a bailiff to go to your home and seize goods up to the value of the outstanding debt.

  You will receive notification in writing if a bailiff is due to call at your house. Use the time this gives you to your advantage, and contact an expert debt adviser at your earliest opportunity to discuss your options.

  What can bailiffs take?

  Bailiffs can take any household goods up to the value of the debt you owe, except for goods that are necessary for a basic standard of living. So, they cannot take:

  • Essential furniture and appliances such as your oven, fridge or bed
  • Clothing
  • Children`s toys
  • Anything that doesn`t belong to you (rented or other people`s property)

  However, in some circumstances they can take items such as TVs, computers/laptops and stereo systems, as long as they belong to you. They can also take items that you jointly own with someone else.

  They should not take anything that is essential for your work - so, for example, if you work from home, they shouldn`t take your work computer.

  Do I have to let the bailiffs in?

  You are under no obligation to let County Court bailiffs in, and on their first visit they are only legally allowed to enter your home if you let them in, or if they enter through an unlocked window or door.

  After they have gained entry however, they have a legal entitlement to force future entry and take any goods they have previously levied.

  What can I do if I have been informed a bailiff will visit me?

  It is important that you act quickly and talk with an expert debt adviser about your options. A debt adviser can offer guidance on the best course of action for dealing with the bailiff and, if appropriate, can recommend a longer-term solution for dealing with any other debts.

  To speak with one of our debt advisers today, call us on 0800 074 8639.

• Expert guide to debt consolidation [16/09/2009]
  Debt consolidation can help people with multiple debts make their finances easier to manage. By reducing your monthly outgoings and consolidating several debts into one easy-to-manage monthly payment, a debt consolidation loan could make a big difference to your financial situation.

  How debt consolidation loans work

  A debt consolidation loan is a new loan taken out to pay off multiple existing debts, combining them into just one monthly payment.

  If you owe money to several different lenders and are concerned that your debt repayments are taking up too much of your income, a debt consolidation loan can give you a `fresh start` - paying off all your existing lenders, and allowing you to repay the total at a more comfortable pace.

  This can be particularly effective if you have unpaid credit cards or overdraft debts - debts which you might not need to pay much towards immediately, but which will probably continue to grow until you do.

  Of course, you can also repay things like personal loans - in fact, you can pay off any debt with your debt consolidation loan, as long as the terms of that debt will allow you to pay it off in full.

  You can reduce your monthly outgoings with a debt consolidation loan by arranging to repay the debt over a longer period of time than your original debts, and thereby making each repayment smaller. This can free up additional cash to spend on other things and/or keep for emergencies each month - but keep in mind that because you`ll also be paying interest for longer, you may end up paying more over the duration of the loan.

  However, you may still be able to save money in the long run if the interest rate on your debt consolidation loan is lower than the interest on your original debts. Over the same time period, a lower interest rate will save you money, but the longer you take to repay the loan, the less chance there is that you`ll save money in the long run.

  Is debt consolidation right for me?

  In general, a debt consolidation loan may be suitable for people who are able to meet their existing debt repayments, but would like to reduce their outgoings and/or simplify their finances. If that sounds like you, then a debt consolidation loan might help you manage your finances more effectively - but it`s vital to be sure you can afford the repayments.

  Debt consolidation loans are unlikely to be suitable for people who are currently struggling to afford their debts, because the reduction in outgoings may not be significant enough to make a real difference. There is also a risk that if they experience a drop in income, they could find themselves back where they started - with a large debt that they are unable to pay off. Anyone in this situation may find a different debt solution could help them `get back on their feet` financially.

  Of course, everyone`s situation is different, and you should always speak with a professional debt adviser before deciding on any debt solution.

  To find out more about debt consolidation and other debt solutions, click here or call 0800 074 8639 today.

• Choosing a debt consolidation company [25/08/2009]
  If you are currently repaying multiple debts and you`d like to reduce your outgoings and/or simplify your monthly finances, a debt consolidation loan could help.
• When does an IVA begin to protect me? [31/07/2009]
  An IVA (Individual Voluntary Arrangement) can help people clear unmanageable debts that they can no longer see themselves ever repaying.
• Economic slump reinforces importance of debt advice [04/02/2009]
  During a downturn, carrying debts can be more dangerous than ever – as the Government’s current focus on the importance of debt advice clearly illustrates.
• What can I do to avoid Christmas debt? [05/01/2009]
  Christmas is traditionally a happy time – a time spent eating, drinking and being merry with friends and family. However, for many British households, the weeks and months afterwards are spent worrying about debt.
• When do I need debt advice? [24/11/2008]
  Not all debt is bad debt. Loans, overdrafts and credit card balances are all forms of debt – and used wisely, they can be a very useful way of raising money quickly, or a convenient safety net should any unexpected costs crop up.
• Building on booms & surviving slumps – does debt consolidation make sense today? [01/09/2008]
  When house prices soar, then slump, does it make sense to use your equity to sort out your finances, consolidating your debts with a secured loan? The answer may depend on where we stand today, but first we need to take a look at how we got there…
• Consolidation loans – not always enough on their own... [06/08/2008]
  Why take out a consolidation loan? As anyone struggling with multiple debts can tell you, simply keeping track of them all can be one of the biggest challenges. Missing a single payment can incur penalty charges and damage your credit rating.
• Online shopping: still going strong [03/07/2008]
  As the credit crunch takes hold, people are beginning to wonder how far their money will stretch in the months to come. The High Street is just beginning to feel the strain: John Lewis recently reported a significant downturn in sales, with DSG (owners of Currys and PC World) announcing big yearly losses. So it may come as a surprise that online shopping is continuing to grow at an impressive rate.
• Inflation: how much have costs of living really gone up? [26/06/2008]
  For those of us keeping a keen eye on our finances, the official 3% rate of inflation might seem a little low. It may be above the Government’s target inflation rate of 2%, but a 3% rise in average costs would still be affordable for the majority of British households.
• Tax Freedom Day [11/06/2008]
  You may have noticed your wallet feeling a little heavier lately. If you’re wondering why that is, it’s because you’ve just earned your first wages of the year.
• Debt consolidation mortgages - 3 questions to ask [19/05/2008]
  Today, anyone looking into debt consolidation mortgages is facing a market that’s grown a lot tougher over the last eight months or so. With credit harder to find and more expensive – and the future of the housing market looking uncertain – they’ll need to ask themselves three questions:
  • Will anyone give me a debt consolidation mortgage?
  • Would that debt consolidation mortgage be affordable?
  • Is there enough equity in my house to make it worthwhile?

  Will anyone give me a debt consolidation mortgage?

• The Bank of England - swapping secure assets for `problem` debts [29/04/2008]
  Today’s money markets have too many debts, too many problems – and not enough cash. No-one knows how much money banks and other lenders will recoup from the loans and mortgages they’ve given out, and this is restricting lending.
• Reasons for debt; solutions to debt [22/04/2008]
  What’s the solution to debt? Whether you’re addressing an individual’s debt or looking for a solution to the UK’s personal debt problems, you need to start by understanding the reasons behind that debt.
• Household spending: cutbacks in 2008 [11/04/2008]
  This year, almost three quarters of households are planning to cut back on their spending, says a survey by financial services provider Axa.
• Charging orders: security matters [04/04/2008]
  As a nation, we owe over £1.4 trillion. For some people, their share of that total is simply too much – and when borrowers worry about debt, so do lenders.
• The mortgage market slows down [28/03/2008]
  When house prices were going nowhere but up, mortgages of 100% were quite common. Since the property was almost guaranteed to increase in value, banks and building societies felt confident about getting their money back.
• Where does the credit go? [20/03/2008]
  From October to December 2007, UK residents spent £32.4 billion on credit cards, says APACS, the Association of Payment Clearing Services. Approaching £700 per adult, this was the second-highest total for any three-month period in history.

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