How To Get Out Of Debt

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A Real Life example of how our services changed
one customer's life for the better...

Mr A. of Guildford contacted us in October 2006. He was at his wit's end. Having purchased his home earlier that year, he had no equity to borrow against, and the mounting costs of his new home and supporting his wife and two young children had quickly put him £50,000 into debt.

His monthly minimum payments were over £900, and even at this level he was only repaying the interest each month - the original debt was not even reducing. After his mortgage and these payments, there was barely enough left for his family to live on.

Gradually things got worse. Mr. A. started to miss payments on his credit cards and mortgage - his wife was concerned that they were going to have their beautiful new home repossessed by the building society. She saw one of our adverts and begged him to take action before it was too late.

Our professional qualified advisors arranged an Individual Voluntary Arrangement (IVA) for Mr.A which meant that his debts could be repaid at £325.83 per month, payable over 5 years. Now he will repay a total of £19,549.80, instead of the £50,000 plus interest that he owed. Over the 5 years, that's a saving of over £84,000! Yes, just by talking to us, Mr. A saved over eighty four thousand pounds.

Mr. A and his family are now more relaxed and confident that they have enough money to pay their mortgage and enjoy the good things in life. And best of all, in 5 years, they will be 100% debt free.

How to Remortgage and Get Out of Debt

Many homeowners have taken their home equity to deal with their debt problems. You can certainly ask them how to get out of debt doing the same thing as well. It’s either you increase your current mortgage or you take out a separate loan from another lender and secure it against the property.

You may think that this is a good idea. However, this will only work if you handle it properly. You’ve got to consider things carefully and then weigh the various pros and cons.

Handle With Care

If you use your home as a security for another loan, certainly you will be able to pay all your debts (as long as your equity is sufficient). In addition, you will get a bigger advantage on your interest rate compared to your standard loan or credit card rates. For example, if you have double-digit interest rates on your loans or credit cards, and your new home loan has a rate of only 5% or less, then this would be very beneficial to you.

However, take note that overall, you could eventually end up paying more. Sure, your monthly amortization may appear to be lower, but it will most likely spread over a longer term.

So if you have borrowed money this way, you have to shorten the loan term as much as possible. For instance, if you chose to increase your current mortgage, you have to make sure that you pay more on top of the minimum amortization to quickly reduce your loan period. This is how to get out of debt fast and safe.

Furthermore, you must handle this new loan with care because it’s secured against your house or property. This is the most important thing you should consider in taking this option. You will put your home at a very big risk if there will come a time that you would not be able to meet your monthly repayments.

Switch to a Different Lender

You will also find that switching your entire mortgage to another lender has its advantages. Some of the best deals are offered only to new customers, so if you move your mortgage to another lender, you will be the new customer.

Financial savvy people could teach you how to get out of debt using this method. However, you need to make sure that redemption penalties, arrangement fees and legal fees are either waived or at least kept to a minimum. If not, these charges may offset the savings you can get if you switch to them in the first place. GP

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