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CREDIT ASSISTANCE
Have you experienced credit problems in the past?
- Missed or made late payments on your mortgage?
- Incurred a County Court Judgement?
- Defaulted on a credit agreement?
- Entered into an Individual voluntary arrangement (IVA)?
- Been repossessed?
- Been discharged from a bankruptcy order?
If the answer to any of the above is yes, AToM may be able to assist you in obtaining mortgage funding at rates, which may be lower than you expect or can discuss 'non-borrowing' solutions to get your finances back on track.
It is vital however that you contact one of our Specialist Consultants to advise and discuss with you the impact of your previous credit history in relation to your requirements.
It may also be advisable prior to these discussions to obtain a copy of your credit file in order to ascertain your credit profile. Your report can be obtained for free (30day trial) by clicking here.
Your Credit Report
Your credit report is your personal financial history. It includes a wide range of information on your credit behaviour, from your credit cards and loans to your repayment record, previous mortgages and details of overdrafts.
The report also confirms whether or not your name is on the electoral roll at your current address and how many times your credit report has been searched.
Credit reference agencies – Experian is the UK’s largest – hold this data on more than 40 million people and 24 million households. So it’s likely that they have information about you.
To help avoid any nasty surprises, you can keep tabs on your credit report by signing up for a free, 30-day trial of CreditExpert, an online credit monitoring service from Experian. It means that you can check your credit report at any time – invaluable when you are applying for a mortgage, when you often need to move fast. You will also be warned by a weekly email or text message when a significant change, such as a new search, is registered.
Joining CreditExpert also allows you to order a copy of your National Credit Score at the special offer price of £4.99. It only uses the information in your credit report but it will give you a good idea of how lenders will rate you.
And if you need to improve your credit report, the CreditExpert site contains plenty of advice, hints and tips that will help you to turn your dream home into reality. |
DEBT MANAGEMENT
The Debt Management Programme is not intended to be a long term solution; it serves as a gateway for you to start prioritising your debts and regain control.
We will offer a full range of debt solutions from a Debt Management Plan to Full and Final Settlement including Bankruptcy, Sale and Rent Back, IVA and Protected Trust Deed in Scotland.
We manage all of these debt solutions internally making sure you have one port of call.
AToM Debt Solutions understand the debt solutions market and our team of experienced advisors will assist you to find the best debt solution for your needs.
We pride ourselves on explaining the options in a non judgmental and sympathetic way and we will be work with you to help put you on the road to manage your debts and to become debt free.
We will aim to:
- Provide a Free Debt Assessment
- Reduce Debt Repayments
- Freeze Interest Rates and charges
- Stop Legal Action
- Negotiate with creditors
- Find the best solution for you
Please contact us to find out more.
IVA (Individual Voluntary Arrangement)
An IVA is a formal agreement with your creditors and will last for 60 months. A meeting with your creditors is arranged (you need not be present) and a solution is offered to them. Upon agreement both interest and debt charges are frozen.
The IVA is supervised by an Insolvency Practitioner and the proposal of payment is legally binding. Your payments will be reduced into one, affordable monthly payment.
Upon completion of the IVA you will be considered 'debt free', although you may not have actually paid off all your debts. Any outstanding balances are written off.
Why have I not heard of IVA’s?
With the increasing debt situation in the UK, IVAs have caught the public and media attention. Many thousands of people enter IVAs each year. IVAs are a way to deal with debt problems whilst avoiding bankruptcy.
Who can enter into an IVA?
Any insolvent individual who cannot pay their debts can apply for an IVA as long as your disposable income is over £200, you have more than 3 creditors and owe in excess of £15,000.
What if my creditors don't agree?
Your creditors are asked to attend a meeting to discuss your application. If 75% of your creditors are in favour of your IVA proposal it will be approved. If it is approved the other 25% of your creditors will be legally bound to the arrangement as well.
What if my creditors aren’t all in favour?
If your creditors don't all vote in favour you still have the option of bankruptcy or an informal arrangement with your creditors.
Will my credit rating be affected?
If you undertake an IVA, you will have to surrender all your current credit - credit cards, store cards, etc. and you will not be allowed to take additional unsecured borrowings until your IVA is completed.
Please contact us to find out more.
FULL AND FINAL SETTLEMENTS
Our highly skilled and experienced advisors negotiate with your creditors, offering to pay a lump sump which is less than the full balance of your debt.
In return for a lump sum payment we can arrange to write off the rest of your debts.
Often we successfully negotiate a settlement of between 40% - 70% of the total debt.
The Full & Final will suit a range of individual circumstances, whether you have received a lump sum from a family member or friend, or using our remortgage/secured loan options.
Please contact us to find out more.
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