Credit Assistance :: All Types of Mortgages : Horsham : West Sussex : Liverpool : Wales : Mortgage Broker

Credit Assistance
Debt Management
IVA
Full and Final
Sale and Rent Back

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.

Click here to view your Experian credit report online for free and see the information mortgage lenders see

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.

It allows you to pay your household bills first (mortgage, gas, electricity, council tax, life insurance, etc...) then offer a reduced payment to your unsecured creditors (personal loans, credit cards, HP agreements etc...).

A longer term solution is provided once the Debt Management Programme is established.

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.

Sale and Rent Back

AToM have teamed up with an ethical Sale & Rent back company who comment:

"We can buy your property quickly for cash, potentially clearing your debts. You are in control of the speed of the sale – we will buy at a timescale that suits you, in a matter of days, if required. A rapid sale of your home means fewer unnecessary mortgage and debt payments. If you use an estate agent, you may have to wait up to 12 months, suffer a series of viewings, wait for the buyer to make an offer, wait for a survey to be completed, and then wait for a buyer to complete the purchase. All this time, your financial position could be deteriorating.

We have no hidden charges or fees. We are totally transparent. You can either choose a solicitor from several independent firms our solicitor recommends, or you can choose your own solicitor. Those recommended are free, but if you choose your own solicitor we will happily pay a contribution of up to £500 towards their costs. There are no estate agency fees if you sell to us. If you use an estate agent, there will be fees normally up to 2.5% of the property value, and you will generally have to pay for all your own legal and valuation costs.

We offer both rent-back and buy-back schemes so that you do not have to give up your home. You can sell your house to us and then rent it back for any period of up to 5 years, thereafter we would renegotiate our tenancy terms with you. If you want, you can also buy it back from us at a pre-agreed price, when you are in a better financial position.

With our solution you can avoid the repossesion of your property and remain in your home, avoiding most of the long term problems repossesion can bring. "

Please call AToM to find out more, or complete the enquiry form and we will call you back.