Debt Management

Lending Zone – Learning Zone around debt solutions

Intro: It can be disappointing to get a credit rejection. But do you know why you got turned down? Was it because you applied for too much credit, have arrears, missed payments or because of a patchy credit report?

Here are a few things to consider when you’ve been rejected for credit – and what you can do now because there are still options available to you.

Q – What was the reason you applied for a loan?

A – If you wanted a loan to fund a purchase, look at another way to cover this. For example, you could use any savings you have or cut back on some areas of your budget to free up some cash.

But if you were borrowing to consolidate unaffordable unsecured borrowing, debt advice might be more suitable. This could help you find the solutions available to you to help you get back on track.

Q – Do you have outstanding debts?

A – Borrowing when you’ve already got credit isn’t necessarily a bad thing. But if you’re already struggling with your outstanding debts, it might be time to look at your finances.

Instead of taking out more and more loans to cover existing debt repayments, see if debt advice could help you work out your next steps.

Q – Are you struggling with your monthly budget?

A – If you constantly find it tricky to meet your regular payments, you might need to look at your budget. See what you’re spending on your household bills and in other areas, and work out if there’s anywhere you can cut back.

And if unsecured debt repayments are stretching your finances, it might be time to seek some help for your debts.

Q – What debt solutions are available to help me?

A – There are a range of debt solutions available, including insolvency solutions like an Individual Voluntary Arrangement (IVA) or more flexible debt management plans.

Whether any of these solutions are right for you will depend on your individual circumstances. And getting debt advice is the best way to identify the best solution for your situation.

Q – Have you checked your credit report recently?

A – Checking your credit report regularly is a good idea. This is so you can see what it’s saying about you, as this is what lenders see when you apply for credit.

You can check your credit report for free through all three of the UK’s credit reference agencies – that’s Experian, Equifax and CallCredit. And if you see any mistakes on your reports, contact the credit reference responsible to correct these.

Q – Do I have to pay for debt advice?

A – No, you can get initial advice debt advice free of charge and confidentially from Harrington Brooks. They can help you make the right choice for your situation.

If you sign up to one of their debt or insolvency solutions, fees, terms and conditions will apply. During the consultation, the advisor will take you through this.

The services that Harrington Brooks provide may be available at no cost from government and charity based providers. You can get further information at the Money Advice Service website.

Q – Have you had a change in your circumstances?

A – A drop in your income or bills getting more expensive can make it harder to make ends meet. And if you have unsecured debts on top of this, it can really stretch your finances.

If this is the case, it could be time to seek help for your unsecured debts. Debt advice could help you get your borrowing back under control – and mean your budget stays more affordable going forwards.

Q – How will a debt solution affect me?

A – If you choose a debt solution, fees, terms and conditions may apply, depending on the solution. It may also mean restrictions on your spending and it could make it harder for you to get credit in the future.

But all solutions should make your budget more affordable in the short-term. And in the long term, it should also help you become more financially sustainable.

Q – How can I find out everything I owe?

A – Check your credit report to see what you owe, and who you owe it to. You can do this for free through the UK’s credit reference agencies – Experian, Equifax and CallCredit.

It’s important that you know how much debt you have, especially if it’s becoming unaffordable. Once you know this, you can start to put together a plan of how to tackle your debts.

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