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COVID-19: We have answered some of our customer's most frequently asked questions
We’ve sought loans from banks for centuries. In fact, figures from the Bank OF England illustrate that billions of pounds are being lent through unsecured loans every month.
When applying for a bank loan, the application process will take a variety of different factors into consideration. However, sometimes, the unexpected happens and you might be unable to make a payment. Alternatively, interest rates may increase and make paying off the loan an unlikely idea.
If either of these situations happened to you, you’re not alone. Every day, we hear stories from people who have got into debt through bank loans.
We’ve helped them, we can probably help you too.
If you can’t pay back your bank loan, and start missing payments, you could:
The problems only multiply with the number of missed payments. However, if this starts to cause financial harm, and you struggle to make the payments, an IVA (individual voluntary arrangement) could be the solution to getting your finances – and life – back on track.
An IVA is a legally binding agreement between you and your creditors. In the case of multiple bank loans, these would be the institutions themselves. Set up by a qualified insolvency practitioner, the aim of an IVA is to help pay off your debts at a rate you can afford.
If there are still outstanding funds remaining by the time the IVA ends (usually about five or six years), these are typically written off.
While an IVA is not the ideal solution for everyone – and there are others available – it can be an effective way to deal with unmanageable bank loans.
After the IVA ends, and your debts have been resolved, you might consider taking out another bank loan – for example, to buy property through a mortgage. Although there is nothing stopping you from applying for a loan straight after an IVA, the details of the agreement stay on your credit file for six years after the start date.
As this will have a detrimental effect on your credit rating, banks are unlikely to approve the loan until your score improves.
Fortunately, this should happen in time and you’ll be able to apply for a new bank loan eventually.
With more than 15 years’ experience helping people with their debts, we’ve heard just about every story and listened to every situation. When bank loans start becoming unmanageable, it’s best not to suffer in silence and act as soon as possible.
Complete an application form today and we can determine whether an IVA is the right solution for you. Alternatively, call us on 0161 956 2691 and we’ll be happy to have a no-obligation chat about your circumstances.
NationalDebtService.co.uk is an independent website created to help users find a solution to their debt problems. Our service is free to use and you are under no obligation to accept any of the recommendations you receive. An IVA (Individual Voluntary Arrangement) is subject to acceptance.
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
Call charges may vary depending on your telephone provider. All calls are recorded for training and compliance purposes, but deleted after 6 months for non-customers in line with GDPR guidelines.
At National Debt Service, we do not give advice. On completion of our form, we will introduce you to one of our authorised IPA regulated companies. We use the contact details you have given us on the form to make this introduction. A debt advisor will contact you by telephone. During that telephone call, the debt advisor will discuss your options in more detail. During this call, and other subsequent communications, you will be dealing with a debt solutions partner and not National Debt Service. We may receive commission from the company we introduce you to.
Free money help and advice can be found at the MoneyAdviceService.org.uk