If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Shadow Chancellor Oliver Letwin said that the current levels of personal debt comprise a time bomb that poses a threat to as many as 15 million households. To help consumers make informed decisions when taking out personal finance products such as credit cards, loans and insurance, a new breed of financial comparison websites has emerged. Since 1997, consumer websites like Moneynet (http://www.moneynet.co.uk/ ), Moneyfacts (www.moneyfacts.co.uk/), and Moneyextra (www.moneyextra.com/) have provided invaluable information to help choose the best financial products. However, what happens when things go wrong and payments cannot be met? The unfortunate borrower gets branded with a bad credit rating and any further loan applications may be turned down, or lenders may charge higher rates of interest if there is a higher risk in the default of a loan. To someone already in financial difficulties, increased rates will of course make a bad situation worse. Each lender weighs the information contained in a persons credit file differently. However universal contributing factors include:
- Electoral Roll information for a persons currently registered address.
- Payment history for mortgage, credit cards, loans, hire purchase and finance agreements.
- Any County Court Judgments.
- The complete amount owed and the number of credit facilities used.
- The number of new credit facilities that have been applied for (both successful and unsuccessful applications).
- The type of credit used.
- Salary details given on the application form.
- Immediately register on the Electoral Roll when you move house.
- Pay all bills on time; it's recorded even if you're only a few days late.
- Keep credit card balances low.
- Pay off debt rather than moving it around.
- Only apply for new credit when you need it.
- Build up your credit history slowly, don't open lots of new accounts rapidly.
- Check your own credit file to make sure it is correct.
- The Citizen's Advice Bureau (http://www.citizensadvice.org.uk/index/getadvice.htm),
- Citizen's Advice Scotland (www.cas.org.uk),
- National Debtline (http://www.nationaldebtline.co.uk)
- Consumer Credit Counselling Service (http://www.cccs.co.uk).