hi i live in uk. My credit ratin is on the lowest there is, this is because i don%26#039;t pay regularly and i go over my limit, i am trying to sort things out now and bring this back up. i also have about 锟?000 of edbt all to little companies and it relaly gets me down. I am looking at the possibility of getting a loan or consolidation, the thing is i can%26#039;t get a bank loan cos of my rating so i can only got to these loan companies. i don%26#039;t know who to choose, they both seem to work out the same.
My ultimate goal is to lift my credit rating as quick as possible so that i can get a mortgage. i am a first time byer with no deposit so i really need the best 100% mortgage that there is and for that i need a better credit rating!
help!
Loan or donsolidation?credit rating
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan%26lt;!--allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.
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Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several--%26gt;old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you鈥檒l no longer have to deal with harassing phone calls and daily mail.
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