Ditch my Debt

Welcome to DitchMyDebt

Here are some tips and advice.

1. On the record

If you are being treated like an outcast by banks and credit card companies or you think you have a problem with your credit status you need to establish the reason. All should be revealed by your credit reference file, which records your past borrowing behaviour. A copy of your file can be ordered online for a small fee from websites of the three main credit reference agencies, Experian, Equifax and Call Credit.

2. Decide to take action

It is worth getting your credit rating back up to scratch. Price comparison websites, offers a "smart search" service. Borrowers can search for the best deals available according to their creditworthiness. Those with a poor credit history can expect to pay rates of at least 12% for an unsecured personal loan - more than double the price of the best deals.

3. Borrow to build credit

If you are invisible to credit agencies, your credit record will not be spotless. It could be worth taking out a credit card. Using the card wisely, without incurring charges or penalties, will help you to rebuild your creditworthiness. 
 

  

4. On a roll

Lenders and credit reference agencies want to know where you live, so make sure that you register your details on the electoral roll. To do this, contact your local council.

5. Mobile credit

When you take out a contract with a mobile phone company, you are signing up to a consumer credit contract. Make sure you keep up with the monthly payments and your credit rating will improve.

6. County court judgments

If your finances have gone awry and you have county court judgments in your name, pay off the debt in full if you can and make sure that records at the Register of County Court Judgments are amended.

7. Make your mortgage work for you

Your home may be repossessed if you do not keep up repayments on your mortgage

Even if your credit rating is low, you will still have access to a mortgage, although you will have to pay higher rates of interest. But if you keep up with your repayments for a couple of years, you are likely to become eligible for cheaper mainstream deals when you come to re-mortgage .

 

8. Don't ignore the problem

GET PROFESSIONAL HELP

If you consult a debt management company** and take action you are showing your creditors you are trying to solve the problem so usually further action is not needed. You should stop receiving calls allowing you to get on with your life*.*

 Fill in the form on the side >>>>>

^{*AS LONG AS YOU KEEP UP TO DATE WITH YOUR REPAYMENT PLAN}

_{**Other Debt Management plans available.}

 

 

 

The content of this site is meant to be informational purposes, and it should not be considered financial advice. We aim to provide you with accurate and useful information, but every individual has specific circumstances and needs that should be taken into consideration. There are significant risks associated with investing, loans and mortgages. If you do not keep up your repayments on a secured loan or on your mortgage you could lose your home. We strongly recommend that you speak with a professional and trusted financial specialist or a financial advisor before you make any decisions or commitments.

we ditchmydebt.org.uk do not accept any responsibility for any link or associated web page linked to ourselves, all logos and trademarks belong to the respectful owner, holder or company. we advise you should make your own informed decision on any financial product you purchase, apply for or use.

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