Clear Personal Debt without a credit check in the Uk

When applying for credit a lender will carry out a credit check.

This is a recorded history of an individuals borrowing in the past, usually showing the last 6       years information.

This report is then used to identify whether that individual is eligible to be lent the money.

In order to obtain credit, the individual will have to have a good payment record.

If the history is bad then this will determine the rate if any at which they are lent the money.

When clearing debts, there are only a few options available which do not need a credit report undertaking.  If you are applying for a debt consolidation loan then a report will be carried out to assess whether you are eligible for that loan. 

If you know that your history is poor due to previous missed payments or defaults then be wary of applying for loans because if you are refused, then your credit score will be marked down even further and could prevent you from obtaining credit in the future. Only the continuity of payments     can improve your rating over time. We can offer advice or debt help for Uk residents.

There is no magic formula, what will help is to meet payments on your commitments which will  start to increase the scoring on the report naturally. 

You can undertake a few options which will clear debt without a credit report.  Bankruptcy is  one of them.  This is a method used for someone to clear their debts without actually repaying any  of the money. It is the best option available to people who don't have an affordability to repay their debts.

This means that their expenditure exceeds their income and there is no disposable income to contribute to the debts on a monthly basis. It is based on an individual's circumstances and will have a detriment to obtaining credit in the short and long term future. The bankrupt individual will     be discharged after a 12 month period however it will remain on your credit file for up to six years or longer in some cases. 

Debt management is another option which is available to clear your debts without a credit report.

There are a number of companies who specialise in this or you could manage your finances yourself.

Clearing personal debt is based on a individuals ability to budget financially so there is more disposable income available to contribute towards the debts. People might be able to do this until they suffer a change in circumstances which could lead them to falling behind.

Debt management is an informal procedure to clear your debts.  It is a method used to clear your debts at an affordable rate to yourself.  You could decide to deal directly with your creditors and make payment arrangements; however the creditors are under no obligation to accept the offers  that you propose.  

It can become messy dealing with the creditors yourself.

Also, it can be quite stressful dealing with these companies and very time consuming. 

If these ways of clearing debts don't suit yourself you should instruct a debt management company to deal with your finances as they take the stress and pressure of dealing with these companies away from you.

All the client has to do is make one payment a month and send their creditor statements to the    debt management company.  They will do the rest and also negotiate an amount to pay each month which is affordable to you.

For a no obligation consultation contact our free, personal debt helpline using 0800 018 6868