In financial difficulty?

There may be a number of reasons why you find yourself in financial difficulty. However, essentially there are only two solutions if you cannot make ends meet. These are:

• Reduce your outgoings
• Increase your income

Clearly your degree of financial difficulty can vary tremendously, from a fairly innocent 'too much month at the end of the money' to a more serious situation where you have substantial debt and little realistic hope of ever clearing it.

As well as providing financial solutions to your debt challenges, Edison Ford will try to get to the root of your problem. Often there is a fundamental belief or attitude to money and finance which needs to be addressed or the problem just keeps recurring.

As licensed debt counsellors, we are highly experienced in being able to determine the underlying cause of your money problems and helping to sort them out. If you would like a personal consultation with us to help you get back on the path of financial freedom, simply contact us using our enquiries page.

If you have a relatively straightforward financial challenge, one of the ways we can help you reduce your outgoings is to re-mortgage your property and consolidate some or all of your debts. Edison Ford has access to the very best schemes on the market, from lenders who are prepared to look at any situation. So if you are with a lender who is penalising you for previous credit problems, it is possible you could save a fortune in interest by talkiing to us. We also have schemes which will help you even if you have current arrears, CCJs and defaults at rates which are extremely attractive. Please contact us for personal assistance.

If you are looking to sell your property to reduce your commitments, then we may be able to help. Not only does Edison Ford Estate Agents sell property all over the country, we also purchase property directly for our own portfolios or for those of our investor clients. If you need a very quick sale, we can often get you a cash deal within days. Contact us for more information.

If your situation is serious, rather than just needing a re-arrangement, as Licensed Debt Counsellers we can negotiate with your creditors and advise you on the best course of action, including whether bankruptcy is an option you should consider. We regularly save clients many £thousands by getting their debts reduced or obtaining refunds on credit and insurance products they have been mis-sold, usually by the High Street banks! Please telephone our office for details on 0800 0183389.

Common Credit Myths

1.       “I have been blacklisted”

Contrary to popular belief there is no such thing as a blacklist.  If you are having problems obtaining credit it could well be because of your credit rating, not because you have been blacklisted.
 

2.       “The more credit cards I apply for the better my credit rating will be”

If you apply for too many credit agreements in a short period of time lenders may interpret this as over-stretching yourself financially and you may be declined credit as a result.  More than one or two applications in six months may be looked at unfavourably.   


3.       “I don’t know what information is on my credit report and  I don’t have access to it”

Everyone is entitled to see what information is held on his or her credit file.  You can get a copy of your Equifax Credit Report instantly online from www.myequifax.co.uk for £9.95.  Alternatively you can apply online for a copy of your £2 statutory credit file or you can write to Equifax Plc, Credit File Advice Centre, PO Box 1140, Bradford, BD1 5US.


4.       “The Credit Reference Agency rejected my loan application”

Credit Reference Agencies do not grant or refuse credit applications, it is the lender/creditor who decides this.  Credit Reference Agencies simply provide the information on which lenders base their decision. 

5.       “My credit history is being looked at without my consent”

Every time you apply for a credit card, mail order products, a loan, a finance agreement or a mortgage you are informed that the company will look at your credit file.  Your information is completely secure and only you and the companies you give permission to can view it.


6.       “My post code is affecting my credit history”

Where you live does not affect your credit history.  If you live in an area that has a generally poor credit rating this will not affect your own credit rating.  However, people living in the same area often have similar credit ratings because their lifestyles and financial positions are similar. 
 

7.       “Can I add an explanation on my credit report to explain why I have had credit problems?”

Yes.   If you have incurred defaults and are struggling with debt after a redundancy or divorce you can add a “Notice of Correction” on your file that allows you to explain your circumstances to the lender.


8.       “Missed payments don’t show on your credit  file after a year”

Not true.  Don’t be complacent with missed payments, they will stay on your file for six years and are looked at unfavourably by lenders. 


9. “If I don’t pay my utility bills this won’t affect my credit history”

This is incorrect.  An unpaid utility bill can affect your Equifax Credit Rating and result in a County Court Judgment.


10. “A credit repair agency will be able to sort out my credit file”

The best person to improve your file is you.  The first step is to obtain a copy of your credit file, then correct any mistakes on your file and add a Notice of Correction if appropriate.   Keeping up with repayments and registering on the Electoral Roll are important factors that can potentially improve your credit rating.  Credit Repair Agencies do not have the solution.


11. “My husband and I are divorced now, so his credit status won’t affect mine anymore”

If you have had a joint finance agreement with a partner, sibling, friend or dependent they may affect your credit rating.  If you do not want this you can place a “Notice of Disassociation” on your file.  Similar to a Notice of Correction, this will explain to lenders that you are no longer associated with that person.  This can only be done once the joint account that financially links you has been settled. 

For just £12.95 you can obtain a copy of your Equifax Credit Rating, which includes your Credit Report, instantly, online at www.myequifax.co.uk