Consumers that are struggling to pay down high balances on loans are still being encouraged to get help through debt consolidation loans before the situation gets any worse. However, finding a debt consolidation loan may not be easy for some, especially if they have bad credit, or are already behind on their payments. For those that have managed to struggle through however, and keep their credit ratings intact, this is certainly good advice, and many consumers are starting to put it into action. There is definitely a higher demand for debt consolidation loans, even if banks have not made it easy to apply for and get one.
“Many of the insolvency practitioners we speak to on a daily basis are saying that despite putting forward their clients’ best offers which comply with this year’s new IVA protocol, a growing number of creditors are asking for more modifications, which are impossible for the debtor to manage,” says Balfour.
“As a result, the only choice left for many people is the less restrictive option of a Debt Management Plan which doesn’t need to be approved by the courts and is quicker and easier to achieve.”
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