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Get out of your bad credit black hole

Being in a poor credit situation really is like being pulled towards a black hole. No matter how hard you try, your bills go up, you put more money on your credit card and you can't make the payments on your loans. For many, it's a depressing cycle, but it is one that can be broken with some good advice.

It often takes someone with an objective view of your situation to help you see a way out of bad credit difficulty. They can look at your income and spending and see where savings could be made. They can recommend ways in which you could consolidate all your debts so that you only have to keep track of one payment, and they can help you to buy a home, regardless of your credit position.

1. Take a deep breath

Like many of life's problems, the first step to overcoming your bad credit problems is admitting to them. Many people find it embarrassing to admit that they have so much debt - in fact the unwillingness to talk about financial problems often means that they get worse before they get better. By taking a deep breath and admitting you need help to sort your finances out, you've made one of the most important moves forward.

2. Ask for help

Whether you're looking for a mortgage product, a consolidation loan or just some help with financial planning, you need help from an expert. Mortgage advisers and financial advisers can help you improve your credit rating and your lifestyle by finding ways to manage your debt and paying back the money you owe. Your life doesn't have to stop because you have debts, but it may have to change so that you can regain control.

3. Follow the advice

Make sure you choose a good advisor - one that's authorised by the Financial Services Authority (FSA), and that has access to a wide range of products that can help you. These might include bad credit mortgages, which can help you to buy your own home, remortgages that allow you to release cash to pay off debts, or consolidation products that allow you to put all your debts into a single amount. Once you've found an advisor you trust, follow their advice and you could see a long term improvement in your credit rating, pulling you out of that black hole for good.

Rates from 6.5% APR. The overall cost for comparison is 9.2% APR. This means that 66% of our customers qualify for this rate or less. A broker fee of up to 1.5% of the total amount borrowed may be payable. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. How competitive are our fees?

This website is wholly owned and maintained by:
Leybridge Limited of The Garden Suite. Pine Grange. Bath Road. Bournemouth. Dorset. BH1 2PF.
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Consumer Credit License Number: 541607
Leybridge Limited is a company registered in England and Wales with company number: 04831398
Leybridge Limited is registered with the Financial Services Authority registration No. 313790

OUR REGULATION AND PERMITTED BUSINESS
The Financial Services Authority is the independent watchdog that regulates financial services. Leybridge Limited is authorised and regulated by the Financial Services Authority (FSA) to give advice and is bound by their rules. Our FSA Register number is 313790. Our permitted business is to advise on and arrange regulated mortgage contracts and Non-investment insurance contracts. You can check this on the FSA Register by visiting the FSA web site www.fsa.gov.uk/register or by contacting the FSA consumer helpline on 0845 606 1234.

NON FSA REGULATED BUSINESS
Certain products that we advise on are not regulated by the Financial Services Authority these products include but are not limited to; commercial mortgages and second charge secured loans.