Hundreds of Scots are expected to face insolvency each week and we would like to look at their options.
As household finances continue to take a cut with more job losses and the public sector cuts more Scots than ever will be made bankrupt. If one of these could be you we recommend that you seek out your options as early on as possible this could mean there are more options available to you.
There are many reason people enter an insolvency some of which include divorce, illness, redundancy and overspending.
More and more Scots in middle incomes are entering a solution – quickest growing bankruptcy arrangements are designed for those with jobs.
If you reside in Scotland there are various options if you can no longer cope financially. The options vary depending on your own financial situation, so choosing the correct one is very important so that you should not incur any further difficulty.
Debt arrangement scheme
(DAS) this is where you commit to a debt payment plan, this allows you to repay your debt on one affordable monthly payment.
The length of time this last for varies depending on the amount of debt, and what you can reasonably pay towards it on a monthly basis.
If you are approved for a (DAS) all interest fees and charges are frozen and the creditors can take no further action against you. Your one monthly payment is taken then distributed amongst your creditors.
Protected Trust Deed
(PTDs) are on the rise, they are often used by the more affluent people with jobs and assets. This indicates that society is being affected on all levels.
A PTD allows you to repay as much as your debt as you are able with your assets, it is a formal arrangement made between you and your creditors. It lasts for approximately three years. A licensed insolvency practitioner will become the trustee and put a proposal forward to all your creditors, this will be based on all information you provide income, expenditure and level of debt, also any assets you may have.
To enter a PTD you must be able to prove you have disposable income and are able to contribute monthly something towards your debt.
It is the creditors decision as to accept your proposal and they are given five weeks to consider it. If enough creditors agree your trust deed will become protected and no creditor can take legal action to recover the debt. As long as you comply to repay the amount required within the agreed time any remaining amount will be written off.
Sequestration
The equivalent name for bankruptcy. There are two ways to enter this solution: a creditor can take you to court, if they are owed more than £3,000 this way they can raise bankruptcy proceedings against you, or for the cost of £100 you can make your own application thus avoiding any court action.
To do this yourself you must prove you are insolvent meet the Low Income, Low Assets (Lila) criteria or have a Certificate for Sequestration. Apparent insolvency will mean a creditor has started action over a debt and has served a charge for payment or a statutory demand.
After you have been awarded bankruptcy, a trustee will be appointed they will look after your insolvent estate. You will have to show all your assets and liabilities and you will have to prove your full income and expenditure. If you have assets they will be sold for your creditors; if you have any disposable income you may also be asked to make contributions. Some assets do not have to be sold for your bankruptcy and trustees have a guideline on how to deal with this.
As long as you co-operate with your trustee, you should be discharged from your bankruptcy after one year.
Low Income, Low Assets
(Low Income, Low Assets bankruptcy) Lila was introduced to help people who need debt relief but are unable to establish apparent insolvency.
It is suitable for people on very low incomes with few or no assets. In the last three years around 20,000 Scots have gone for this solution. This can provide short term relief from debt, however it stops many getting credit in the future and means for some there is no choice but to re enter bankruptcy.
Sequestration certificate
This is the newest kind of personal insolvency legislation; this was introduced for people not suitable for a Lila or a Ptd.
A Certificate for Sequestration is given by a money adviser or an insolvency practitioner, after gathering all information on an income and expenditure and receiving documentation (statements, pay slips, etc), they will certify that you are unable to pay your debt.
When you go this way into bankruptcy, you must sign the application within 30 days of signing the application pack.
Consequences
Sequestrations, PTDs and DASs all have a serious effect on your credit rating this normally lasts for up to six years.
Sequestration or a PTD should be entered as a last resort. They should not be entered lightly as they have a serious impact on your credit rating. For some with huge debt that they will never be able to clear they chose this route. Some creditors put so much pressure on people that they can suffer with stress because of their debt.
If you are having debt problems and are finding it difficult to repay your debt it is crucial that you seek debt advice as soon as possible.
Wednesday, 25 January 2012
December UK inflation rate falls to 4.2%
At long last there was some good news for the Bank of England to reinforce its forecast that inflation would fall back sharply in 2012. The main reason for the 0.6% drop from Novembers 4.8% figure was due to reductions at the fuel pump and high street clothing companies discounting their goods in order to woe customers. The downward trend has continued since its 3 year high of 5.2% in September 2011.
Whilst inflation is still above the Bank of England’s target of 2% inflation they will be reassured that inflation will be below their target rate by the end of 2012,with the continued downturn in the economy forcing prices to be kept in check supported by reducing energy prices.
With the probability that energy suppliers will continue to reduce their prices for electricity and gas this should help in the war against inflation ,adding support to the Bank of England’s Monetary Policy Committee’s to continue with its policy of quantitative easing asset purchases.
The Office of National Statistics who released the data said that December’s reduction to a six month low was attributed to a reversal in factors that forced up inflation in 2010.
Surprisingly The Office for National Statistics revealed that there was little evidence to show supermarkets heavily discounting food in December, however the cost of alcohol had a record monthly drop.
Analyst for Jefferies International, Marchel Alexandrovich said “The figure was bang in line with expectations. This is a beginning of a downward trend that will see inflation fall back towards 3% by springtime as the VAT rise drops out and energy prices fall.
He continued: "The inflation back drop will improve going forward which will make it easier for the Bank of England to do more quantitative easing in the next couple of months.
Debt Help Solutions
Debt help solutions for people in debt includes a debt management plan, trust deed or for people with serious debt problems an IVA.
Whilst inflation is still above the Bank of England’s target of 2% inflation they will be reassured that inflation will be below their target rate by the end of 2012,with the continued downturn in the economy forcing prices to be kept in check supported by reducing energy prices.
With the probability that energy suppliers will continue to reduce their prices for electricity and gas this should help in the war against inflation ,adding support to the Bank of England’s Monetary Policy Committee’s to continue with its policy of quantitative easing asset purchases.
The Office of National Statistics who released the data said that December’s reduction to a six month low was attributed to a reversal in factors that forced up inflation in 2010.
Surprisingly The Office for National Statistics revealed that there was little evidence to show supermarkets heavily discounting food in December, however the cost of alcohol had a record monthly drop.
Analyst for Jefferies International, Marchel Alexandrovich said “The figure was bang in line with expectations. This is a beginning of a downward trend that will see inflation fall back towards 3% by springtime as the VAT rise drops out and energy prices fall.
He continued: "The inflation back drop will improve going forward which will make it easier for the Bank of England to do more quantitative easing in the next couple of months.
Debt Help Solutions
Debt help solutions for people in debt includes a debt management plan, trust deed or for people with serious debt problems an IVA.
Financial advisor jailed
Ryan Burnside, 35, has been jailed for a period of 2 years and 4 months for defrauding grandmother, Margaret Gallivan of her life savings using the pretext he was investing the money in a Lithuanian bank according to the Stirling Observer.
The Financial Services Authority (FSA) had banned Burnside working as a financial advisor prior to him obtaining £150,000 by fraud.
While Mrs Gallivan believed her money was being wisely invested the reality was Burnside was spending the money feeding his gambling addiction in casinos.
Whilst working for Investment firm Albannach in 2008, he was assigned Mrs Gallivan as a client of the firm. However Burnside was dismissed shortly after by Albannach and was no longer eligible for registration with the FSA, despite this he purported to still be employed in a financial advice capacity.
In order to alert people to the fact that Burnside was no longer authorised under the Financial Services and Markets Act 2000 a statement was released by the body in August 2010 to that effect. Unfortunately for Mrs Gallivan, she was unaware of this and was conned into giving Burnside more cash as Burnside told her some of her initial investments were under performing.
Mrs Gallivants reported Burnside after her son discovered he was no longer registered with the FSA to give financial advice. Burnside was subsequently arrested where he pled guilty to obtaining 150,000 by fraud whilst pretending to be a financial advisor.
At court, solicitor Frazer McCready explained, although Burnside had previously enjoyed a basic salary of approximately £75,000 per annum he had accrued debts of £40,000 after starting to gamble in 2005.
As noted in the Stirling Observer, Sheriff William Gilchrist told Burnside: “This was a gross breach of trust. Imprisonment is inevitable and the only issue is the duration. I have taken account of the amount, which was substantial , the period over which this offence was committed and the effect on the victim who has effectively been defrauded of her savings.”
The Financial Services Authority (FSA) had banned Burnside working as a financial advisor prior to him obtaining £150,000 by fraud.
While Mrs Gallivan believed her money was being wisely invested the reality was Burnside was spending the money feeding his gambling addiction in casinos.
Whilst working for Investment firm Albannach in 2008, he was assigned Mrs Gallivan as a client of the firm. However Burnside was dismissed shortly after by Albannach and was no longer eligible for registration with the FSA, despite this he purported to still be employed in a financial advice capacity.
In order to alert people to the fact that Burnside was no longer authorised under the Financial Services and Markets Act 2000 a statement was released by the body in August 2010 to that effect. Unfortunately for Mrs Gallivan, she was unaware of this and was conned into giving Burnside more cash as Burnside told her some of her initial investments were under performing.
Mrs Gallivants reported Burnside after her son discovered he was no longer registered with the FSA to give financial advice. Burnside was subsequently arrested where he pled guilty to obtaining 150,000 by fraud whilst pretending to be a financial advisor.
At court, solicitor Frazer McCready explained, although Burnside had previously enjoyed a basic salary of approximately £75,000 per annum he had accrued debts of £40,000 after starting to gamble in 2005.
As noted in the Stirling Observer, Sheriff William Gilchrist told Burnside: “This was a gross breach of trust. Imprisonment is inevitable and the only issue is the duration. I have taken account of the amount, which was substantial , the period over which this offence was committed and the effect on the victim who has effectively been defrauded of her savings.”
Friday, 13 January 2012
Jeremy Hunt admits Government is reviewing cut in child benefit
The Culture Secretary Jeremy Hunt stated the government was looking at ways to make unpopular plans surrounding the cut in child benefit fairer. However the treasury have commented there has been no change in policy at this stage.
David Cameron has admitted there was an issue with the proposed thresholds in the wake of increased criticism that single earning families were being unfairly hit.
Under the new proposals some parents could lose around £2500 if one parent earned over £44,000 whilst a family with 2 working parents earning £40,000 each would enjoy a total household income of £80,000 and retain all their benefits. With the 40% threshold due to fall in 2013 to around £42,000 more families affected further still.
Chris Leslie, Shadow Treasury minister hit out: “The government’s current plans to cut child benefit are unfair and highly bureaucratic.”
David Cameron commented in an interview with House Magazine that he had concerns the structure of some of the proposed changes. He said:”Some people say that’s the unfairness of it, that you lose the child benefit if you have a higher rate taxpayer in the family but 2 people below the level keep the benefit”
He continued: “So there’s a threshold, a cliff edge issue. We always said we would look at the steepness of the curve, we always said we would look at the way it’s implemented and that remains the case. But again, I don’t want to impinge on the chancellor’s Budget.
Quoting Culture Secretary Jeremy Hunt from an interview with BBC Radio Surrey he said: “We are looking to make things fairer.” “Particularly, there’s this sort of cliff edge effect that if someone gets over the top rate limit they lose child benefit, but there could be two people who are just under the limit in a household and have a combined income of much, much more than that who continue to claim it. So we want to look at the fairness issue there and see if there’s anything we can do to improve it.”
Chris Grayling, Employment Minister stated on BBC Newsnight however that he would be “surprised if there was a major U turn on child benefit”.
If you are in need of child benefit advice you should contact a free debt charity such as Debt Support Trust or Citizens Advice Bureau.
David Cameron has admitted there was an issue with the proposed thresholds in the wake of increased criticism that single earning families were being unfairly hit.
Under the new proposals some parents could lose around £2500 if one parent earned over £44,000 whilst a family with 2 working parents earning £40,000 each would enjoy a total household income of £80,000 and retain all their benefits. With the 40% threshold due to fall in 2013 to around £42,000 more families affected further still.
Chris Leslie, Shadow Treasury minister hit out: “The government’s current plans to cut child benefit are unfair and highly bureaucratic.”
David Cameron commented in an interview with House Magazine that he had concerns the structure of some of the proposed changes. He said:”Some people say that’s the unfairness of it, that you lose the child benefit if you have a higher rate taxpayer in the family but 2 people below the level keep the benefit”
He continued: “So there’s a threshold, a cliff edge issue. We always said we would look at the steepness of the curve, we always said we would look at the way it’s implemented and that remains the case. But again, I don’t want to impinge on the chancellor’s Budget.
Quoting Culture Secretary Jeremy Hunt from an interview with BBC Radio Surrey he said: “We are looking to make things fairer.” “Particularly, there’s this sort of cliff edge effect that if someone gets over the top rate limit they lose child benefit, but there could be two people who are just under the limit in a household and have a combined income of much, much more than that who continue to claim it. So we want to look at the fairness issue there and see if there’s anything we can do to improve it.”
Chris Grayling, Employment Minister stated on BBC Newsnight however that he would be “surprised if there was a major U turn on child benefit”.
If you are in need of child benefit advice you should contact a free debt charity such as Debt Support Trust or Citizens Advice Bureau.
Thursday, 12 January 2012
Is a trust deed appropriate for my circumstances?
Many more people than ever before are finding themselves caught out with mounting debts caused by unemployment within the family, cost of living outstripping increases in wages, pay freezes or overtime that was once assured and had been factored into everyday living costs is now a thing of the past.
For many, the reason they have found themselves in financial difficulty was unforeseeable and therefore to a large extent unavoidable. People handle the stress and pressure of debt in different ways, some will react immediately, seek advice and be proactive about their situation and, if the change in circumstances is only likely to be temporary then it may be that a period of moratorium is all that’s required in order to stabilize the situation. A period of moratorium means a request is made to the creditors explaining the change of circumstances and requesting token payments are made usually for a period of 6 months to give the debtor time to regain control of their finances.
For others however they struggle to deal with creditors resulting in avoidance of telephone calls and generally being non responsive to requests for payments they are unable to make. If a person’s financial position has became untenable with no prospect of this changing in the near future there are solutions to help.
If a person lives in Scotland there is a solution available called a trust deed or (once approved by creditors) a protected trust deed. This solution is not suitable for everyone and advice should be taken before entering a solution such as this. A trust deed will typically last 3yrs and has the benefit of collecting all your debts into one central pot. An insolvency practitioner’s services are required as this is a legally binding arrangement between yourself and your creditors.
Once the insolvency practitioner has completed an income and expenditure the IP will have a full understanding of the financial position .If there is disposable income after reasonable living expenses have been deducted then this sum of money would be included in a proposal to the creditors.
If the creditors accept the proposal then, 5 weeks after the meeting of the creditors and the IP the trust deed takes on a “protected” status. This means it has been accepted and is legally binding. At this point the IP is generally referred to as the trustee and it is there job to manage the case for the duration of the solution. Part of this process will involve full disclosure of all monies received during the length of the trust deed , in some instances this can mean paying more into the solution however it may also mean paying less dependent on circumstances.
Once the trust deed becomes protected the creditors are no longer allowed to contact the debtor directly which means all harassing telephone calls or countless demand letters must stop. If they continue then the trustee should be informed immediately as the creditors are acting illegally.
If you own a property with equity in the home a trust deed may not be appropriate however as dependant on the amount of equity you may have to sell the property in order to pay this money to your creditors.
It will also have a negative impact on your credit rating for at least 6 yrs and whilst a person is in the trust deed they are not permitted to seek further credit .The reality however is many people’s credit ratings are already badly damaged through defaults being put on the credit file by the time they have addressed the situation. In addition, the fact a person can once again answer the telephone knowing it will not be a creditor chasing money or get a good night’s sleep generally outweighs the negatives.
For many, the reason they have found themselves in financial difficulty was unforeseeable and therefore to a large extent unavoidable. People handle the stress and pressure of debt in different ways, some will react immediately, seek advice and be proactive about their situation and, if the change in circumstances is only likely to be temporary then it may be that a period of moratorium is all that’s required in order to stabilize the situation. A period of moratorium means a request is made to the creditors explaining the change of circumstances and requesting token payments are made usually for a period of 6 months to give the debtor time to regain control of their finances.
For others however they struggle to deal with creditors resulting in avoidance of telephone calls and generally being non responsive to requests for payments they are unable to make. If a person’s financial position has became untenable with no prospect of this changing in the near future there are solutions to help.
If a person lives in Scotland there is a solution available called a trust deed or (once approved by creditors) a protected trust deed. This solution is not suitable for everyone and advice should be taken before entering a solution such as this. A trust deed will typically last 3yrs and has the benefit of collecting all your debts into one central pot. An insolvency practitioner’s services are required as this is a legally binding arrangement between yourself and your creditors.
Once the insolvency practitioner has completed an income and expenditure the IP will have a full understanding of the financial position .If there is disposable income after reasonable living expenses have been deducted then this sum of money would be included in a proposal to the creditors.
If the creditors accept the proposal then, 5 weeks after the meeting of the creditors and the IP the trust deed takes on a “protected” status. This means it has been accepted and is legally binding. At this point the IP is generally referred to as the trustee and it is there job to manage the case for the duration of the solution. Part of this process will involve full disclosure of all monies received during the length of the trust deed , in some instances this can mean paying more into the solution however it may also mean paying less dependent on circumstances.
Once the trust deed becomes protected the creditors are no longer allowed to contact the debtor directly which means all harassing telephone calls or countless demand letters must stop. If they continue then the trustee should be informed immediately as the creditors are acting illegally.
If you own a property with equity in the home a trust deed may not be appropriate however as dependant on the amount of equity you may have to sell the property in order to pay this money to your creditors.
It will also have a negative impact on your credit rating for at least 6 yrs and whilst a person is in the trust deed they are not permitted to seek further credit .The reality however is many people’s credit ratings are already badly damaged through defaults being put on the credit file by the time they have addressed the situation. In addition, the fact a person can once again answer the telephone knowing it will not be a creditor chasing money or get a good night’s sleep generally outweighs the negatives.
Monday, 19 December 2011
IVA: Individual Voluntary Arrangement
Ever heard of an IVA and thought what is it? This might be the right time to find out more. IVA stands for individual voluntary arrangement. It was started in the eighties to help businesses stay out of bankruptcy. However it was so successful, that it is now being used for people in financial difficulty. The main reason behind this is because the program is so simple.
Nobody plans on not being able to repay their debt, more often than not it is just the circumstances we find ourselves in, redundancy, divorce, ill health, stagnant wages or the ever increasing cost of living, for some the effect of any of this is overwhelming. And for those people entering an IVA will benefit them.
IVA is operated in a simple way and this has meant widespread success. The debtor monthly sets aside an affordable amount of money to repay to the IVA. This amount is based on what can reasonably be afforded once all priority debts are paid, and that you have enough money to live. It is completely voluntary. You cannot be forced to do the IVA. In some cases as much as seventy five percent of debt is written off. It is an opportunity to help people get out of debt.
Starting an IVA will reduce the amount of repayments you need to make to your creditors monthly. You will agree to a repayment plan that you can comfortably stick to. This will also stop the creditors ‘chasing’ you or from making any frightening phone calls. After sixty months it is possible to be debt free after paying twenty five percent of the total debt. In an IVA the debtor buys time and can prevent the loss of assets. Interest rates and other fees can be frozen. With an IVA any debt not paid off at the end of the term will be written off.
The IVA is a legally binding agreement and normally lasts for around five years. At the end of the term the person is considered debt free. Neither party can change their mind half way through they must finish the payment plan.
There are many choices for people in financial difficulty. An IVA is one of the best for some debtors to take advantage off. There is only one monthly bill to worry about and creditors will not be able to harass the debtors. With the IVA it is a way to get all financial problems cleared up and start over again. Your credit rating will definitely be affected but given time and effort this will improve. For a lot of people this is the best option.
Nobody plans on not being able to repay their debt, more often than not it is just the circumstances we find ourselves in, redundancy, divorce, ill health, stagnant wages or the ever increasing cost of living, for some the effect of any of this is overwhelming. And for those people entering an IVA will benefit them.
IVA is operated in a simple way and this has meant widespread success. The debtor monthly sets aside an affordable amount of money to repay to the IVA. This amount is based on what can reasonably be afforded once all priority debts are paid, and that you have enough money to live. It is completely voluntary. You cannot be forced to do the IVA. In some cases as much as seventy five percent of debt is written off. It is an opportunity to help people get out of debt.
Starting an IVA will reduce the amount of repayments you need to make to your creditors monthly. You will agree to a repayment plan that you can comfortably stick to. This will also stop the creditors ‘chasing’ you or from making any frightening phone calls. After sixty months it is possible to be debt free after paying twenty five percent of the total debt. In an IVA the debtor buys time and can prevent the loss of assets. Interest rates and other fees can be frozen. With an IVA any debt not paid off at the end of the term will be written off.
The IVA is a legally binding agreement and normally lasts for around five years. At the end of the term the person is considered debt free. Neither party can change their mind half way through they must finish the payment plan.
There are many choices for people in financial difficulty. An IVA is one of the best for some debtors to take advantage off. There is only one monthly bill to worry about and creditors will not be able to harass the debtors. With the IVA it is a way to get all financial problems cleared up and start over again. Your credit rating will definitely be affected but given time and effort this will improve. For a lot of people this is the best option.
Debt Solution For Scottish People
A Protected Trust Deeds, a solution to a debt problem for thousands of Scottish people, this is a very effective way to write off your debt and gain control over your finances.
Of all the people who do apply for a Protected Trust Deed many more will continue with the struggle of trying to pay for their debts, these people are either not aware off Scottish Trust Deeds or a scared to seek advice for what they believe can be an embarrassing situation.
There is no reason for anyone to be embarrassed or to feel like a failure as they are not alone in this situation. Another reason putting people off is they are worried about their credit rating and whither it will ever recover.
The truth is in a Protected Trust Deed your credit rating will be affected and this will continue for a further 3 years .The full impact is that your credit rating will be affected for 6 years if not longer.
Why Take A protected Trust Deed If my Credit Rating is affected?
When your creditors realize you are struggling with debt. They can assume you are looking at Debt management plans, or Consolidation loans. They are also aware that bankruptcy is the worst option for them.
If you miss a payment with your creditors they may serve you a default notice. This is a legal requirement of your credit agreement for a default notice to be served against you. This would stay on your file for 3-6 years and will only be marked on your credit file as ‘satisfied’ when paid.
If you went for a DMP or DAS your credit rating would still be affected as you are not sticking to the original agreement, and because both these solutions require you to repay until it is all paid back your credit rating will be affected for longer.
The best Way to Mend Your Credit Rating after a Trust Deed
After your Protected Trust Deed has ended, it is time to start re building your credit rating, this will require some hard work and a lot of determination.
To begin with always en sure that you are registered on the electoral roll. This is something lenders always check it’s their way of assessing you to be a trustworthy, creditworthy person.
When you’re Protected Trust Deed ends you will get a document called a 'Discharge Document'. This needs to be sent to the credit scoring agencies Equifax and Experian this will allow them to update your credit file and mark discharge next to your name.
Many people are able to successfully get loans and mortgages after they have been in a Protected Trust deed. This may mean taking out a credit card with a high APR but as long as you repay on time and do not miss payments this will all help your credit rating.
Taking these steps will help you get everything back on track and will restore your credit rating.
Of all the people who do apply for a Protected Trust Deed many more will continue with the struggle of trying to pay for their debts, these people are either not aware off Scottish Trust Deeds or a scared to seek advice for what they believe can be an embarrassing situation.
There is no reason for anyone to be embarrassed or to feel like a failure as they are not alone in this situation. Another reason putting people off is they are worried about their credit rating and whither it will ever recover.
The truth is in a Protected Trust Deed your credit rating will be affected and this will continue for a further 3 years .The full impact is that your credit rating will be affected for 6 years if not longer.
Why Take A protected Trust Deed If my Credit Rating is affected?
When your creditors realize you are struggling with debt. They can assume you are looking at Debt management plans, or Consolidation loans. They are also aware that bankruptcy is the worst option for them.
If you miss a payment with your creditors they may serve you a default notice. This is a legal requirement of your credit agreement for a default notice to be served against you. This would stay on your file for 3-6 years and will only be marked on your credit file as ‘satisfied’ when paid.
If you went for a DMP or DAS your credit rating would still be affected as you are not sticking to the original agreement, and because both these solutions require you to repay until it is all paid back your credit rating will be affected for longer.
The best Way to Mend Your Credit Rating after a Trust Deed
After your Protected Trust Deed has ended, it is time to start re building your credit rating, this will require some hard work and a lot of determination.
To begin with always en sure that you are registered on the electoral roll. This is something lenders always check it’s their way of assessing you to be a trustworthy, creditworthy person.
When you’re Protected Trust Deed ends you will get a document called a 'Discharge Document'. This needs to be sent to the credit scoring agencies Equifax and Experian this will allow them to update your credit file and mark discharge next to your name.
Many people are able to successfully get loans and mortgages after they have been in a Protected Trust deed. This may mean taking out a credit card with a high APR but as long as you repay on time and do not miss payments this will all help your credit rating.
Taking these steps will help you get everything back on track and will restore your credit rating.
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