Bankruptcy & IVA Advice from Progressive Finance

If you become bankrupt you lose control of your assets, you need to disclose your bankruptcy to obtain credit over £250, and your credit rating is zero for at least six years. A bankrupt may be discharged (freed from obligations under the bankruptcy order) after the one year. Getting a bank account, when bankrupt, is extremely difficult but we can help. Not only that we can assist in setting up direct debits along with a debit card. As we are a broker a small arrangement fee is charged.

Writing off debt with Progressive Finance

If you haven't got the money you can't pay them, and that's the backbone of our plan. The first thing we do is tell you to stop paying them while we look at your situation. We will ask you how much money you have coming in every month. What your essential out goings add up to, such as rent or mortgage. Then we will come up with what you have left over. This is your surplus income. We then look at your debts. We tell them you are getting in trouble and ask them to freeze your account while we work out what you can AFFORD to pay them. We ask them to stop the interest and not to add any further charges or take any further action.

We then divide the money you have left equally between them and make them an offer of payment that you can afford. It depends on your circumstances, but they are normally happy if they get 1% of the debt back each month. So, if you owe them £5,000, they would probably take £50 per month. Our plan isn't as damaging to your credit as an IVA, and the creditor gets more of their money back so they are happy to deal with us. If we negotiate your monthly payment down to £50, £10 is our management fee, so £40 comes of your debt. The first month's payment is paid to us as your setup fee. As long as you help yourself, we'll control your debt, and get you debt free.

Maybe you'll sleep again!

Loans designed with you in mind

At Progressive Finance we’re always thinking of new and better ways of serving our customers and we aim to find the right financial solution for their circumstances.

We’ll do the searching for you

Whether you need a loan to consolidate existing debts or want cash for something in particular, our friendly loans team will search for the best option for you from our panel of lenders. Ideal for people who have a bad credit history.

Credit cards for people with bad credit

If you're having trouble getting a credit card or have been refused in the past, all is not lost as there are some credit card providers who offer credit cards to people with poor credit history, bad credit rating or people with no previous credit history.

So if you have a history of defaults, arrears, CCJs, or bankruptcy, the good news is there are a few bad credit, credit card providers who offer you the chance to rebuild your credit rating whilst enjoying the convenience of using a credit card. Progressive finance is a broker a for a small arrangement fee will find the best deal available.

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