Debt Consolidation – What is a debt consolidation loan and how can it help you?

Debt consolidation simply means that we help you to consolidate all of your loans into one loan and one easy to manage monthly payment. By adding all of your loans and debt together this can often help to vastly reduce the monthly payments you are required to make.

This makes handling your debts and loan repayments much easier with only one simple payment to make each and every month.

Debt consolidation can also provide you with a clear timeframe and a set date from which you will be completely debt free and all of your debts will be paid off at the end of the term of the loan.

Getting a better loan deal

We may also be able to help move your debts onto loans with a lower interest rate and more favourable re-payment terms that can save you money and get you a better deal than you had previously. The debt may be secured on your home which in turn means you can get a better rate of interest over the period of the loan.

Debt consolidation may also still be suitable for those who have previously a poor or bad credit rating.

Debt consolidation is ideally suitable for those who have un-secured debt (debt not secured on property or land) of less than £15,000. In which otherwise an IVA may possibly be a more suitable solution.

The benefits to consider about debt consolidation are:

• One easy to manage monthly loan repayment.
• Only having to deal with one creditor.
• No more having to juggle different debts and payment days.
• You know exactly how much your monthly payments will be.
• A reduced monthly amount to pay.
• A better rate of interest or more favourable loan terms.

Clearing your debts with debt consolidation

It’s important to note that the sooner you act, the more positive your situation will be and the more we will be able to help you to reduce the amount of debt you have to pay back.

Best Wishes, Susan.

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