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What is debt consolidation?
Debt consolidation just means bringing your debts together so that you have only one monthly payment to one company.
What are the benefits of debt consolidation?
You have just one payment per month instead of having to juggle multiple payments.
You can stay in control of your finances because you know exactly how much your debt will cost you each month.
It is possible to significantly reduce the amount of interest you pay each month.
You have just one company as a point of contact.
It is possible to consolidate your debts into one lower payment which can free up cash for other things.
Debt Consolidation Help
The method you use to consolidate your debts will depend on your circumstances and credit rating. A common method of consolidating is to use a debt consolidation loan. Our advisors are highly trained and can offer both unsecured and secured debt consolidation loans even if you have bad credit.
Unsecured Debt Consolidation Loans
An unsecured debt consolidation loan can be used to pay off your smaller debts leaving you with just one payment per month. You do not need any assets to secure the debt on but your credit rating and income will determine whether you qualify. The interest rates do tend to be higher than unsecured loans as they are more of a risk to the lender. We look at a wide range of unsecured lenders and can quickly assess what unsecured loans you qualify for.
Secured Debt Consolidation Loans
A secured debt consolidation loan can be ideal solution if you are looking to consolidate large amounts of credit. You need to be a homeowner with equity in your property in order to qualify. The APR will usually be cheaper and you can borrow larger amounts as the lender has your property as security. The more equity you have in your property, the better your chances of getting a loan.
We look at a wide range of secured lenders and can quickly assess what secured loans you qualify for.
Bad Credit Debt Consolidation Loans
So that we can help as many people as possible we offer advice on a range of solutions even if you have a bad credit rating. It is possible to get loans with a bad credit rating and our advisors will look at all the options available to you.
If you don’t qualify for a debt consolidation loan or it is not appropriate for your circumstances then it might be worth considering other options such as Debt Management, IVAs, Trust Deeds and Bankruptcy.