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Reduce your outgoings by 'spreading out' your repayments |
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Simplify finances by combining multiple debts into one |
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Reduce the cost of other debts, like credit cards |
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About debt consolidation loans
A debt consolidation loan is an ideal debt solution for people with multiple debts who want to reduce their monthly outgoings and simplify their finances.
It's unlikely to help anyone in financial difficulty - but if you just want to change the way you repay your debts, a debt consolidation loan could help.
Debt consolidation could also help you to reduce the cost of other debts, such as credit cards, overdrafts and store cards.
Unlike some debt solutions, a debt consolidation loan won't harm your credit rating. In fact, as long as you keep up with all your repayments, it could actually improve it, making credit easier to obtain in the future.
Things to consider
There are a few disadvantages, however. Repaying your debts over a longer period of time could increase the overall amount of interest you pay. The longer repayment period also means that your debts will remain a burden for longer - so you must be sure that you'll be able to meet all your repayments before you start.
To find out more, call us on: 0800 074 4111
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Loans subject to status and where mortgages are involved, subject also to type and value of property. For mortgages, an arrangement fee of 5% of the cash raised, subject to a minimum fee of £495 and a maximum fee of £1,495, is payable on completion. For secured loans a 10% broker fee is payable on completion. DEBT CONSOLIDATION MAY INCREASE THE AMOUNT TO BE REPAID IN THE LONG TERM. Calls may be recorded. |
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