UK Personal Debt Consolidation Loans

A Debt Consolidation Loan can be used to repay any credit or debt you may have like:

• Existing loans
• Credit Cards
• Store Cards
• Catalogues

In other words it combines several debt obligations into one debt. If you find you have several monthly payments on a number of different loans, credit cards, store cards or any other debt you can make things easier for yourself by bringing them all together and taking out one single loan to pay off the total debt. This would mean that you only have one monthly payment. You are not clearing your debt you are just making it more manageable to repay your debts.
THINK VERY CAREFULLY BEFORE SECURING OTHER DEBTS ON YOUR HOME

How does Debt Consolidation work?

If you have accumulated a number of store card, personal loans or credit cards debts over a period of time, you will probably be finding it hard to make regular monthly payments. It can get rather worrying if you have got yourself into what seems like a never ending tunnel of debt. Try our online debt consolidation calculator.

The aim of a debt consolidation loan is to lower your monthly payments thus taking away some of the pressure on you. Debt consolidation usually reduces the borrower's monthly payments by lowering the interest rate or extending the repayment period or sometimes both.

Being in debt - not necessarily your fault!

There has been a considerable increase in the number of people seeking debt advice, many are families who find they have to spend more than 50% of their annual income on debt repayments. There are many reasons why people get into debt. They haven’t looked at their budget properly to see how much actual spare money they have each month, it could be that a divorce has made repayments difficult to meet, bereavement can also be a major factor, or maybe redundancy is to blame. Even having a new baby can affect monthly income, so it is not always through any fault of your own that you sink lower into debt.

Always remember!

You should realise that a debt consolidation loan can in fact help you on the road to a better financial status, if you keep up payments it can usually help you get a good credit rating. You are however increasing your debt but with more manageable repayment terms. Your house is at risk if you fail to repay a secured debt consolidation loan. In other words should you be unable to make your loan repayments, the lender has security collateral in your home, therefore continuous failure to pay back the loan repayments could result in the lender legally taking possession of your house.

TYPICAL VARIABLE RATE IS 10.9% APR - Rates range from 7.7% APR to 18.3% APR
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON MORTGAGES OR ANY OTHER DEBT SECURED ON IT.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
Written quotations are available on request.

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