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Debt Consolidation Loans

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What is a Debt Consolidation Loan?

The increased cost of living and stagnating wages have made it difficult to stay financially stable, and more people are turning to credit to tide them over. With borrowed funds available via credit cards, overdrafts, finance contracts and more, it can be tough to keep track of different debts. This is where a Debt Consolidation Loan can help – by taking out one larger loan to pay off your outstanding debt, you just make one monthly payment then several others to different providers.

Secured loans

A secured Debt Consolidation Loan is only available to homeowners, as the property is used as collateral for the loan. Those planning on obtaining a Debt Consolidation Loan against their house must consider it carefully, as if regular repayments are not maintained then the property could potentially be repossessed.

Unsecured loans

Unsecured loans are like any other form of borrowing such as credit cards and overdrafts – they aren't secured against your property but you may face action from debt collection agencies and/or bailiffs if you do not make the necessary repayments.

Debt Consolidation Loans for bad credit

A Debt Consolidation Loan is subject to the same procedures as applying for any form of credit or borrowing. Your credit background will be checked, therefore meaning that if you have a bad financial history or a poor credit rating then you may find it difficult to get a loan with a competitive rate or to secure any further borrowing at all.

If you do choose to take out a Debt Consolidation Loan but fail to keep up with monthly repayments, then your credit rating will deteriorate and you may find yourself getting in further debt.

Whilst a Debt Consolidation Loan can be an effective solution for those struggling with debt, there are also other paths available that vary depending on each individual's circumstances.

For more information regarding Debt Consolidation Loans, call us now on 0808 163 9579 to speak to an advisor or complete the form below.

Complete this form and we'll find the right option for you

Call us on our freephone number 0808 163 9579

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I understand I will be contacted. Privacy policy

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