Debt Consolidation

What is a Debt Consolidation Loan?

Basically, a debt consolidation loan will take all your existing debts from credit cards, store cards, personal loans and similar and transfer the monies owed into one loan with one monthly repayment which is manageable. You will still have to pay back everything you owe, but with a debt consolidation loan you will be able to reduce your monthly outgoings, pay a lower rate of interest, or be able to spread the costs out over a longer time period giving you a more manageable debt

Advantages

• Better for your credit rating. A Debt Consolidation Loan means you are still paying everything off and so wont damage your credit rating unlike bankruptcy or an IVA.
• Reduce outgoings. Credit cards and store cards are often at high interest rates and by paying these off with a debt consolidation loan you can move the debt to a much lower interest rate meaning reduced outgoings each month.