Debt consolidation loans
Debt consolidation loans can be obtained to pay off two or more existing debts with one smaller monthly repayment and can be the simplest way to deal with numerous creditors constantly chasing you for payment.
There are a number of ways in which debt consolidation loans can be sourced such as:
- credit card transfer using preferential rates from one credit card provider to settle other credit card(s) which may be subject to high interest charges.
- an unsecured personal loan
- a secured personal loan or second charge mortgage
- a further advance from an existing mortgage provider secured against property but leaving the original mortgage intact
- a re-mortgage which puts all your existing credit commitments, existing mortgage – personal loans and credit cards, into one loan with one monthly payment with the loan being secured against your home.
Consolidating existing credit debt into one personal loan may save on your monthly outgoings while, at the same time, make your own personal finances more manageable with you just making the one monthly payment.
Is a debt consolidation loan right for me?
The answer is NO if:
- You have already consolidated your debts several times in the past
- If this consolidation includes debt still owing from previous consolidations
- If you want to move debts from credit cards so that you can start using those cards again
For free advice on debt consolidation loans click here to apply using our loan application form or call us now on 0114 244 6200.
THINK CAREFULLY BEFORE SECURING DEBT AGAINST YOUR HOME. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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