If you find that you have mounting levels of debt that you struggle to make even the minimum payment to, then Debt Consolidation can really help you get your finances back on track.
Debt Consolidation means that you consolidate all of your unsecured debt which leaves you with just one creditor. You will only be making one combined payment to these debts each month.
Debt Consolidation also means that you don’t have to pay sky-high interest fees. As your loan may be secured against your home, interest rates are likely to be much lower.
As long as you don’t acquire any more debt, then your credit rating will improve over time. As you will be making regular payments on time and your debt will be reducing each month.
It is important that you remember the reason that you wanted to consolidate your debt in the first place. Debt Consolidation can only be beneficial if you stop using your credit cards, or else you will have the same level of unsecured debt as before as well as your Debt Consolidation Loan.
For expert advice about your Debt Consolidation Loan, please talk to our consultants on freephone 0808 131 0037.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
DebtConsolidation.co.uk is a trading name of Ask Finance Ltd which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.