Like the idea of consolidating your debts, but don't like the idea of getting another loan to pay off your existing creditors? There are other Debt Consolidation services that can consolidate your existing debt without the need to borrow more money.
You can achieve no loan debt consolidation with a debt management plan. A Debt Management Plan is perfect if you are struggling with payments and you are looking for a simpler way to manage all your outgoings.
This Plan will combine all your debts into one and you make one single payment which is then distributed between your creditors. Creditors are sometimes willing to freeze interest or changes on your debt, although this cannot be guaranteed.
Debt Management could also be a better choice if you think you would struggle making payments to a debt consolidation loan. Failure to make payments to your secured debt consolidation loan means that you are at risk of losing your home. A Debt Management Plan removes this risk as you are not actually borrowing any further money.
A debt management plan is an informal no loan debt consolidation agreement between you and your creditors. This can offer you additional advantages as the plan can change with your circumstances.
If you have debts over £15,000 then you might want to consider getting IVA advice. An IVA (Individual Voluntary Arrangement) is a legally binding agreement between the debtor and their creditor which offers a certain amount of debt relief. Any unaffordable debt can be written off as part of your IVA and all interest and charges are frozen.
For free advice and information please feel free to contact the Debt Consolidation team. We will go through your finances and try to find the perfect solution for your debts – 0800 048 3674.
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.