A Debt Management Loan is best suited to those who wish to consolidate their debts, leaving just one affordable monthly payment.
This loan will clear off your existing unsecured debt and leave you with a single payment to make to all of these debts. As you don’t have to worry about making multiple payments scattered throughout the month, it is a great way to get back in control of your finances.
Taking out a larger loan to pay off your expensive unsecured debt can often be a good idea as it makes your payments more manageable. You may also benefit from a much better interest rate as the new Debt Management Loan is likely to be secured against your home.
It is also possible to consolidate your unsecured debt without a Debt Management Loan or any further borrowing. If you want a loan as you are struggling to meet your unsecured debt repayments you may find that a no loan consolidation option, such as a Debt Management Plan, is a more suitable solution.
For further advice and information please call our expert Debt Consolidation advisors 0800 048 3674.