Is a debt consolidation loan right for me?

• Yes, if you are looking to - reduce your monthly outgoings - speed up repayment of several debts with one creditor - change lenders for better interest rates - to settle an Individual Voluntary Arrangement (IVA).
• No, if you have - used a consolidation loan unsuccessfully before to consolidate an older loan - if you intend to free up credit and store cards that you need to continue using as part of your normal monthly budget - if you are unsure you will be able to maintain the repayments.

A well managed consolidation loan will enable you to take control of your financial situation. The idea of rolling all your debts into one affordable monthly repayment to make your financial situation more manageable can be very appealing. In the right circumstances, a consolidation loan will clear your debt faster than several smaller repayments, but it can be all to easy to over-commit yourself to the size of your monthly repayments. Making the assumption that a consolidation loan will solve all your financial problems without the need to prepare a budget and then live within it, could lead you on to a more serious financial predicament. Over time, many people find themselves back at square one, with their financial stress levels increased. So, make sure you can afford the repayments. Create a budget and stick to it. Try to resist living off credit as part of your monthly budgeting and try to resist using a consolidation loan to clear an existing consolidation loan.

If you can do that, a consolidation loan will allow you to become debt free again.

There are 3 types of consolidation loan:

Unsecured loan

Secured loans

Re-mortgages

Debt Help UK are able to introduce you to selected financial institutions to advise you on the best loan available for your particular circumstances. These companies are obliged to be completely transparent about their rates of interest, their fees and charges.

Call free on 0800 088 7502 to find out more about Debt Consolidation loans or get help in applying for a consolidation loan by filling in the form below.

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