Debt Consolidation

In simple terms, Debt Consolidation means taking all your individual debts and amalgamating them, with the aim of reducing the overall amount of the debt and/or the amount you have to repay each month.

It can involve one or more of the following:

Credit Card Transfers

Transferring various credit balances to a credit card, often at 0% finance, and using credit card cheques to pay off non-credit card debts, can work for you if you are able to clear the balance before the interest starts accruing. Often, however, people simply fall into a vicious circle of increasing debt as a result.

If you wish to avoid credit card balance transfers and are looking for a more appropriate solution then get in touch with us by completeting online form. or you can call our debt free helpline 0161 244 5649.

Further Borrowing

Debt consolidation loan- By obtaining an unsecured personal loan from a bank or another lender in order to pay off all your other loans. Because the loan is unsecured, you don’t risk losing your home in the event of a default, but, as a way of getting yourself out of debt, borrowing really doesn’t work.

Often you simply end up increasing your debt, since many loan providers 'piggyback' expensive PPI onto their loans, sometimes without you fully understanding what you’re paying for.

And if you’ve been turned down for a loan from your bank it‘s really not advisable to approach private lenders – they’ll only accept you on the basis of agreements that charge you extortionate interest. If you wish to consolidate your debts into one affordable payment each month WITHOUT a loan, then get in touch with us by completeting online form. or you can call our debt free helpline 0161 244 5649.

Remortgaging

Remortgaging a property to borrow more . You switch your home loan to a new lender and borrow more money. This has become very common in recent years, with the rising equity in properties, and it can be a great help when arranging a full and final debt settlement with your creditors. Lenders will, however, insist on their loans being repaid in full before you move.