Debt consolidation loans are undoubtedly a very popular way to manage existing debts. Essentially, a Debt Consolidation Loan allows the borrower to group together a number of credit cards and loans, resulting in one, often lower and more manageable monthly repayment. One drawback of such an arrangement is that the repayment of these loans can be extended further back. It is always a balance between a longer repayment period and lower monthly payments or a shorter repayment period but a higher monthly repayment. This is why it is very important to consider your circumstances very carefully before applying for a Consolidation Loan.
The most useful tool in this exercise is a detailed budget. Simply listing your outgoing, rent or mortgage, loan repayments, daily living costs, food and other regular expenses. If you do find that you have more than two loans and there is very little disposable income left at the end of the month you may be requiring a Consolidation Loan.There are two types of Consolidation Loans:
Alternatively, if you would like to discuss your application before you apply feel free to call us anytime. Our opening hours are 9 am to 8 pm Monday to Friday. We do not use expensive premium lines. If you are calling from a land line our cheap local call number is 0845 519 0969. If you prefer to call from your mobile the cheapest number to call is 01489 780538. Alternatively call us and ask for the call to be reversed.Consolidation Loans at a glance:
WARNING: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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