Debt Consolidation

What Is Debt Consolidation?

If you need help getting out of debt, you are not alone. Although signs show an upturn in the economy, many peoples are deep in debt, and not everyone can work overtime or a second job to pay down that debt. That’s where debt consolidation and other financial options come in. Debt Consolidation usually involves taking out new credit to pay off your existing credit. Take action as soon as you see a problem developing, and get some advice on the situation.

Consolidating Debt Options

Debt Consolidation Loans

A Debt Consolidation Loan (DCL) allows you to make one payment to one lender in place of multiple payments to multiple creditors.
A debt consolidation loan should have a fixed interest rate that is lower than what you were paying, which reduce your monthly payments and make it easier to repay the debts or to help you pay bills and living expenses, then it’s worth talking to a free debt adviser as soon as you can and avoid getting deeper into debt.

Bad Credit Debt Consolidation

They will be good for your credit score as long as you make on-time payments on the loan. However, if you are getting a debt consolidation loan, you likely are behind on payments so your credit score already has been dinged. If you miss any more payments, your credit score will continue to suffer. Experts suggest using a nonprofit counseling agency, which will educate you on money management and if you qualify, enroll you in a debt management program.
If you're looking to consolidate your debts but your credit is poor we may still be able to help you. They're things you should avoid doing which could make it even harder for you to get credit in the future like keep applying.

Non Borrowing Consolidation

Consolidating debt is without the need of getting into further debt can be the answer to many people who want a large consolidation loan aren’t going to get it, no matter who they apply to if they have defaults etc. A credit counseling agency takes a look at your monthly income and works with creditors to lower interest rates and possibly eliminate some fees.
The two sides agree on a payment plan that fits your budget. This is not a quick fix. DMPs normally take 3-5 years, but by the end, you eliminate debt without taking on another loan.

Debt Consolidation Benefits

Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. — into one bill.

Take The Opportunity To Start Off Consolidating Your Debt

You Won't Pay Any Additional Interest Rates Or Charges

Lower Monthly Repayments Over A Fixed Period Of Time

Payback Debt At A Rate You Can Realistically Afford

Pay Off Outstanding Balances And Eliminate Debt Collection

Help & Advice With Debt Consolidation

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Debt Consolidation Programmes

Free Debt Management Plan

Debt Management Plans are available across the UK although people dont take advantage of them. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. A DMP can help get everything in order, therefore making things that little bit more manageable to help ease stress over debt problems.

 

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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is a formal and legally-binding agreement between you and your creditors to pay back your debts. This is agreed over a period of time and any remaining debt after this is written off. An insolvency practitioner deals with the creditors throughout the duration of the IVA so you don’t have to.

 

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DRO

A debt relief order (DRO) is a way to have your debts written off if you have a relatively low level of debt and have few assets. If you qualify, our specialist DRO team can apply to the Insolvency Service for you. Debt relief orders are not available if you live in Scotland.

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