Credit Cards, personal loans, store cards and higher purchase goods making monthly payments a logistical nightmare, would you prefer to pay a little less each month, or would you prefer to pay of your loans quicker? At The Debt Line, we recognise a consolidation loan is a popular route out of complex debts, read on for the advantages.
- Your monthly repayments can be reduced by up to 60%.
- Your debts will be 'all in one place' and easier to manage.
- Even if you only have one debt a loan may provide a cheaper alternative.
What is Debt Consolidation?
A debt consolidation loan combines your existing debts. This should make your debts easier to manage. As only one monthly payment is required there is a reduced risk of missing payments which can affect your credit score. Typically a consolidation loan will reduce your monthly repayments meaning that your have more money to spend on the things that you enjoy. This can often be all that is needed to put an end to the stress-inducing demands made by nagging creditors.
Can I apply for Debt Consolidation?
A Debt Consolidation loan can be a highly effective way to sort out your debts, but it's not easy to get. Typically loans are between £1000 and £5000, these amounts are seen as safe amounts to lend when not secured against your home. Anything over these amounts are rarely lent unless you have a clear credit history, and unfortunately applying for loans can be detrimental to this score. If you have a less then perfect credit score then it can be very difficult to get a loan, even for between these amounts. At The Debt Line we always call you before checking your credit for a loan, we will let you know through our own analysis weather you are suited to a loan, or any other products we offer.
What will The Debt Line do for me if I apply for Debt Consolidation?
- We will check that you are suited to a debt consolidation loan with analysis from our experienced advisors
- We will check all your incomings and outgoings, check how much you require, and arrange for a loan plan which is affordable and fair.
- Make your debts easier to manage.
- Less creditors to hassle you with letters and calls.
Additional advantages of Debt Consolidation?
- One payment each month, no matter how many creditors you have.
- No adverse marks against your credit score.
- Reduced chance of fines due to late payments.
Further information on Debt Consolidation
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"Initially I applied for a loan to consolidate my debts. However, after speaking to one of your advisors, it became clear that a far better solution would be to go on one of your financial management plans...
Everything was made so simple and the continual support and advice you have provided from my initial enquiry and whilst on my financial management plan has resulted in my debts nearly being clear now! I can't thank you enough for your help."
Janet N, Birmingham
