The purpose of Debt Consolidation is to gather all of your existing debts into
a single loan, normally at a lower rate of interest, allowing
you to make one affordable payment each month. This means
you have only one company to deal with, and
lower monthly repayments may be possible.
Debt Consolidation loans are available from
£5,000 to over £150,000 but the amount loaned
will generally be determined by your personal circumstances.
However, given the recent turmoil faced by many lenders, securing a debt consolidation loan at competitive rates is increasingly difficult, especially for those with a poor credit rating.
The lowest rates of interest are achieved
when secured against your property, but this means your home
could be at risk if you fail to keep up with the repayments.
Furthermore, although debt consolidation can prove an
effective solution for some, it often leads to a false sense of security, and people unwittingly falling into even more debt.
If this solution is appropriate for you, then through our leading panel of
experts, EmployeeDebtline can provide access to one of the most
comprehensive range of Debt Consolidation loans available in
the market, giving you peace of mind knowing that you will be
getting the best loan available to you.
Advantages
¤
your existing creditors
can be paid off in full, removing the stress of
further demands
¤
avoids having to sell
your home
¤
you make only one affordable
monthly payment, usually at a significantly lower
rate of interest
¤
your credit rating is
unaffected, so your ability to borrow money remains
in tact
¤
can be arranged quickly,
immediately getting you back in control
¤
avoids the trauma of
bankruptcy
¤
keeps your details out
of the local newspapers
¤
does not affect your
ability to hold certain jobs or act as a company
director
Disadvantages
¤
can lead to a false sense of security, perpetuating your overall debt problems
¤
interest continues to be
paid over the period of the loan
¤
not available to everyone,
depends on status
¤
typically secured against your home, so this could be at risk if repayments are not kept up
If you think Debt Consolidation might be right for you, or would
simply like to discuss the options available, then contact
us now for immediate help. Our friendly team of experts
will listen to your individual circumstances and provide you
with clear, honest and impartial advice. We are always happy
to help.
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Debt Consolidation
