Are you finding it hard to pay off your debts? Are you feeling the pressure of living month to month?
Debt consolidation can help you both simplify and better manage your finances while saving on interest and increasing disposable income.
Consolidate your debt & become debt-free
There is loads of help for those that are struggling with debt, from budgeting to debt consolidation and debt counselling, there is an option for just about any situation. There are numerous companies out there that will help you get your finances under control using the debt consolidation route.
You will not only increase your disposable income, and get protection from creditors but you can also end up saving a massive amount of interest and become debt-free in the process. This is particularly true for those that refinance their mortgage and consolidate debt.
While most banks offer debt consolidation loans you can certainly opt for alternative providers that may be more flexible with their lending criteria. These alternative providers include peer-to-peer lenders and online credit providers.
If you still have a good credit record and have not missed any of your debt payment to date, you will very likely qualify for some of the most competitive debt consolidation options on the market. At the moment, it is the peer to peer lenders that offer the lowest interest rates for these types of loans.
Do you need a debt consolidation loan?
Are you battling to make it through the month and finding it harder and harder to keep up with your debt repayments? Are there lenders that are harassing you because you have not been paying your accounts?
Would you like professional help and are not sure where to turn? Do you feel like there is no way out for you? Are you battening to stay afloat with all of the loans and credit cards that you must pay?
If you’ve answered yes to any of these questions then chances are that your situation can easily be remedied with the help of a debt consolidation loan from one of the UK’s leading credit providers. When you consolidate debt you roll all of your smaller debts into one larger personal loan or refinance your home loan and consolidate using home equity.
This leaves you with a single monthly repayment to make, thereby simplifying your debts and making it easier to manage.
Types of debt that can be consolidated
Although you can consolidate almost any type of credit including vehicle loans, it is generally the smaller, unsecured loans and accounts that people want to consolidate. These loans include short-term loans, credit cards and even retail accounts. The higher the interest you’re paying, the more sense it would make to consolidate the loan.
How to apply for a debt consolidation loan
There are many ways to apply for a debt consolidation loan, you can apply online for your loan and it will not take long. Or you can also apply to the bank or the branch that you want to go to. When applying online they will ask you many questions and require that you provide a host of supporting documents.
You must ensure that you answer all the questions accurately and provide all of the supporting documentation. A loan decline as a result of an incomplete application is not only a waste of your time but is extremely frustrating.
Quick & easy online applications
Remember that providing honest and truthful answers means that the company will be able to help you get the best deal to help you with your debt. When dealing with a bank and you have any questions, please make sure to ask so that you have a complete understanding of your loan and how the consolidation process works.
Fill out the quick online loan application and the lender will get back to you, alternatively give them a ring and let a representative assist you in determining whether or not consolidating is a viable option for your situation and the implication of proceeding.
Debt consolidation – Understanding it better
If you are in need of help and assistance to get your debt under control then debt consolidation is one of many options at your disposal. Most of the companies that help you with debt consolidation will take all of the debt you own and consolidate it into one affordable monthly repayment.
It doesn’t matter if you have multiple loans or if you just have one loan that you wish to refinance, they will be able to assist you to get a handle on it.
How much can you save by consolidating debt?
You can find out how much you will save by using a consolidation loan calculator where you will be able to see how much your loan will cost overall. You could also ask the company that you are dealing with to give you a quote, that way you will be able to see all the details before accepting a loan offer.
Manage your budget with one single debt repayment
We say that it is better to get help then sit in silence and not let anyone know that you are drowning in debt. There are many companies that take all the extra steps to help you get out of debt. They will help you understand your own financial situation and get out of debt.
Getting out of debt and consolidating your debt is not an overnight solution. Chances are that it took you a number of months or even years to get yourself into a sticky debt situation and it will take a quite some time to get out.
Alternatives to debt consolidation
- Use savings to repay debts
- Create your own debt repayment plan and budget
- Use a credit card to repay debt or balance transfer credit card to repay credit card debts
- Work with a financial planner
- Apply for debt counselling
- Apply for debt management
Debt consolidation is a lengthy process and is not suitable for all debt situations which is why it’s always best to speak to a professional and make use of loan comparison sites and even loan brokers.