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Consolidate Your Debts into One Affordable Payment
Struggling to pay off debt can be a stressful both mentally and financially and can leave you feeling like you are in a financial hole that you can’t get out of. If you are struggling with paying multiple debts then debt consolidation loans are away to pay them off and be left with one debt. A debt consolidation loan pays off your unsecured debt, consolidating the debt into one loan agreement. This can be beneficial as instead of dealing with debt payments at different periods of the month there will just be the one payment that you need to concentrate paying.
If you are known to struggle with paying bills and debt then a debt consolidation loan might not be the best for you as a debt consolidation loan needs to be paid every month so you do not incur penalty charges and fall behind on your re-payments leading to further debts.
Getting a debt consolidation can be done by getting the loan from a bank or building society or even an unsecured company, your current credit rating will dictate how successful you will be. But if you are a property owner you might be able to get a debt consolidation loan that is secured on your property. This can be beneficial as you could get offered a lower interest rate because of the security involved and also might be able to repay the money over a longer term period.
A debt consolidation loan can reduce the debt into one monthly manageable payment and if you have debts such as credit cards that have a relatively high APR then paying off these with a debt consolidation loan with a much lower APR would be a smart move. Make sure you have check all relevant options before taking out a debt consolidation loan as it may not be the right step or available for you to obtain.
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Debt Management consolidates debt in to ONE low affordable payment without further borrowing
Get Out Of Debt
| Advantages | Disadvantages |
|---|---|
| Affordable monthly payment | No more borrowing during the IVA period |
| You won't have to go bankrupt | Credit rating is poor for a further year after the IVA |
| You keep your house and car | Default can result in bankruptcy and you may end up paying more |
| Interest payments are frozen by law | Five year period |
| Your overall debt is substantially reduced | If you have equity in your home you may be required to release it to your creditors. This is usually achieved by increasing the level of your mortgage towards the end of your IVA. If this is not possible you are likely to be required to extend your IVA payments by up to an extra 12 months |
| Your friends and family don't have to know | |
| Your debts are cleared in five years | |
| Payments are calculated to be affordable; whilst in an IVA your home is protected from legal action and unsecured creditors cannot force you to sell |
The Longer You Leave Your Debt Problems - The Worse The Situation Becomes.
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