What is Debt Consolidation?
Essentially, debt consolidation entails taking out one loan to pay off many others.
A debt consolidation loan can help you to clear your debt and take control of your finances by replacing all of your monthly debt repayments with one simple payment each month with a lower rate of interest. This is because debt consolidation usally takes the form of a loan, which will use one of your assets (typically your home) as collateral.
You don't have to own your own home, but an unsecured debt consolidation loan will be more expensive.
If you would like to speak to an advisor about debt consolidation loans, simply fill in the form above, or call us free on
0800 634 8471.
Advantages of Debt Consolidation
- Replace multiple debt repayments with a single monthly payment
- Cut your monthly costs
- Deal with one debt and one lender only
Disadvantages of Debt Consolidation
- As your payments are lower you will be paying your debt for a longer period of time. This means you may end up paying more in the long run
- Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Our typical variable rate is 13.4% APR. Most people will receive a lower rate than this. Rates range from 7.9% to 30.9% APR. Our highest rate would only apply to customers with severe credit problems.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.
A fee of up to 15% may apply. Calls may be recorded for training purposes.
Money Debt and Credit (Financial Services) Ltd, Registered in England & Wales No.05951422.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Financial Service Authority Number: 461643, Consumer Credit Licence Number: 0593490