Debt consolidation essentially means combining all of your debts into a single monthly payment. This often involves taking out either a secured or an unsecured debt consolidation loan large enough to cover all of your existing debts. You are then left with one monthly repayment. Each lender has its own criteria that any application will need to fulfill before an application is successful. We do not offer consolidation loans ourselves. We may refer you to a credit broker if we feel that this is the right solution for you.
At MoneySolve, we can provide expert advice on whether debt consolidation is the right solution for you.
What Are the Benefits of Debt Consolidation?
One monthly repayment can be a lot easier to manage than juggling several payments to multiple creditors! This may make it easier to manage your finances.
Is Debt Consolidation Right For You?
Debt consolidation is not right for everyone. However it might be right for you particularly if you have enough equity in your home to repay your existing creditors in full and your creditors are not agreeable to an informal payment plan or Individual Voluntary Arrangement. However, MoneySolve will only recommend debt consolidation if it’s the right solution for you.
Are There Any Alternatives to Debt Consolidation?
Yes. If debt consolidation isn’t the right option for you, we will advise on the other debt solutions that might be! MoneySolve’s expert debt advisors can tell you about all the options available to you based on your own personal circumstances.