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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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About Your Debt

About You

Consolidating your debts is the process of taking all your existing debts and bringing them together with one larger loan that you will then pay off. This larger, single, loan can make taking control of your finances easier but may not always be the right option for you. Here are several reasons to consider debt consolidation over other means of debt management such as an IVA (Individual Voluntary Agreement):

You are looking to pay a lower rate of interest

With what could be a large single loan used to consolidate your debts you may need to accept that you could be agreeing to a long-term financial commitment. Although this may seem like something negative, it is likely that a long-term loan will see much better value than short-term borrowing.

You don’t want to affect your credit rating

Debt consolidation need not affect your credit rating like other forms of debt management. You can avoid falling behind on several different payments at the same time with only one bill to pay.

You want to know exactly what you owe

If you have many existing debts from various sources then keeping track of exactly how much you owe can be difficult. With a debt consolidation loan you can really focus on the amount you have left to pay, with only one loan figure to understand.

You only want make one payment each month

Imagine being able to just sign one cheque each month to deal with all your debts? If this is something that appeals to you then this is one of the biggest reasons to consider debt consolidation. It will make your life a lot less complicated and make being in debt a lot more manageable.

These are some of the ways in which debt consolidation can benefit you. However, it doesn’t suit everyone and the first thing to do when it comes to dealing with debt is to seek out professional advice on the potential options for you. MoneySolve offers free, professional and confidential debt advice.

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