Debt Consolidation Loan
Debt Consolidation entails taking out one loan to pay off other loans.
A debt consolidation loan can be an ideal solution if you have multiple repayments each month. Consolidating your debts into one large loan lets you repay your smaller loans (e.g credit cards), leaving you with one monthly repayment.
This is a popular option for people who struggle with managing their direct debts each month.
We can apply for a debt consolidation loan on your behalf, helping you control your monthly repayments into one a month.
What do I need to know about Debt Consolidation?
- If you get a good debt consolidation loan with a cheaper interest rate than your existing debts, this will help lower your monthly repayments to only one creditor.
- Debt consolidation loans are difficult to obtain for people with a poor credit rating
- Two types of Debt Consolidation loans, secured and unsecured loans. The secured loan typically has lower interest rates than an unsecured loan.
- Secured Loans are typically only available to homeowners; this means the loan is usually secured against your home. If you fall behind on your monthly repayment your home could be at risk of repossession.
Debt Consolidation loans is one debt solution offered by Refresh Debt Services, many of our clients have tried this debt solution.
Debt Consolidation – What to do now?
The next step is to contact Refresh and we will talk you through this debt solution.
Call us on our Freephone number 0800 121 48 63 or call our land line 028 4175 4200.
If you don’t have time to call us now use our Debt Help form and we will contact you when it suits you.