How does it work?
If you’re struggling to keep up with repayments on several different debts, you may be able to consolidate them – that is, merge them together to form a single loan. This can help you afford your monthly payments, but beware of costly fees and hidden charges.
A debt consolidation company will offer you one of two types of loans:
- Secured (or homeowner) – which are secured against an asset, usually your home.
- Unsecured – which aren’t secured against any individual asset.
You’ll make regular repayments on this loan, with the aim of eventually paying it off in the future. But before you enter into any arrangement, make sure you’ve done your maths – you may end up paying more overall than you owed originally, due to higher monthly repayments or a longer repayment term.
It’s also important to consider anything that might stop you keeping up with repayments – for instance, losing your job, falling ill, or being hit by rising interest rates. With a debt consolidation loan, there’s a lot at stake – perhaps even your home – so it’s a good idea to get advice from a free, independent and expert service like ours.
Get in touch with our team today by calling 0800 138 3422 or filling in our short assessment form.
What to expect
- We’ll use the information you’ve given us to establish the nature and urgency of your debt.
We’ll continue to advise you and give you a detailed analysis of the help available to you. We can do this by booking you in for a face-to-face appointment at your nearest centre, or a telephone or video call advice session or continue to advise you by message.
You choose how we can help you
We’ll explore your situation and get all of the information to be able to provide you with advice. We will then discuss your options and talk you through the pros and cons of each.
- We’ll establish the best possible solution and help you to resolve your debt – whether that’s by means of advocacy, representation or negotiation on your behalf, or by helping you write letters and supporting you throughout the process. If you need advice from outside of our services then we can refer you for further support too!