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Can Debt Consolidation Help You Avoid a Financial Emergency?
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Debt Consolidation - What it is and how it works
What is Debt Consolidation?
Debt consolidation in the UK is the process where a debtor
takes out a single loan to pay off other existing loans. This
can be done to secure a lower interest rate, and hence make
lower monthly repayments, or to just to simplify your repayment
plans. Unlike debt management, where your previous debts are not
cleared, a debt consolidation loan clears old previous debts,
once and for all.
Debt consolidation takes a number of forms; either as the
conversion of multiple unsecured loans into a new, unsecured
loan, or debts can be consolidated into a secured loan against
an asset, most often a property, which be used as collateral.
Because a secured loan offers less risk to the creditor, the
interest rate can be lower, and hence a consolidated loan can be
cheaper. The risk to you the debtor is that you could lose your
home if you fail to keep up repayments.
For most people in the UK, debt consolidation offers advantages
to people with high levels of credit card debt because at the
present time credit card interest rates in the UK are generally
higher than those offered by the banks. Other groups that would
benefit from debt consolidation are individuals with high levels
of debt against high street store cards, of which there have
been some 14 million issued in the UK, with an average APR of
about 30%. In a recent report by the UK Competition Commission
("Store Card Credit Services", September 2005), it was claimed
that many shoppers were paying inflated interest rates on their
chargecards and being overcharged by £ 100 million each year.
Clearly, for many people there can be benefits to simplifying
your credit commitments and consolidating them into one existing
loan, thus potentially:
Reducing financial commitments
Reducing the risk of paying fees due to late payments to one or
more of your creditors
Alleviating the stress in having to deal with multiple
creditors each month
How Debt Consolidation Works:
Debt
consolidation allows you to make a clean start, converting
your existing commitments into a single loan payment. Debtsolver
will review your financial circumstances to make sure that a
consolidation loan is the best option for you. You should note
that a consolidation loan would usually be secured against your
home, which would be at risk. Hence, debt consolidation may not
be available if your financial difficulties are so severe that
your credit rating is adversely affected, and if your debt
commitments are very high. Under such circumstances an IVA or
bankruptcy procedure through the UK courts may be the most
suitable choice for you.
If a debt consolidation plan is the best option for you, your
old loans will be paid off and replaced with a new one on more
favourable terms, and your previous credit rating should be kept
intact. You will then have a new loan with a single monthly
payment.
If you still have any questions about a debt consolidation plan,
you can have a look at our debt FAQ page, or you can call us.
For a non-obligatory review of your finances you can fill out
our debt problems application form or call us directly at the
number listed. All information collected during the procedure is
entirely confidential. It's important to us that you aren't kept
waiting, and you will hear from us within 24 hours. Should you
decide to use our services, in most cases the necessary work can
be done over the telephone. However, if this is not possible or
you would prefer to meet in person, we can arrange for one of
our Senior Advisors to meet with you. Debtsolver operate a
National service and have offices throughout the UK.
About the author:
Debtsolver is a UK company providing resources and information
on Debt
Management UK, Debt
Consolidation UK, Debt
Problems UK and IVA & Debt
Advice
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