Consolidation Loans
In the UK there are over 50 lending institutions offering personal consolidation loans, secured consolidation loans, debt consolidation loans and car loans. Debt consolidation loans offer the chance to take out one loan to pay off many others.
Why take out debt consolidation loans?
- To secure a lower interest rate,
- To secure a fixed interest rate
- For the convenience of servicing only one loan.
Unsecured Debt Consolidation Loans
Debt consolidation can simply be from a number of unsecured loans into another unsecured loan.
Secured Consolidation Loans
Often debt consolidations involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house.
Credit card debt consolidation loans
Debt consolidations are often advisable when someone is paying credit card debt. Credit cards can carry a much larger interest rate than even an unsecured loan from a bank.
Reasons for taking out debt consolidation loans
- Unable to qualify for an Individual Voluntary Arrangements (IVA)
- Unable to qualify for a Debt Management Plans
- As an alternatives to bankruptcy
- To consolidate credit card debt
- To consolidate debts left from the deceased after a debt after a death in the family
- To consolidate store card debt
Our debt consolidation promise
Whatever solution we recommend, honest, best advice is always on offer. If you are in debt call us without obligation today on 0800 074 6918. If you are calling from a mobile just let us know and we will call you straight back.
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]