What are my other options?
Debt consolidation
You may have seen adverts on the television for debt consolidation. This is the
debt solution where you swap lots of smaller, short term, high interest loans with
one bigger, longer term, lower interest loan. The purpose is to bring down your
monthly payments and simplify your financial affairs.
Debt consolidation is usually done by a re-mortgage. The key point to be aware of
is that you might be swapping unsecured loans for a loan that is secured against
your house. In this case, it's important you keep up the payments or your home may
be at risk.
Debt consolidation may cost you more in the long run. Additional interest payments
over a much longer term may also be significant. This option, however, allows you
to pay off your creditors in full and leaves your credit rating unimpaired.
Bear in mind, debt consolidation is not as rigorously legislated as an IVA or bankruptcy
order. You should make sure you know all the implications of this solution before
you commit to it. Expert advice is a must and we can help you find out if debt consolidation
is the right option for you. If it is, we can arrange it for you.
Which debt solution is best for you? Find out now with our 60 second test.
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