Our goal is to find you the lowest rate secured consolidation loan. We can offer over the shortest time you feel comfortable with.
Secured consolidation loans are usually for home-owners, although in some cases other forms of 'security' may be allowed. There are two distinct advantages to a secured debt consolidation loan versus an unsecured loan in UK.
Advantages of Secured consolidation loan:
The rates are usually lower than unsecured loans, which means either lower monthly payments or a shorter re-payment term.
Bad credit is usually not an issue in getting approved, since you have secured your loan with collateral.
The potential pitfalls of a secured consolidation loan come if you don't pay your newly lowered bills of course, as the property (collateral) you've put up as security may become a target if you don't keep up your side of the bargain. Of course, this won't be an issue if you are making your payments as you should if you're serious about clearing your debt.
A consolidation loan could be the right answer for you. See if the experiences we have had with other clients rings true with you, if so we may be able to help you. Clients in debt apply to us for a debt consolidation loan because they have realised that they have over-committed themselves in the past on credit cards or personal loans and they are now paying too much out every month. They are often embarrassed but they also know that burying their head in the sand and ignoring debts or bad credit is just going to make matters worse causing a bad credit history because they default, collect a CCJ, or end up with mortgage arrears.
We will work with you to assess your individual financial situation and we will endeavour to offer you an individual consolidation loan that best suits your particular needs. We have a very personable team of staff who are happy to spend time with you working out your current debts such as credit card or loan outgoings and then helping you find a monthly consolidation loan payment you are happy with.
If you want to repay your debts more quickly a consolidation loan can be a good solution. Often, by combining all or even most of your debt into one consolidation loan the repayment for that loan can be lower than the combined cost of repayments on different sources of credit. The reason is that in general the larger the loan the cheaper the interest rate. You can then shorten the period you take your consolidation loan over meaning you pay less interest saving you more money.
With consolidation loan, you can reduce monthly outgoings. A lower consolidation loan repayment will reduce your monthly outgoings leaving you more of your monthly income free for other uses. Whichever suits you better, remember, by having one consolidation loan over a set period, when you complete that period you will be debt free.