Debt Consolidation / Credit card debt consolidation
If you make monthly repayments to multiple creditors, one option
is to apply for a debt consolidation loan. The principle behind
this is that you borrow a large, lump sum to repay your creditors
and are then left with one creditor and one monthly repayment. The
idea is that the repayments on this single, larger loan will be
lower than the sum you are currently paying. For instance, if you
have four different credit cards you might be paying an average
interest rate of 16.9%. It is possible to get a credit card debt
consolidation loan for the combined total. The interest rate on
that might be about 9.9%. Thus, making a saving on your monhtly
repayment.
A debt consolidation loan can help many to reduce their payments
for credit cards, loans, hire purchase, etc. It works very well
if you can easily afford the repayments and are just looking for
a way to simplify things and bring down the interest rates.
However, there are many people that struggle to meet the repayments
each month. Some of these even find that their outgoings each month
exceed their income. For these people, a debt consolidation loan
is probably not the answer. If a person is in debt, taking out another
loan to pay their other loans is not the answer. A small reduction
in their monthly repayments will not make a significant difference
in allowing them to break out of debt. In cases like this a debt
management plan may be more suitable. This will also consolidate
all your repayments into a simple monthly payment but it does not
involve taking out another loan.
What is a Debt Management Plan?
Debt Management is a system to help those in debt become debt free.
Our Debt Management Plan is a simple, systematic way of dealing
with your debts. Not only can it reduce your repayments but is also
takes the stress of dealing with your creditors away and can stop
them from taking legal action against you.
We operate a 'single payment' plan whereby our clients pay us a
single, monthly fee and we then distribute this between each of
their creditors. This means all your debts are consolidated into
one single, affordable payment. Not only are they consolidated into
one monthly payment, in almost all cases we can reduce the total
amount you pay each month by up to 75%. This is due to the fact
that your creditors know you have a debt management company working
on your behalf and we can work on your behalf to get the creditors
to lower or freeze your interest rates. Also, you no longer have
to feel harassed by your creditors; from the day you sign up with
us, we will handle all communication with your creditors.
The simple payment you pay is based on your income and expenditure.
This means that legitimate living expenses such as mortgage, phone
and food are removed from your income so you only pay what you can
afford.
Who are we?
We are Office of Fair Trading registered and are licensed debt
adjusters. We are also data protection registered. This means that
we are qualified to give quality, confidential debt advice and credit
counselling. We have an experienced team and we pride ourselves
on providing quick and effective debt management solutions. We operate
on a national basis throughout the UK. We deal with debts ranging
between £3000 and £250,000.
Next step?
If you think you need debt management, or if you are still not
sure whether you want a debt consolidation loan or a debt management
plan, click the button below and use the form to send us your details.
We offer free debt advice and are qualified to give confidential
credit counselling. We look forward to assisting you.
Whatever debt
problems you have, we can help. Click here
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