Loans
A loan is a good option for debt consolidation if you have a good credit rating
- Consolidate all debts making one affordable monthly payment
- Pay one, lower rate of interest
- Improve your credit score by paying your debts off.
You may need a personal loan for debt consolidation and there are a selection of options depending on what your circumstances are. Burgess Bowen can help assist you in finding the right loan and lender to suit your circumstances.
What is a Debt Consolidation loan?
A Debt Consolidation loan is simply a personal loan taken out to repay all of your debts. This will be taken over a fixed term and will have one fixed rate of interest throughout the term of the loan. A lender may prefer to transfer the borrowed funds directly to the creditors you wish to repay.
How can a Debt Consolidation loan help me?
A Debt Consolidation can help you regain control of your finances. You will make one monthly payment which may be lower than your current repayments to creditors. Also the rate of interest you pay will be fixed and typically will be less than that of your current debt. Taking out a Debt Consolidation may also improve your crediting rating.
What if I am a homeowner?
If you are a homeowner you may wish to take out a secured loan, meaning that the money you borrow is secured against your property. This could be a preferred option if you wish to borrow a higher amount and is more likely to be granted than an unsecured loan.
What if I have poor credit?
If you have a poor credit rating or are experiencing problems obtaining credit then it may be worth looking at loans offered to suit these circumstances. There are still options to help you get the credit you need. We can even help if you are suffering with defaults, CCJs or arrears. Whatever your circumstances and even if you have a bad credit history, we can get you back on track.
Speak to one of our Friendly Experts
If you have any questions regarding Debt Consolidation loans just simply fill in the form opposite and one of our friendly experts will contact you.
Problems with debt? We'll put you in contact with people that can help.
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Debt Management
Debt Management Plan
A Debt Management Plan is a scheme that can help you pay back your debt at a rate you can afford. This is an informal arrangement between you and your creditors. You will make one single, affordable payment each month to us and we will distribute this between the companies who you owe money to.
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IVA
Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement (IVA) is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for five years, after this time any remaining debt is written off and classed as settled. An IVA can write off anything up to 75% of your debt.
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Protected Trust Deeds
Protected Trust Deeds
A PTD is a legally binding arrangement between you and your creditors. You will make one affordable, reduced payment each moth towards your debts. The arrangement will last for three years, after this time any remaining debt is written off and classed as settled. A PTD can write off anything up to 85% of your debt.
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Remortgage
Remortgage
A remortgage (also known as refinancing) is the process of paying off your mortgage with the proceeds from a new mortgage using the same property as security. Homeowners may choose to remortgage for various reasons, including to reduce the size of your monthly repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.
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Loans
Loans
If you have a poor credit rating or are experiencing problems obtaining credit then it may be worth looking at loans offered to suit these circumstances. There are still options to help you get the credit you need. We can even help if you are suffering with defaults, CCJs or arrears. Whatever your circumstances, we can get you back on track.
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Debit & Credit Cards
Debit & Credit Cards
Pre-Paid cards ether debit or credit do not require any proof of income, so they are a quick and easy way to benefit from the convenience of a card without the risk of accruing debt, They work in much the same way as a pay-as-you-go mobile account. Load the card account with money & it can be used as you would any other debit /credit card.
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Bankruptcy
Bankruptcy
Bankruptcy is generally a last resort when it comes to debt solutions. If you are unable to repay your debts then Bankruptcy may be worth considering. A bankruptcy order will prevent your debt increasing and will technically give you a fresh start regarding your debts. It is very important you consider all options available and seek professional advice.