Debt Consolidation Advice

Debt Consolidation is designed to simplify your finances by consolidating a number of debts into one monthly payment. The best debt consolidation advice for you can be achieved by speaking to a professional debt consolidation advisor who can help you decide which type of debt consolidation product is best for your circumstances.

What is debt consolidation?

Debt Consolidation is normally in the form of a loan which is used to repay all of your exiting debts. Therefore the new debt consolidation loan payment will cover all of your previous debts.

Those who consider a debt consolidation loan as their financial solution do so to reduce their monthly payments. This could happen if you spread your monthly payments over a longer period of time. Although a debt consolidation loan is often at a lower interest rate than high-APR unsecured debt, repaying the loan over a longer period could mean that the overall amount you pay may be higher.

This is why it is essential to get debt consolidation advice so you can be sure that a debt consolidation loan can benefit your circumstances.

Where can I get debt consolidation advice?

It is important to get advice about debt consolidation before you decide whether a debt consolidation loan is right for you.

When getting debt consolidation advice, you may find that a debt consolidation loan is not right for you. This could be the case, for example, if the debt consolidation loan would not make a big difference to the amount that you need to repay on a monthly basis.

Therefore, based on the debt consolidation advice received, you may wish to consider alternate debt consolidation solutions, such as a debt management plan which can cut your monthly payments to a level which is affordable to you.

LOANS MAY BE SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.

DebtConsolidate.co.uk is a trading style of Ask Finance Ltd (Registered in England and Wales. Company number 4229724), a wholly owned company of the Harrington Brooks Group Ltd. Ask Finance Ltd is licensed under the 1974 Consumer Credit Act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance Ltd is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.