Consolidating debt into one loan

Posted by / 20-Mar-2020 01:41

Consolidating debt into one loan

(Fixed) will cost £135.93 per month, with a total amount repayable of £8,155.80. Based on a loan amount of £17,500 over 60 months at an interest rate of 3.1% p.a. You must have an annual income of at least £12,000 and have a UK bank or building society account.Available to existing current account customers only.On the other hand, debt relief companies do not offer debt consolidation loans, but they can help those with debts to effectively manage repayment or fully settle debt under negotiated terms or IVA (Individual Voluntary Arrangement).They achieve this objective through various ways, including: the last resort for those with bad credit is to settle debts as much as possible to avoid bankruptcy.Credit counselling companies help people with bad credit to find the best way to get rid of their debts.

However, applicants with a bad credit score can qualify for the loan if they have a low level of indebtedness and a stable income to ensure regular repayments.Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. On the other hand, it reduces your expenses, thanks to a lower interest rate.You can also take advantage of an adjusted repayment period or reduced monthly payments.

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By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.