Solutions for people struggling with more than £15,000 debt
Debts Under £15,000 ?
Solutions for people struggling with less than £15,000 debt
This website is dedicated to helping people with the consolidation of debt. Whether
you are looking to consolidate credit card debt or consolidate loans we will be in
a position to help.
There are a number of debt consolidation methods. If you are looking to borrow money
to pay off your debts or looking at options that don’t involve borrowing more money
such as Debt Management or IVA’s then Consolidation Debt Experts can help.
Use the site to get a good idea of how best to consolidate your debt and then contact
our experts to get free quotations and debt advice.
An IVA is a no borrowing debt solution that allows you to consolidate your credit
card debt as well as other forms of unsecured debt into one lower and more affordable
We can stop your interest and charges as well as helping you to be debt free in just
60 months having written off a large proportion of your debt, sometimes as much as
Individual Voluntary Arrangement (IVA)
A Debt Management Plan is a debt solution that allows you to pay back your debts
at a rate that you can afford.
We will consolidate all of your existing credit card and loan debt into a more affordable
monthly payment as well as stopping your interest and charges so that you are able
to take control of your debts.
Debt Management Plan (DMP)
A Scottish Trust Deed, often known as a TD is a solution used for debt consolidation
that is exclusively available in Scotland.
With a TD you can make just one affordable consolidated monthly payment for typically
36 months at which point you are debt free and the remaining debt is completely written
Scottish Trust Deed (PTD)
Bankruptcy is perhaps the most well know solution used for debt consolidation.By
Declaring yourself Bankrupt or indeed being declared Bankrupt, all of your debts
are written off in one go. There are however some very serious implications associated
with going Bankrupt and there are often much better ways that you can consolidate
debt without having to take this consolidation route.
A Re Mortgage is a solution that would allow for the consolidation of debt by borrowing
against your property. The idea is to replace your existing mortgage as well as releasing
equity from the property which you would then use to pay off and consolidate your
debts leaving you with just one monthly payment. Borrowing to consolidate debt can
be tricky and there are other methods of debt consolidation.
A Debt Relief Order, often known as a DRO is a relatively new solution that can be
used for debt consolidation. A DRO is available to people who owe less than £15,000
and have a disposable income of less than £50 per month. With a DRO you would be
debt free in a year without having to make a payment however there are some very
strict criteria that need to be met if you are to consolidate debt in this way.
The Independent has reported that, according to the results of a recent survey conducted
by Samaritans, 60% of Britons are worried that they will be struggling to live comfortably
throughout 2011 due to a lack of financial stability and concerns over the possibility
of being made redundant.
Consumers who fail to treat their credit rating with the respect it deserves could
end up paying a lot more than they need to on their existing loans. This could even
result in people being forced to take out a debt consolidation loan to solve the
Is Debt Consolidation right for me?
If you a looking into ways of reducing your outgoings to debt then it may well be
because your current repayments have become more than is affordable. If this is the
case then Debt Consolidation is certainly something to consider.
If you are borrowing to consolidate your debt then there are a few things to look
Firstly, if you are struggling with debt and looking to consolidate with a loan or
re mortgage you need to make sure that the borrowing actually reduces your monthly
repayments enough to make it worth your while. If borrowing to consolidate the debt
only marginally reduces your outgoings then you may not have made your situation
any easier and perhaps even worse because if you have used your house to borrow against
then missed payments could lead to you loosing your home.
Secondly, Debt consolidation through borrowing may not actually be available to you.
If you have already started missing payments then your credit rating may be negatively
effected which means that banks may not wish to lend to you even if a loan is less
than what you are currently paying.
Furthermore if you are a tenant the maximum you can borrow is £25,000 which may not
consolidate all of your total debt which can be bad news you still end up with one
large loan as well as other debts thus defeating the whole point of Debt Consolidation.
If your not looking to borrow there are other Debt Consolidation options.
For many looking to consolidate debt then borrowing may have been tried unsuccessfully
or it just wouldn't help enough.
There are a number of solutions available that allow you to make arrangements with
your creditors in which you achieve one monthly payment based on what you can afford
as well as perhaps stopping interest and charges or even writing off debt.
If your are looking for this type of debt consolidation then click here and choose
your debt level and explore what options are available to you.
What are the downsides of debt consolidation?
The answer to this question is that it depends.
As previously mentioned there are a number of methods of Debt Consolidation and some
do have down sides.
If you are borrowing to consolidate debt then you may be prolonging the length of
time you spend in debt and the total paid back may be very high. You could also risk
your home if you secure the loans against the property.
If you choose to go down the non borrowing debt consolidation route then the main
downside for many of the solutions is the negative impact on your credit rating.
Having said this if you have already been missing payments then your credit rating
may not be in good shape anyway and furthermore you may not wish to borrow any more
money for a while and resolving your current debt is the priority and if this is
the case then it could be argued there really is not much difference between your
current situation and your situation if you used a non borrowing debt consolidation
Everyone's situation is unique so if your are looking into Debt Consolidation, make
sure seek expert advice to find out what's available and what would suite you best.
What we do:
No matter what the situation, there is a solution.
We are a free consumer resource dedicated to providing free, comprehensive and impartial
advice on how to consolidate debt.
Everyone's situation is unique and therefore requires tailored advice and solutions.
Whether your looking to borrow to consolidate your debts or looking for a non borrowing
solution we can help.
Our advice is free and without obligation, so you have nothing to lose and everything
What is Debt Consolidation?
Debt Consolidation is actually a broad term that is used to describe an approach
to dealing with debt. With Debt Consolidation you would aim to restructure or ‘consolidate'
you current monthly payments into one.
Ideally this payment will be less than what you are currently paying monthly and
hopefully you would pay back less in total.
There are a number of methods of Debt Consolidation that don’t always involve borrowing.