Debt Solutions Northern Ireland
Debt Advice Northern Ireland
Fill in this form and we will call you.
Name
Telephone
Email
Debt Amount?
Time to Call?
Apply for Debt Help
Chat to an Advisor Online
Calculate your Debt Repayments
Contact Debt Advice NI

Debt Consolidation in Northern Ireland

What is Debt Consolidation?

Debt consolidation is when you consolidate all your debts into one loan by taking out a personal or secured loan. The idea then is that you pay off all your debts with this loan. This then means that instead of making several payments each month you only have to make one fixed monthly payment which means you have less to pay each month so it lowers your monthly payments.
There are several things that you need to consider before taking out a secured loan to consolidate your debts. The main risk is taking out a secured loan against your house. You need to make sure that you are definitely going to be able to make the monthly payments before signing up to the secured loan as your house may be at risk if you default on the payments.
We would not recommend Debt consolidation for large debts as it can just put you into the same or even worse position. For large debts around £15,000 up, we would recommend an IVA or Debt Management Plan.

Benefits of Debt Consolidation

  • All current repayments on credit cards and loans are converted into 1 monthly payment that is generally easier to manage and keep track of
  • Interest rates can be usually lower, so you may have a more affordable payment.
  • Less pressure and harassment in dealing with multiple creditors
  • In the long run you may save money and you will have a date when the loan will be paid off if you keep to your repayments.
  • Could help your credit rating as you will be less likely to default

Disadvantages of Debt Consolidation

  • Don't be fooled into thinking you have cleared your debts. You have just shifted the debt to a different payment plan
  • Be wary of interest rates. Try to get a fixed rate if you want a payment that doesn't change
  • Fees may be payable to arrange the new loan.
  • If you have a poor credit rating you may have a higher rate of interest to pay which can mean it is less affordable. Another debt solution may be better for you.
  • If you get into difficulties making the new payments it can be harder to deal with only one creditor if you are then looking at a debt solution for example.

 

Debt consolidation help

If you’re not sure if debt consolidation is the best debt solution for you, don’t worry; when you contact us our expert debt advisors we will discuss your circumstances and recommend the right debt solution for you. Call us now on 0800 043 0550 or apply here for debt help.

Contact Debt Advice Northern Ireland for Debt Consolidation Help and Advice

Get in touch with Debt Advice Northern Ireland now and we will be able to help you with your debt problems and advise you on what Debt Solutions are available to you. All our advice is FREE so you are under no obligation by giving us a call. Call us now on 0800 043 0550 or visit our Contact Page to see the various ways to get in touch with us. Alternatively you can Chat Online to one of our Debt Advisors now or take our Debt Calculator to figure out how much of your debt you could be paying back.

In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011
Complaints Procedure | Insolvency Service Debt Guide | Fees | Privacy Policy

debtadvicenorthernireland.co.uk is owned by McCambridge Duffy, who provide free debt advice on a variety of debt solutions. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid.

Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.