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Debt consolidation NI

Debt Consolidation is a solution that allows you to pay off your debts with money obtained from a loan. This leaves you with only 1 payment each month with interest as opposed to several types of debts with varying interest levels.

In Debt Consolidation you usually end up with either lower monthly repayments or a shorter debt repayment period.

There are different types of loan available for Debt Consolidation

  • Unsecured Loans
    • - The lender will decide on your suitability for a loan based on your current financial status. Unsecured loans usually carry higher interest as they are not secured against any assets.
  • Secured Loans
    • - The loan is secured against an asset (usually your home). If you cannot repay the loan the lender can seek repayment from the asset. Secured loans usually allow for higher borrowing and lower interest as they are less risky to the lender.

Alternatives to Debt Consolidation

The one problem with debt consolidation is you are taking out credit to pay off credit, so you are still at risk of your debt getting out of control. If you are having difficulty with your debts and thinking about debt consolidation, make sure you explore all solutions available. It could be that you have more than one option to getting out of debt. Get in touch with Debt Advice NI to find out all of your options. Call us on 0800 043 0550 or click here to visit our contact page.

Advantages of Debt Consolidation

  •  All debts are paid off leaving 1 easy monthly payment
  •   You will only have one interest rate (fixed or variable) to deal with instead of several.
  •  Less hassle with creditors as your debt is only with one lender.
  •  You could have lower debt repayments or a shorter repayment period.
  •  You will have a set end debt in sight for completion of the loan.
  •   It could help your credit rating providing you keep up with repayments.

Disadvantages of debt consolidation

  •  You are using credit to pay off credit so you still have the debt to pay, just in another form.
  •   If you don't close the accounts of the debts you paid off (ie credit cards), you are at risk of using them again and ending up with more debt than before.
  •   Interest rates on your loan could increase if you don't get a fixed deal.
  •  If you don't have a good credit rating chances are you will have high interest on your loan or you may not be accepted for a loan.
  •   Repaying debt over a longer period may increase the total amount to be repaid.

Contact us

Get in touch with Debt Advice NI and get help with your debts. Call us now on 0800 043 0550 or click here to visit our contact page.

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Gave me help advice and confidence to deal with a very large and stressful financial situation that I could see no way out of. Many thanks. | Client review

 
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About us

debtadvicenorthernireland.co.uk is owned by McCambridge Duffy who are one of the leading Insolvency firms in the UK and have been in the financial industry since 1932. McCambridge Duffy solely provide IVAs and other Insolvency solutions.

On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.

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