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Consolidating your existing debts into one smaller monthly repayment can often be all that is needed to put an end to the stress-inducing demands made by nagging creditors.

However, consolidating existing credit commitments should not be considered a cure-all. If used properly restructuring debts through consolidation can help you get debt free faster, by reducing the interest burden of existing borrowings and bringing repayments within budget. On the other hand, if there are more serious underlying problems it may only grant temporary relief before the creditors start their hounding again.

Is debt consolidation my best option?

However, consolidating existing credit commitments should not be considered a cure-all. If used properly restructuring debts through consolidation can help you get debt free faster, by reducing the interest burden of existing borrowings and bringing repayments within budget. On the other hand, if there are more serious underlying problems it may only grant temporary relief before the creditors start their hounding again.

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When a debt consolidation loan can be the answer

  • If you’re paying high interest charges on your existing debts and want to switch to a cheaper alternative.
  • If you need to reduce the size of your monthly payments, perhaps because of a reduction in income.
  • If you need to release additional money to meet unexpected commitments, freeing up extra cash from your home whilst ensuring your montly repayments don’t increase.

When a debt consolidation loan is NOT the answer

  • If you’ve already consolidated your debts several times in the past.
  • If this consolidation loan includes debt still owing from previous consolidations.
  • If you want to move debts from credit and store cards so that you can start using those cards again.

Where do I start?

We are not lenders. We do not arrange loans. We are not brokers for those who make or arrange loans.

If you are looking for an unsecured or secured loan then, as a place to start, it is worth utilising a number of comparison sites, such as Moneysupermarket.com, Moneyfacts and beatthatquote for Remortgages or Credit Cards.

However, what is of paramount importance is that you ensure that any new repayments are affordable. You should also dteremine at the outset what total cost of the finance will be, that is interest and other charges, will be. All the information should be provided in the loan offer agreement, so there is no reason why you should not be fully conversant with the terms of the loan.

Finally, no one is entitled to credit, despite what the Financial Exclusion Propagandists may try to have you believe. The current environment has made it even harder for those with repayment problems to obtain (re)finance, especially at interest rates which can make make refinancing/consolidating a practical solution.

I've been having all kinds of money problems and didn't know which way to turn. The guys at Debt Advice Bureau were so understanding and so calming. They put me in the right direction and got the companies I owe money to off my back. I should be debt free in the forseeable future and I couldn't be more thankful.

Tom Walker, Cambridge

Having so much debt and seeing no way out is scary. I was struggling to enjoy any part of my life. Just from searching on Google, I found the team at Debt Advice Bureau, had an chat with them and by the end of the day, life was so much better. I'm just annoyed with myself that I didn't do something about it sooner.

Kelly Bullock, Kidderminster

It took me a while to accept how bad I am with money. I became blinked to the debt that was building and just ignored everybody trying to chase me. Only when I couldn't get any money from elsewhere did I do something about it by contacting these lot. I'm now on a plan to get rid of the debt over the next 18 months. It was actually so much easier than I thought it would be. Highly recommended.,

Asif Khan, Manchester

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