Debt Consolidation - making your current debt more manageable
UK consumers, who have some form of unsecured borrowing, have on average a debt of £22,000 often spread across numerous credit cards, store cards, overdrafts, personal loans, etc. If you have a variety of unsecured debt you may find that you are only paying off the minimum monthly amount
which means you're paying off the interest, but not the actual debt.
Taking a debt consolidation loan could reduce your debt to one manageable monthly payment and allow you to gradually pay off the debt itself. However, you need to
get proper advice to judge the merits of a loan that consolidates your debts. Here is some information, and we would also recommend you get personal illustrations.
How can I consolidate my existing debt?
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Should you consolidate your
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- Are you juggling numerous debts?
- Are you worrying about which to pay first in the hope of staying one step ahead of the people who you owe money to?
- Are the costs of your debt getting out of control?
- Do you want to simplify your debts, reduce your monthly repayments and be less worried about your finances?
Don't worry! With Solution Loans financial help is at hand.
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Get quotes to help you decide what to do |
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The box on the right ("Secured vs Unsecured")
gives you a simple overview of the options. However, you must get some comparative quotes to help you decide what to do.
You also need to consider whether your personal situation is best served by debt consolidation or whether a
form of debt management is more appropriate. We have specialist debt information available on this site. |
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You may have seen on TV numerous adverts for "Homeowner Loans" - loans secured on your home (you must be a homeowner). These often seem to be offered as the "obvious" debt consolidation solution.
However, unsecured loans are also an option for homeowners and tenants.
Whether you choose a secure homeowner loan or an
unsecured loan depends on factors such as:
- Whether you own the house you live in
- The value of your total debt (exc. mortgages)
- How comfortable you are about securing debt against your property
- What your credit status is like.
If your debts are very significant, and if you have spare equity in your home (i.e. value of the
property is greater than any mortgage and secured loans outstanding) then you could
remortgage your property to consolidate your debt.
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| Use this tool to estimate your loan repayments. |
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Unsecured Loans
Loans for all circumstances from £500 to £25,000. Tenants welcome: |
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Payday Loans
Borrow from £50 - £750 to get you through to your next payday: |
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No-Credit-Check Loans
Avoid further credit checks with an unsecured loan of up to £3000: |
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Same Day Loans
Get up to £1500 unsecured within 24 hours from now: |
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Credit Cards
Compare a wide range of credit cards to find the right one for you: |
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