DEBT CONSOLIDATION FAQ

What is debt consolidation?

Debt consolidation is the process by which all your outstanding loans and debt are restructured into one, manageable monthly payment.

Debt consolidation is basically a new loan which is used to repay all existing debt. With the debt consolidation loan you only have one outstanding debt, which is to be repaid with lower monthly repayments over a longer period of time.

What type of loan is a debt consolidation loan?

Debt consolidation loans are, typically, secured loans. For secured loans, applicants must be home owners and will be expected to offer their home as security against the loan.

What are the benefits of a debt consolidation loan?

The main benefit of a debt consolidation loan is that it consolidates your existing debt into one manageable monthly repayment, which is repayable over a longer period of time.

By taking out a debt consolidation loan, you can reduce your debt and eliminate potential interest and late fees which may have arose from your existing debt.

What types of debt can benefit from debt consolidation?

A debt consolidation loan is used to consolidate a wide range of debt, including:

loans

credit card debt

store care debt

arrears

UK Loan Advice, sponsored by UKloan24

This guide to debt consolidation is sponsored by UKloan24.

Regardless of whether you have a good credit record or a bad credit record, UKloan24 can find a debt consolidation loan to suit you.

With a UKloan24 debt consolidation loan, you can bring all your existing debt - loans, credit card debt, store card debt, arrears - together and exchange them for one affordable monthly payment.