Debt Consolidation

Debt Consolidation can be a powerful tool that simplifies your finances and allows you to take control of multiple debt payments quickly and easily. Streamlining the process, it puts all creditors in one place while providing an organised system for managing them all at once. Streamlining the process, it puts all creditors in one place while providing an organised system for managing them all at once.

Consolidating your debts

In debt and feeling overwhelmed by multiple lenders? Consolidating your debts may be the best solution for you. It can help simplify things, so everything is dealt with in one go – which makes it a lot easier to manage! Of course, our friendly advice would always be to seek out specialist support before making any decisions about how best to tackle this difficult situation.

Have you considered consolidating your debts? Our team can explore solutions best tailored to fit your individual situation. Let us help make managing debt easier for you!

Can I ask my bank to consolidate my debt?

Struggling to manage multiple debts? Consolidate them with a debt consolidation loan. Banks, credit unions and instalment lenders could offer a solution that will allow you to combine several of your loans into one payment. Best of all, rates may be lower than what you’re currently paying – so it’s worth exploring this option for some financial freedom!

Things to consider

Taking out a Consolidation Loan may seem like an attractive option for consolidating debt, but it’s important to remember that you are still obligated to pay the combined amount.

A hard credit search is required which can be detrimental to your score, so consider whether this solution is feasible before making any decisions and always do research into what exactly would need paid monthly and how long repayment will take.

Making regular payments on time not only helps with decreasing overall debt levels; when done consistently it also improves one’s credit score over time!

Debt Consolidation questions answered

If you have a question about debt consolidation, take a look at the most commonly asked questions and answers below.

What is debt consolidation?
You have two ways to consolidate your debt. The first option lets you make one payment a month that covers multiple creditors, while the second involves taking out a loan with one lender and using it to pay off all other debts - leaving just one new creditor in its place!
What are the benefits?
Debt consolidation can help you regain control of your finances and free yourself from the barrage of creditor calls. By streamlining repayments, it's possible to make money management easier while still taking care of all outstanding obligations.
Are there disadvantages of debt consolidation?
Consolidation loans can be an attractive option when dealing with multiple debts, as they allow you to make one single payment instead of several. However, it is important to bear in mind that the total amount owed still remains; plus there are often high fees and interest attached. Consider all your options carefully before taking out a consolidation loan.
Can a Debt Consolidation Loan be a good idea?
Deciding to consolidate your debts is a personal choice, but for those who owe money to many creditors and are having difficulty keeping up with payments, doing so can offer some much-needed financial relief.
Will my credit score be affected?
Facing down a mountain of debt can have lasting effects on your credit score. But by taking the reins, you'll be able to make progress in repairing it - and fast! Consolidation loans might seem like an easy solution, but they could ultimately leave borrowers worse off: lenders may consider this 'borrowing' as evidence that repayment struggles are persisting. Start turning things around right away - take control over finances today!

How will Advice Debt help me?

Struggling with debt?

Advice Debt can show you the way. We are here to help guide you in developing a plan that consolidates your debts into something more manageable and affordable so that financial freedom is within reach!

No loans necessary – let us assist you on your path to success.

Why choose Advice Debt?

We can help you, today.

We all know how difficult it can be to manage our finances when we’re juggling debt and an ever-changing financial situation. That’s why we are here for you today offering expert advice that will put your mind at ease! We’ll work with what matters most, getting out from under the load of persistent debts so they don’t continue weighing down on every aspect of life.

Advice Debt Top Tips

Do I really need to buy this?
Avoiding debt can be a challenge in our modern world, where it's easy to get overwhelmed by all the temptations of spending. To stay on track with your finances, take some extra time before big purchases and ask yourself if you truly need that item.
Make budgeting a good habit
Mapping out and keeping track of your spending is essential for financial stability and success. Developing a budget can help you save money, recognize potential overspending habits before they start, as well as protect against unexpected expenses. Mastering the practice of creating an effective budget plan will go long way in helping to improve your overall credit rating.
Knowing your credit score
An excellent credit score is essential for any individual looking to access financial assistance. Without this metric, lenders may deny borrowers mortgages, car loans and other financing options; even something as simple as a phone contract could come at an immense price with the wrong rating. Therefore, it's important that you understand how your credit score can impact your life in various ways - from getting approved for major purchases to making sure you are paying reasonable costs on everyday transactions.
Borrow or save?
Deciding whether to save or borrow can be a difficult choice that carries lasting consequences. Saving may mean having less cash on hand in the present, but potentially avoids financial trouble down the road. Conversely, borrowing provides quick access to funds now; however if payments are not made in full and on time it could create prolonged problems with debt repayment. Ultimately, saving is often considered the safer option for making major purchases.
Have I checked the interest rates?
Before taking the plunge and borrowing money, take a look at that all-important APR. Keep in mind interest rates can vary dramatically - so make sure you research what sort of additional cost is involved with taking out your loan to ensure it fits within your budget!
Switching your credit card
Take advantage of low-interest credit cards to save yourself some money! Doing the research, you may even find a card with 0% APR - however this won't last forever. Make sure that if you switch providers and get one at zero percent interest, make it your priority to pay off debt during that period or else once it ends, interest rates will be added in full force.
Saving for a rainy day
Don't let debt be a factor in your future plans. A smart money move is to start putting away just a little bit each week - every penny counts! For example, squirreling £5 per week adds up over time; by the end of one year you'll have saved an impressive total of £260 (and if placed into savings that could grow even more!).
Don’t bury your head in the sand
Don't let your dilemma fester. If you find yourself in trouble, seek out professional advice to get back on the road to financial freedom. Advice debt services are well-equipped with experts who specialise in helping people resolve issues quickly and discreetly – so don’t hesitate to reach out for guidance!

Committed to providing debt information & solutions

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Complete our Online Form

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The first step always feels like the hardest, but you’ve come to the right place.

Step 2

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Tell us about your situation, and we’ll tell you exactly what help you’re entitled to.

We’ll inform you about what solutions you qualify for, and answer any questions you may have along the way.

Step 3

Take Action today

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We know that debt is daunting, but after speaking with us, we can put together a personal action plan to put your mind at ease.

We’ll help set things up and support you in dealing with your debts, for however long is needed.

We've already helped 1,000 people this year

Our team of experts help thousands of families every year across the UK get their finances back on track.

Is Debt Consolidation right for you?

We can discuss your eligibility.

Prefer to speak later?

We will offer guidance, support and a solution at a time that suits you.

*To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.

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