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UK Debt Consolidation FAQ


What is debt consolidation?

Debt consolidation is a straightforward process where you consolidate your existing debts into one manageable monthly repayment.


What does debt consolidation allow you to do?

With debt consolidation, you restructure your current debt problems into one monthly repayment which is, typically, at a reduced rate of interest and spread over a kinder timescale.

The alternative to debt consolidation is to continue struggling to meet the monthly repayments of multiple debts, constantly creating a bigger problem.


What is a debt consolidation specialist?

 
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Although debt consolidation is a process that can be undertaken by anyone, like most areas of finance, it is better handled by a specialist.

A professional debt consolidation specialist will evaluate your entire financial status (finances and debt) and help you set up a viable debt consolidation plan. A debt consolidation plan will consolidate your current debt problems into one monthly payment and free up your time, energy and cash flow. Viable debt consolidation schemes also offer the chance of long term financial stability.


How exactly does debt consolidation help control debt?

Debt consolidation presents many benefits:

  • Debt consolidation consolidates all your existing debt problems into a single manageable monthly payment
     

  • A debt consolidation scheme eliminates potential interest and late fees which may have arose from existing debts
     

  • A viable debt consolidation scheme helps free up your time, energy and cash flow
     

  • Debt consolidation can help people gain long term financial stability


What types of debt can you consolidate through a debt consolidation plan?

A debt consolidation plan can be drawn up to consolidate a wide range of debt, including:

  • Loans
     

  • Credit card debt
     

  • Store card debt
     

  • Mortgage arrears

 
 

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