Consolidate Personal Debts
We can help to consolidate your personal debt
Are you in personal debt? Would you like to consolidate personal debt? We have solutions and guides for debt reduction such as debt consolidation, debt management, IVAs, bankruptcy and more. For more information please call 0800 074 6918 or apply online.
To consolidate personal debt is it to reduce or stop the amount of interest payable on outstanding commitments. If you are suffering with debt problems you will need to look at the current options available to consolidate personal debt in the UK. Debt consolidation is the process of transferring a number of unsecured credit cards or loans into another credit product such as a loan or credit facility insolvency solution.
Participating in a IVA or debt management programme may hurt your credit rating, but if you stick to the plan you can be out of debt in 3-5 years But beware which company you work with as some are not regulated and may not pay your creditors.
Use our debt consolidation calculator to find out whether you can save money by consolidating your loans & credit cards debt.
Please note that the process to consolidate Personal debts using an IVA or debt managment is never simple. There are certain creditors, such Paragon, Northern Rock, HSBC, RBS Group, M&S Money, HBOS, and First Direct who require specific dividends over the 5 years. In the main, most creditors would look to at least 25% of their money back through the IVA, however the Insolvency Practitioner will be able to assess the latest requirements of the creditors involved before putting forward the proposal.
If a debt is quite new, then there is a risk that a creditor will reject the IVA proposal. If the creditor thinks, that the debtor obtained the money when they knew they couldn’t afford to repay it, then this could be seen as having fraudulently obtained money.
For the latest information on the best debt consolidation loans available complete our simple enquiry form and one of our team will call you back.
If you have a lot of debt such as over £25000 it may be difficult to consolidate your personal debts using an unsecured loan, instead a secured loan may be required. If you are looking to consolidate your debts you must have a time frame in mind of say, 3-5 years and if you are looking for a loan get the lowest interest rate possible.
Money Advice Direct debt advising will certainly be able to help you get out of debt, through an IVA, Debt Management Plan or Bankruptcy. These methods don't actually consolidate your debt. Instead, IVA’s and other debt payment plans will be worked out for all of your eligible debts. You'll make one monthly payment to the IVA supervisor or debt manager, which will pay all your creditors over a 3-5 year period.
To consolidate your debts you could obtain a new loan that will pay off your other debts you could even consider a debt solution such one of the following to consolidate personal debt:
- Debt Management Plans
- Informal Arrangements
- IVA
- Consolidation Loans
- Bankruptcy
- Administration Order
- Trust Deeds
- Sequestrations
Many people that contact Money Advice Direct find they don't even need to consolidate to get out of debt. They just need a debt plan and they can do it on their own with a bit of help from a dedicated case adviser.
Apply online for a cheap UK Consolidation loans or other debt solution to consolidate your debt, save money by consolidating all your debts into a cheap rate loan please call 0800 074 6918 or apply online. You could you save money by consolidating all your existing debts into one monthly payment?
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]