Debt Consolidation Issues

Debt Solver is a member of DRF (Debt Resolution Forum). The Debt Resolution Forum promotes professional standards for resolving debtors' financial problems, focussed on the quality of advice provided to consumer debtors by all DRF members.

"Mike owed £15,040... He's now paying £255 a month instead of £500."
Mike

"Neil owed £30,526... He's now paying £255 a month instead of £908."
Neil

"Jessica owed £38,510.86... She's now paying £492 a month instead of £1272."
Jessica

Other debt consolidation issues to consider

Before considering whether or not to take out a debt consolidation loan, there are some issues that need to be considered.

First and foremost, you could be sure that a debt consolidation loan is the best option from the alternatives available such as debt management or a re-mortgage loan for example. For people facing insolvency an Individual Voluntary Arrangement or even bankruptcy may well be a better option.

Once you have taken financial advice and considered all the options available, if you do apply for a debt consolidation loan, you should work out exactly what you can afford to pay each month.

Other important factors to consider are:

what is the annual percentage rate (APR) and whether or not it is variable
what the total cost of the loan will be
the duration of the loan
the amount to be repaid monthly
the consequences of missing a monthly payment
any charges that might apply if you repay the loan early
what happens if you decide to move home

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