Debt Solutions in the UK

If you find yourself deep in debt, there are seven main options which you can consider to address your predicament. In England, Wales and Northern Ireland, about 98% of people who decide to do something about their personal debt problems opt for one of these seven courses of action. Which solution appeals to you? Which solution are you eligible to go for? See if your circumstances match any of them.

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Dealing with Personal Debt via Debt Consolidation

With so many people today having personal money worries it is remarkable how reluctant some people can be in seeking a solution to their financial problems. The important thing is to begin somewhere and getting professional advices ranks highly in the list of things to do. It is often helpful to rate our financial situation on a scale of one to ten with a rating of one being in a state of comfort and affluence and a rating of ten being in a state of hopeless personal insolvency. Continue reading

Downsides of Debt Consolidation

You will find several things going for combining your financial obligations into just one consolidation loan. Perhaps even the concept ‘consolidation’ is comforting for most people. It invokes the concept of reducing many small plus some not so small issues and amalgamating all of them into a single controlled issue. As an alternative to having a numerous lenders to cope with, the borrower will have only one creditor to control and merely just one particular monthly payment to make rather than being forced to make many repayments to a variety of creditors for differing amounts. Because of this the borrower expects that coping with money affairs gets to be simplified. One other main hope is that the debtor’s credit standing is going to get better substantially as soon as all personal debts in particular credit card obligations are lumped into the loan consolidation. Each and every one of the previous credit card accounts gets paid permanently. To crown it all, the regular monthly repayment on the debt consolidation loan will with luck , be significantly less than the full amount of the monthly payments on all of the old debts – credit cards, overdrafts and personal loans. Continue reading

Can Debt Consolidation Actually Work?

There are several advantages to merging your debts into a single consolidation loan. For many people might be appealing to have to make just one single monthly repayment in place of many repayments. Making lots of monthly payments towards a number of creditors in respect to a few different accounts is time consuming, specially when funds are limited and there is insufficient cash for everyone. You’ll have to select which debts really are ‘priority’ ones. Those you should take care of. With regard to the rest you simply must make do with whatever you can afford to pay, regardless of whether in some instances it is less than the contractual amount that you should be paying. One big advantage – whether perceived or real – is that you have just one single lender to take care of rather than many creditors. Managing your financial situation in addition to repayments can be simplified. It is also probable that your credit rating will get better specifically if you include all of your credit card accounts in the debt consolidation. Along with those benefits, the recurring repayment relating to the consolidation loan could be less than the sum of the repayments relating to the many different loans. Continue reading