Many people consider a debt consolidation loan as a solution to their debts. Whilst there are benefits to this such as having one payment rather than several or the possibility to extend the term to reduce the payments it should be remembered that by taking the new loan over a longer period the total amount repayable may be increased.
Also if you have had credit issues in the past there is no guarantee you will get a loan at a comparable rate of interest to the debt you already have meaning the amount you repay in total could be significantly increased.
Also if you have a large debt level meaning the consolidation loan you take is for a high amount lenders may ask that the loan be secured against your property. You should always think hard about transferring unsecured debt into secured debt as if you miss any repayments you could be at risk of losing your home.
DFH Financial Solutions do not offer loans.
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Further Debt Help and Advice
PLEASE THINK CAREFULLY BEFORE SECURING LOANS AND OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
ALL RATES VARY SUBJECT TO LOAN AMOUNT, LOAN TYPE AND STATUS.
REPAYING YOUR DEBT OVER A LONGER PERIOD OF TIME MAY INCREASE THE AMOUNT YOU PAY.
WARNING – LATE REPAYMENTS CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP GO TO MONEYADVICESERVICE.ORG.UK.