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Debt Consolidation FAQs

 

Do I need a good credit rating to apply for debt consolidation?

The issue with a debt consolidation loan is that you will need a certain level of credit rating. Loans are offered to people with bad credit but you will have to have demonstrated an ability to both afford and have the discipline to repay a consolidation loan. You can check your credit rating free online but there are more variables taken into account than this, with the most important one being affordability. 

What kind of rate should I expect?

Debt consolidation loan rates will vary from lender to lender and will largely depend on your credit rating and financial health. Obviously, if your credit rating is not up to scratch, you will represent more of a risk to lenders and that will be reflected in the Annual Percentage Rate (APR) on your loan.

How fast can I get debt free with a debt consolidation loan?

This greatly depends on the size of your loan and the term length. The higher your monthly payment, the sooner you can pay off your loan. This will also save you money by not incurring as much interest.

Do I have to own a house to get a debt consolidation loan?

No. You can still get an unsecured loan even if you don’t own property or if you don’t want to borrow against such assets. If you choose that path you will likely pay higher interest rates than with that of a secured loan.

What is the difference between debt consolidation mortgages and debt consolidation loans?

When you get a debt consolidation mortgage you will end up taking out a new mortgage that is big enough to pay off your unsecured debts and your mortgage. This means you’ll end up only having one payment to make each month. A debt consolidation loan has nothing to do with your mortgage and you will just be borrowing enough to pay off your unsecured debts.

Will creditor harassment stop when I get a debt consolidation loan?

Yes. After you get a debt consolidation loan you may get calls for a short period of time but you can direct those calls to the debt consolidation loan company to deal with. This will end any creditor harassment that you have been experiencing.

Can I contribute extra money to my debt consolidation repayment?

You can contribute as much as you want and it is recommended that you try to pay it back as soon as you can, as the interest you are paying will add up over time. Even a small extra amount will save you money in the long run.


Are you eligible for a Debt Consolidation Loan ?

Try our simple debt solution calculator to find out.