A debt consolidation loan allows you to take out a single loan which you use to pay off your multiple unsecured debt. This should make your payments more affordable to you.
Many of our clients have wanted a loan for debt consolidation purposes, as they find it a struggle to manage multiple payments to their debts on a monthly basis. A debt consolidation loan will often provide you with a lower interest rate which will allow you to save money on your payments.
If you find that you are missing payments or you are late in making your payments, then a debt consolidation loan only means that you have one to worry about. This will improve your credit rating over time, as you will not have to worry about missing payments to multiple debts.
Yes, you don't just have to use your loan to consolidate your debt, you may choose to only pay of part of your debt. What you do with your loan will be your decision.
The monthly payments to your debt consolidation loan will be dependant on the amount that you borrow as well as the term.
Ask Finance Ltd is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.