Debt consolidation loans are designed for those who are struggling with multiple unsecured debts and multiple creditors.
Unsecured debts that are ideal to be consolidated using a debt consolidation loan include credit cards, store cards, loans and Hire Purchase (HP) agreements.
You may be eligible for a debt consolidation loan even if you have:
− Past CCJs/defaults
− Mortgage or rent arrears
− Poor credit history
− Have been declared bankrupt in the past
Debt consolidation doesn’t require you to be a homeowner or even if you are a homeowner, you won’t be required to borrow against your property if you don’t want to. However, as with other types of loans, an unsecured debt consolidation loan will often have a higher interest rate than that of a secured consolidation loan.
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