Tick this box to indicate that you've read and accepted the Privacy Policy

Debt Consolidation

What is it?

Consolidating debt is when you take out a single, new loan to pay off several existing debts. This can be a good way of taking control of your finances but you need to be careful. A consolidation loan may not always be your best option, as you will be using debt to pay off debt.

Other debt consolidation solutions you may wish to consider:

  • Debt Management Programme.
  • Individual Voluntary Arrangement / Trust Deed.
  • Voluntary Bankruptcy.

Each solution is different. Call us free on 0800 008 7969 to speak with one of our expert advisors about your debts and the options that may be available to you.

Alternatively, complete the online enquiry form and one of our advisors will call you back.

Debt Consolidation, to most people, is where an individual will take out a consolidation loan in order to pay off all their debts. Normally this will give most people one payment to cover all their debts, and more often than not it will be lower than what they were paying previously. One problem with consolidating debts in this way is that unless you get an interest free loan, you are using debt to pay debt and therefore making your current debt level even larger. As lending criteria has tightened over the last two years many people are struggling to obtain large unsecured consolidation loans.

Add to this the fact that most people are currently finding their money isn't stretching as far, it's no wonder a lot of people are getting into difficulty. Many lenders now prefer clients to take large secured loans, but with recent property price drops this is not always open to people making debt consolidation with further lending nearly impossible. The knock on effect of this is that in turn people that are finding things difficult will look to other debt solutions to sort their debts out.

Debt Support Service offers a range of services varying from IVAs, Trust Deeds, Repayment Plans and Re-mortgages. Most forms of debt help that we offer do not involve us placing an individual an in any more debt and you will never owe our company any money. The debt advice offered is based around your circumstances. As everyone's circumstances do tend differ the advice that is right for one person may not be correct for another. A fully qualified advisor will explain to you all the options that may be open to you, allowing you to make an informed decision on how is best to sort things out.

The current financial climate is one which has not been seen for nearly 80 years, and the current recession we are experiencing is often labelled as the worst since the 1930s when the Great Depression hit the world. With banks not really lending as recklessly or freely now it is having a knock on effect to the availability of credit to individuals. Clients who previously would normally be able to take on a consolidation loan are now finding their applications being declined. The debt solutions offered by Debt Support Service are designed with the client in mind and do not put you into any more debt. All forms of debt help offered allow you to consolidate your debt without the need to be approved or credit checked. If you feel that things are getting tight and that you would benefit from a lower payment to cover all you debts then ring Debt Support Service to see what debt help is open to you.