Help With Debt ProblemsMany people have debt problems in the UK. This can easily occur due to: mounting credit cards bills, struggling to keep up car finance payments, CCJ`s from outstanding debts, defaults to creditors or even mortgage arrears. The longer you leave your debt problems the harder it can be to get the better of them, so act now.
One solution to consider is a debt consolidation loan, these can help reduce your monthly bills and refinance all your existing credit cards, debts and other loans, replacing them all with one single lower monthly payment. A good idea can be to settle some of the bad credit items with the loan. This will help to improve your credit score and may give you better borrowing options in the future.
For a confidential discussion and no obligation quotation please call our debt help team today for free on 0800 0159 018, or dial mobile friendly 0330 0536001. Alternatively enquire using our debt repayment online enquiry.
Been Refused Elsewhere? Try Us!
There are many reasons why people fall into debt, often by an unfortunate change in circumstances, breaking up with your partner / spouse or even a sudden change in employment. Fortunately there are several ways we may be able to help. Different options may apply depending on your individual circumstances.
Unsecured Loans UK Debt Consolidation
The UK debt consolidation personal loans option is available for tenants and UK homeowners. Unsecured loans can be an effective way of combining all your debts, and still getting an affordable low cost loan, with unsecured loan plans available up to £15,000 and repayment terms matched to your budget.
Secured Loans UK Debt Consolidation
Debt consolidation with a secured loan allows you consolidate larger debt as well as potentially helping you to borrow additional funds for other purposes - such as home improvements or a purchase of a newer car.
Danger Signs With Debt Problems
There are many signs that will tell you whether you need to look at debt consolidation help.
Please read below for just a few examples of these:
- You spend more each month than you earn
- You avoid opening the post for fear of bills
- You are paying multiple debts at high interest rates
- You are only meeting the minimum repayments on credit or store cards
- You find it hard to repay your bills each month
They come in two main types which are secured loans for homeowners and unsecured loans for homeowners or tenants.
- Specifically for homeowners
- Can be taken out over longer periods of time, with loan plans up to 30 years
- Can be used to borrow larger amounts, up to £150,000
- Can be taken out in sole name or as a joint loan
- Require some form of residential property as collateral for the loan
- Can be for people with good credit or poor credit & bad credit histories
- For both homeowners & non-homeowners
- Are processed more quickly
- Usually taken out as a sole applicant but can be considered on a joint loan basis
- Normally have higher interest rates (particularly if you have poor or adverse credit or a low credit score)
- Usually require a better past credit history or higher score as a house or flat is not offered as security
- Generally for smaller amounts - up to £15,000 via My Sort Loans lenders
If you are having debt problems (big or small) you may wish to seek independent legal advice or consult with the Money Advice Service. If you think a debt repair or debt consolidation loan may be the solution please contact My Sort Of Loan and see if we can help you restructure your debts and make your monthly bills more affordable. It is important to remember that lengthening the term of your debt may increase the total amount repayable.