Hot Topics

What if I die before my loan is paid off?
If you die before your loan has been fully repaid, the loan will still need to be repaid by your estate. This may mean that your family will have to cover the cost of the loan for you.
Can I defer payment?
This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
Can I have a fixed rate loan?
It is entirely up to you if you want a fixed rate or a variable rate loan – however there are some limits to this.
Will a debt consolidation loan solve all my problems?
A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.
How much can I borrow with a debt consolidation loan?
The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

How much can I reduce my monthly payments by with a debt consolidation loan?

It really depends on how much you owe. In some circumstances you may be able to reduce your total monthly repayments by as much as 75% - simply by consolidating your debts into one single payment.

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Naturally the whole debt itself is just as large, but you can spread the outstanding balance out over a far longer term which gives you the chance to get on top of your finances. Depending on how much you owe, you will probably pay back more in interest because of the amount of time that interest will be able to build up over, but at least you will have the debt under control, and won’t be at risk of losing your property.

If you can pay the loan back quicker than the loan agreement specifies that will help you avoid some of the extra interest that a debt consolidation loan will charge. Every little helps as the sooner the debt is down the less interest you will pay.

 

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.