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What exactly is a personal loan?: A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.
What is a Debt Consolidation Loan?: A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
What interest rate will I pay and is it negotiable?: Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.
Why would my Loan application be turned down?: If a lender decides that you are a bad risk for a loan, they will reject your application.
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.

Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?

You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

You will also only be able to borrow up to £25,000, as lenders will not offer large loans unless you are securing the loans against your home. Unsecured debt consolidation loans are a lot harder to find than secured debt consolidation loans – many of the adverts you see on TV and in the newspapers, offering attractive interest rates are secured loans – essentially a 2nd mortgage.

Even with an unsecured loan – if you default on repayments you could still lose your home. Defaulting in repayments will lead ultimately to court proceedings and the repossession of your home. If you do not have any property or assets, you will be declared bankrupt. The important thing to remember is that you must make sure that you can manage your repayments before you sign up for a debt consolidation loan.

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.

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