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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 is not covered by personal loan protection insurance?
There are a number of situations that are normally exempt from personal loan protection.
Can I cancel my loan application if I decide not to go ahead for any reason?
If you decide you want to cancel your loan application once you have made it, you can do so within a certain period of time set by the loan company.
Can I borrow again in the future?
Your ability to borrow again in the future will depend largely on how well you managed your loans and other forms of credit in the past.
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.

What do you accept as income?

When you apply for a loan you will have to state your regular income.

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Your main income will normally be your wages, however the following can also contribute to your stated income: regular commission, permanent overtime, incapacity benefit, severe disablement allowance, industrial injuries, disablement benefit, war pension, widows pension, working family tax credit and attendance allowance.

The following benefits cannot be accepted as income: maintenance payments or rents received, child benefit, council tax benefit, guardians allowance, foster carer allowance and income support.

If your income is sufficient to meet the repayment demands, in conjunction with other aspects including your credit history, your application should be accepted. However a high income alone will not be enough to secure a loan with many loan companies if you have a bad credit history.

 

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.