Hot Topics

What kind of loan should I get?: Which loan you choose depends entirely on what you need it for. There are many different kinds of loans, depending on where you buy them from.
How much can I borrow?: How much you can borrow is dependent on a number of categories: your income, your assets and your credit history to name but a few.
What does it mean if my payment protection insurance includes cash back?: Some lenders offer a cash back scheme on payment protection insurance – by refunding all or part of the insurance premium after a certain time has elapsed.
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.
I live at home with my parents, can I still apply for a loan?: If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.

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.

If it’s all getting too much and you cannot manage all the repayments, a debt consolidation loan is a good idea. However you don’t have to be in financial trouble to get a consolidation loan, it may just be because you’d prefer to tidy up your finances by putting all your debt with one company, then it’s easier to know exactly where you stand. It also means you can borrow over a longer period of time and therefore reduce your payments – or you could borrow more than you need to cover your debts, in order to buy a car, holiday, or whatever you want.

When opening the loan the loan provider will pay off all your existing debts, then you will pay one single monthly sum to your new loan provider. Because you are borrowing a larger sum of money to repay all your debts in one go, you may benefit from lower interest rates compared to your credit card, store card and other outstanding debt interest rates. These types of loans are usually secured on your home so you must make sure you can afford the new repayments, or your home will be at risk.

For a 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.

Car Loans

Holiday Loans

Home Improvement Loan

Career Change Loan

Debt Consolidation Loan

Bridging Loans

Links

UK Debt Advice
Abacus offers UK Debt Advice, Consolidation loans & Management programmes.

Bad Credit Loans
Abacus help UK residents who have been refused a loan elsewhere.

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