This type of loan is available for people whom find it difficult to make their monthly repayments back to their creditors. A consolidation loan can help you bring your debt situation back under control by the lender paying off your entire debt and developing you a tailor made package which will allow you too repay the loan under less pressurised time frames.

Taking out a debt consolidation loan is also an advantage to those with many different types of loans and want to make their lives simple by having only one payment to make. This would reduce the amount of repayment they make per month but you will find that you are paying back for a much longer period than before.

When taking out a consolidation loan always calculate the amount you can pay back each month and the amount you want to consolidate. Remember that it's only the remaining balance which is consolidated and not the whole loan.

Many lenders will place a redemption fee when consolidating the debt which will be included within the new repayment package.

If you would like more information on how to consolidate all you debt into easy monthly payments call our advisors today on 0800 1777 497. We have over 400 loan plans to choose from giving our advisors the freedom to give you the lowest rates possible.