| Debt Consolidation Personal Debt Consolidation loans in the UK are personal loans to pay off outstanding debts. They come in the form of secured loans and unsecured loans. Secured loans are loans that are secured on your home so if you default you will lose your house. Unsecured loans for personal debt consolidation do not require your home as loan insurance but the end result is the same regardless if you cannot keep up your repayments. WHAT IS DEBT CONSOLIDATION? Consolidating debts means combining all the outstanding loans in a single larger loan with a single monthly repayment. What this means is that you are borrowing to pay off a debt. The benefit of consolidation is getting a more manageable lower monthly repayments over a longer period - but remember it's still money owed. If you are able to trade high rates of interest for low rates of interest, then that's an offer worth pursuing. But make sure that this is a step towards reducing your debts, rather than adding to your problems. CREDIT REFERENCE AGENCIES Whenever you apply for a credit card or for a loan, your past credit history will be checked, using the information held by credit reference agencies. The biggest in Britain are Equifax and Experian. You are entitled to see your own credit file, which they will post to you if you send them a request and a cheque for £2.You can contact the two main agencies at the addresses below. Equifax Experian Limited |
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