A guide to Debt

CONSOLIDATING YOUR DEBT

Depending on your level of unsecured debt, debt consolidation (consolidating all existing debts into a single loan) can be a way forward.

POINTS TO CONSIDER

Points to consider will be your level of debt, income and current repayments, but arranging lower monthly repayments is often possible.

If you have debts over £15,000 and are struggling to make repayments, then it may not be a good idea to take on more borrowing as this could get you into more trouble if you cannot afford the new loan, especially if the loan is secured on a property. An Individual Voluntary Arrangement, IVA, may be a better option in this case.

Once we know exactly what your circumstances are, we will then tell you whether or not debt consolidation is a good choice in your case. If it is genuinely the best debt solution, Only Finance will search the market at no extra cost to you, and find a loan that meets your requirements.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.