DEBT CONSOLIDATION LOAN QUOTATION

We operate a comprehensive database of lenders who will provide a debt consolidation loan quotation and we can obtain an extremely competitive rate for you no matter what your personal circumstances or previous financial history. Just call our 24/7 quoteline or complete and send our contact form to obtain detailed information on the best product available to satisfy your needs including interest rates, repayment periods and the lenders terms and conditions.

What is a debt consolidation loan? This is borrowing, either secured or unsecured used to pay off other loans resulting in just one monthly payment. The real advantage is that high interest unsecured borrowing such as credit cards, store cards or other expensive short-term borrowing can be replaced by a single, low interest, long term secured loan with substantially reduced monthly payments. The interest rates on secured borrowing are substantially less than the interest rates on unsecured borrowing and this type of borrowing can be secured quickly and easily on your own home.

A debt consolidation loan is useful if you would like to reduce your monthly outgoings and combine all of your loans into one single low interest payment enabling you to become debt free over a period of years without undue hardship. As with all borrowing the lender must be satisfied that the borrower is able to repay and will usually obtain a report from one of the two main credit reference agencies which are Experian and Equifax. Matters which a lender will take into account include :-

• Financial History:
  This does to some extent depend on self disclosure however almost all lenders subscribe to credit reference agencies which have records relating to the finances of almost everyone in the UK. If you have never borrowed money nor have never had a credit card nor been involved in finance of any type then there is just a chance that you will not feature in their records. People newly arrived in this country may also have no record. Not having a record is not always a good thing as lenders don't only look for people with a poor credit history but they are encouraged by those who have had loans in the past which have been successfully repaid in accordance with the lenders terms and conditions.
• Family Income:
  Some lenders will take into account not only the income of the borrower but also the income of a partner or spouse or other family member. Applications can be made jointly or in cases where the lender is concerned about the viability of repayment by the lender a family member or another person can guarantee the loan and be responsible for repayment in the event of default by the lender.
• Existing Commitments:
  Lenders inevitably make enquiries about the borrowers other financial commitments to ensure that the proposed loan repayments are within the borrowers ability to repay. Failure to fully disclose other liabilities can be a criminal offence and great care should be taken to ensure full disclosure.
• Property Value & Deposit:
  A lender will feel more secure and be able to offer more advantageous interest rates if there is the built in safety factor of the loan representing only a part of the value of the property rather than approaching 100% of the value of the property and to this end both the overall valuation and the amount of deposit are very relevant factors to be taken into consideration.