Debt Consolidation

If you have several different debts and are paying several bills each month you could consolidate them into one with debt consolidation.

What is debt consolidation?

Debt consolidation is when you consolidate all your debts into one by taking out a personal or secured loan. The idea then is that you use this loan to  pay off all your debts in one go. This then means that instead of making several payments each month you only have to make one fixed monthly payment which means you have less to pay each month so it lowers your monthly payments.
There are several things that you need to consider before taking out a secured loan to consolidate your debts. The main risk is taking out a secured loan against your house. You need to make sure that you are definitely going to be able to make the monthly payments before signing up to the secured loan as your house may be at risk if you default on the payments.
We would not recommend Debt consolidation for large debts as it can just put you into the same or even worse position. For large debts around €15,000 up contact us and we will discuss your debt options.