Debt Consolidation: Explained
January 10, 2015
Debt consolidation involves taking some or all of your current liabilities and moving them to a new single source. This often includes personal loans, Hire Purchase commitments, store cards and credit card balances.
When it is done properly, debt consolidation results in a lower interest payment, a lower monthly debt payment and an increased amount of discretionary income each month. Ideally, the lower payment and reduced interest provided by debt consolidation frees up enough income to enable you to live within your means.
How FA can help
Debt Consolidation is not as straight forward as people like to think. In order for Debt consolidation to work effectively we would encourage you to seek advice from our qualified advisers.
We would undertake a Discovery Meeting with you to establish your assets and liabilities together with your income and expenditure and work with you in formulating a plan that helps you achieve your objectives.
Want to know more?
If you would like to speak to your local Adviser, call us on 01793 750101 or visit our Contact page.
A fee of up to 1% of the mortgage amount may be charged and we may also be paid commission from the lender. Alternatively you could receive the commission from the lender and pay us a fee of up to 2%, minimum £2,000, on completion of the mortgage. Any fee will be discussed at the outset.