Consolidation Experts

FAQ

You probably have many questions regarding debt consolidation. To help shed some light on this solution, we’ve covered some of the most frequently asked queries we hear. Feel free to explore these topics in wider detail or get in touch if one of your questions isn’t covered.

Frequently Asked Questions

Debt consolidation is the act of combining multiple expenses into a single affordable monthly payment. Using the funds from a consolidation loan, you can repay many (if not all) of your lenders which can give you far more control over your finances.

 

As a bonus, this financial solution can simplify your monthly outgoings, reduce your stress levels, and leave you with more money in your pocket each month as a result. Read our blog to find out more: What is a debt consolidation loan

If your loan application is approved, you should have the funds you need within a matter of hours. However, it can take up to two working days before the money appears in your account. Once cleared however, use the cash provided to repay your unsecured lenders one by one. At the application stage, one of our specialists should have helped you identify if any of your creditors aren’t eligible for debt consolidation.

 

Once these organisations have been repaid, you’ll be left with one group to repay – the consolidation loan provider. One benefit of this solution is that the monthly payment should be much less than the funds going to your existing creditors.

 

All this will be confirmed during the application stage and we’ll help ensure that you get the best deal possible. Read our blog to find out more: How does debt consolidation work?

 

Unlike many financial solutions, qualifying for a debt consolidation loan is usually quite simple. Providing you can afford the monthly repayments and live in the UK, you should be able to secure the funds you need. A good credit score is also preferable but there are often options for those with poor or bad credit. At Consolidation Experts, we consider all credit scores because we believe everyone deserves a life free of debt.

When you submit an online application, our team of specialists will review the information provided and initially determine if debt consolidation is the right solution for you. We will soon be in touch to discuss your circumstances, confirm your details, and advise you on your options.

If all goes well, you should be on the path to financial freedom within a matter of days.

It should be possible to consolidate your debt before applying for a mortgage. Although there will be situations when this might not be possible. Usually though, consolidating and paying off your unsecured debts – before starting to climb the property ladder – is a wise decision.

Mortgage providers could offer you lower interest rates if they see you’re in control of your debts.

Whereas many debt solutions will have a negative impact on your credit score, this isn’t generally the case with a debt consolidation loan.

Initially, your credit score will probably worsen as you’ve taken out an additional line of credit. However, once you’ve repaid all your lenders – and start making payments to the consolidation loan provider on time – your score should improve. As a result, it is possible for a debt consolidation loan to benefit your credit score over time.

Whether debt consolidation is worth it depends upon your financial situation. However, this debt solution is usually a good idea providing:

 

  • The monthly payments are affordable and won’t have a detrimental effect on your lifestyle.
  • What you’re paying each month is substantially less than your current commitments.
  • The repayment terms on the loan aren’t excessively long.

If you have a history of bad credit, you know better than anyone that many financial solutions are unavailable to you. With a debt consolidation loan however, this isn’t typically the case. While some debt consolidation loan providers won’t help you if you have bad credit, we won’t exclude you just because of your financial history. Everyone deserves to live their life without worrying about debt. If you have poor credit, you have nothing to lose by applying through us.

Regain control of your finances – contact us today

Regain control of your finances – contact us today

We want to help you live the life you deserve, free from debt. Together, we can make this dream a reality. See if you qualify for debt consolidation and combine all your debts into one affordable monthly payment. If your application is successful, you could have the funds you need in the next 24 hours.

If your application is successful, you could have the funds you need in the next 24 hours.

back to top