What is the best way for me to solve my debt consolidation? How exactly do I consolidate my debt?

Asked by naomi.shebah

2 Answers

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
consolidation is effectively reducing the number of lenders you have but retaining the same overall level of debt.

there are many companies that will entertain debt consolidation but the best rates and terms will only be achieveable if you have a currently clean or reasonably clean credit history now.

what you need to consider before entering the arrangement is a good review of your income and outgoings.

do you currently have any scope to reduce outgoings now from areas of overspend - ie step down a level at the supermarket or reduce the sky tv package, review your utility providers.

its really useful to look at this now so that if you are accepted with your new lender you will be able to fairly judge whether you can maintain that new agreement without the temptation to build up more debt because you have "spare" money from having reduced your outgoings by rolling the debts into one.

if all the above have been tried and you still have trouble or if you cannot get a loan deal, i would strongly advise you to seek help from either the citizens advice bureau or CCCS consumer credit counselling service. They will be able to help with negotiations with your lenders and might come up with a mutually agreeable outcome.

the main thing, is timing, act soon but not hastily. | 01.04.11 @ 19:08
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$commenter.renderDisplayableName() — {comment} | 08.18.17 @ 10:42
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Answered by kobemcklain
Debt Consolidation would be quite feasible as if the student is carrying more than one debt. It’s a good way out but quite a slow procedure, where all the debt are merged and one has to make single payments as well the interest rate is low and that extends the time duration. payday loans | 03.21.13 @ 11:59
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$commenter.renderDisplayableName() — {comment} | 08.18.17 @ 10:42
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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