Debt Consolidation | Debt Consolidation Ireland | Debt Help Ireland
What is Debt Consolidation?
If you have several independent debts that you are repaying each month then debt consolidation is a debt solution which could make your life easier. Debt Consolidation is the process of taking all these debts and consolidating them into one, leaving you with only one monthly bill to pay. For example if you have credit cards, loans and overdrafts etc., instead of paying of 3 or 4 bills each month you would gather them altogether and just make one payment which would be divided between the various creditors. You can do this by taking out a personal or secured loan and using this to pay of the debts in full, this then means that you only concentrate on paying back the loan at one fixed payment per month, leaving your payments much more manageable.
McCambridge Duffy Ireland have been assisting our clients with Debt Consolidation for years and can offer expert advice and assistance on any debt consolidation questions.
| Example Debts | Example Solution |
|
You borrow a debt consolidation loan of €10,000 to pay off all these debts. The payback interest is lower, the repayments are lower and it is also possible to extend the repayment period to reduce the payments even further. |
Advantages of Debt Consolidation? |
|
 |
Easier to manage – one affordable monthly payment |
|
Fixed term – You will know exactly when you will be debt free |
|
Replace your various loan and credit card payments with one single monthly payment |
|
Reduce rates on high interest credit cards, store cards, overdrafts or loans |
* Points to watch out for in Debt Consolidation...
• Be wary of interest rates. Look for a fixed rate
• Don't be fooled into thinking that you have cleared your debts. You have shifted the debt into a different payplan
• Make sure that you do not fall behind with this loan repayment. Be vigilant, as it is a new start for you.
Do I Qualify for Debt Consolidation?
There are certain criteria you will need to meet in order to qualify for Debt Consolidation. It will also depend on the amount of creditors and outgoing bills you have as well as your overall debt amount. Some of the criteria that would qualify you for debt consolidation are as follows…
• If you are having difficulty staying of top of your debts and making your debt payments to lots of different creditors
• You are confused with the varied amounts and levels of interest on all your debts and you would like one overall rate that is easy to understand.
• You want to reduce your outgoing monthly bills.
• You want to find an easier way to pay off all your debts and become debt free.
nb.* The suitability of consolidation also depends on the level of your debts. Sometimes there are better options for you.
Debt Consolidation Frequently asked questions
How much can I reduce my monthly payments by?
This depends on exactly how much money you are paying and how long you want to repay the loan borrowed. Reductions in monthly payments can be highly reduced.How much can I borrow?
There are a variety of factors which dedicate how much you can borrow. Whilst your income and, for secured loans, the equity available in your property are key, the main one is that you can afford to make the monthly repayments.Over what length of time can I spread my repayments?
This is entirely up to you and will depend on how much you can afford each month. Most loans are usually available over 3 to 25 years, though some mortgages can be spread over a longer period of time, depending on your circumstances.Can I use the loan for more than debt consolidation?
Certainly. Consolidating your existing credit allows you to free up money for other things. You can borow extra for that new car, boat or caravan, to pay for your dream holiday or you can have the new windows or conservatory put in. The choice is yours. Just remember, you are paying off debts and do not over-borrow.What if I have an accident, become ill or get made redundant?
Some companies will arrange accident, sickness and unemployment cover if you want the added peace of mind this brings. Life assurance is also advisable. We would strongly advise that you consider very carefully before taking cover as it can be very costly to do so as some companies charge too much for this.Can I move house if I want?
Absolutely. If your consolidation loan is secured against your house then you can use the proceeds of the sale to pay the outstanding balance of the loan or, where you are moving to another property, you may be able to transfer it to your new home. Contact us and we can provide you with some options that may be suitable for you.Are you like the many thousands of people suffering from debt in Ireland? Do you want to lower your monthly creditor payments and start living again? Do you want to stop your creditors calling and harassing you? Do you want a totally FREE & CONFIDENTIAL debt solution now? We, at McCambridge Duffy can help. Call 1890 719 465 now or get in touch via the contact details below. |
 |
|
