do you need a LIFELINE TO CONSOLIDATE YOUR DEBTS?
MONEY MARVEL's Partners are DEBT CONSOLIDATION EXPERTS
They'll support you getting a loan to consolidate your debts. No more need to worry - guaranteed!
One single manageable monthly payment. Reduce interest rates. De clutter your life. Stop those continual calls chasing you for money you don't have...
Attention Home Owners: Break free from the stranglehold of debt today.
One repayment each month on payday can take you closer to being debt free. Compare loans for homeowners that can offer debt consolidation.
Attention Tenants: Start to get Debt Free. Our partners can help you.
Consolidate all your debts. Loans for tenants even with bad credit history. Our partners can offer an almost instant decision and direct lender options. No guarantor needed.
What Debt Consolidation Loans Are Available?
Save Time & Stress
Keep Those Lenders Quiet For Peace Of Mind. Our partners handle all the tiresome form filling and work with the lender so you don’t have to.
Halt The Interest
Stop interest & excessive charges dead in their tracks. They'll speak with the lenders you currently owe money to halt further interest.
Slash your payments. They can make it possible to pay off more than one debt with a stand-alone reduced payment on a monthly basis.
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Partners with over 15 Years industry experience. Confidential & Impartial advice. One affordable payment for the peace of mind you need.
An Overview Of Debt Consolidation
Debt is one of those things that can sneak up on a person slowly over time. One missed payment becomes two and soon people are up to their ears in debt service issues. All the credit card balances are at their limits and additional items are being purchased on monthly payment plans.
By this point, your credit score can be affected and the you have no idea how to improve the financial situation. You may already be working multiple jobs or family obligations may prevent them from taking on additional work.
Everyone can find him or herself in debt for nearly any reason imaginable. Recognising the issue may help prevent the behaviour from continuing but it does nothing for the problems that already exist.
The best way to handle the situation is to take action
Debt consolidation help comes in the form of counselling and debt consolidation loans. Professional counsellors offer personal and business debt consolidation advice designed to lessen the burden as swiftly as possible.
Many people will have lost income through the coronavirus COVID 19 pandemic crisis which can never be replaced. This is not your fault. Your income may have completely switched of, but your bills and other monthly credit commitments have likely remained the same.
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A debt consolidation loan is one tool they often recommend. Many UK consumers encounter a financial crisis during their lifetime. The situation may be due to job loss, overspending, or a personal or family illness or other emergency, like a global pandemic.
The main thing to be wary of is high cost credit like high APR Credit Cards and Payday Loans.
In most cases, this status is not permanent, provided that the individual looks for ways to rectify the issue. The best thing that a person facing debt can do to prevent the situation from worsening is to deal with the issue, not ignore it.
Find a debt consolidation loan with a lower interest rate than exists with each individual debt. They also have a lower monthly payment than what the consumer was previously paying for total outstanding liabilities.
People use this type of finance to get themselves out of debt quickly so they can avoid more severe financial situations like bankruptcy. By consolidating, consumers organise outstanding bills so they will not miss any payments.
For anyone struggling to balance career and family life with running a household, this in itself can make all the difference. Having only one bill to pay on a specific date means no more late or missed instalments, helping to repair the credit score.
People turn to companies like Money Marvel because their monthly store card, credit card, and loan payments have become unmanageable. Perhaps they did not receive an expected raise at work, maybe they overspent, or they may have lost their job.
Whatever the case, they are looking for a way to replace their expensive payments with a single payment that is lower than the sum of the others.
Having support is crucial for Peace Of Mind
The best way to handle the situation is to take action. Debt consolidation help comes in the form of counseling and debt consolidation loans. Professional counselors offer personal and business debt consolidation advice designed to lessen the burden as quickly as possible.
So How Does This Work?
Before anyone includes a loan in the management plan, they should understand how it works. Outstanding debts are first listed and then summed, resulting in a figure representing the total amount outstanding.
You can then apply for a debt consolidation loan in this amount and use the funds as repayments. What remains is the loan itself and you make monthly payments on this loan over a predetermined period.
Interest rates and repayment periods vary depending on the financial status of the borrower. The monthly payment amount is dependent upon the total amount borrowed and the repayment term.
Borrowers can lower their monthly payments by extending the repayment period of the loan, but in the end, you will pay more total interest. Most find this acceptable, as it allows you to live within your means and have some discretionary income each month.
Secured debt consolidation loans require that an asset like the home be provided as collateral. You can typically borrow between 5,000 and 75,000 pounds. You may even be entitled to borrow up to 125 percent of your property value.
With a secured loan, it is especially important that the borrower make timely and complete payments, as failure to do so could place your home in jeopardy. Defaulting on this loan can cause the home to be repossessed, a situation much worse than any amount of debt.
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There are a few things to be aware of when considering this type of finance. A very important aspect is that only unsecured debts can be consolidated.
Credit card, personal loan, line of credit, and some student loan debts should qualify. However, a mortgage will not because it is backed by an asset, the home. A car loan is also not eligible for consolidation because the car is used to back it.
Another factor to consider is that though the damage will not be as severe as bankruptcy, credit score can be affected. When some companies negotiate a settlement with a creditor that is less than what is owed, this often appears on the credit report as a failure to repay the amount promised.
Less reputable firms may allow accounts to remain unpaid for several months before settling them, damaging the persons credit score in the interim. Over the short-term, using a debt consolidation loan to repay outstanding debts should not significantly affect the credit score either way.
Though new debt has been assumed, the credit report will reflect that other debts have been repaid. Making the required payments on time over the long-term should improve the credit score.
How To Get Debt Consolidation Finance
After adding up all the factors that qualify for consolidation, you will know how much money is needed. Listing the current interest rate next to each item provides a quick assessment tool for the loan comparison process.
As mentioned previously, interest rates, length, and amount loaned will vary. The type of interest rate will also differ, with some lenders offering fixed rates while others offer adjustable rate loans.
Income, credit rating, and amount of equity determine which programs and rates of interest will be offered.
During this process, we will take the time to research the reputation of the lender. There have been unfortunate situations where consumers were approved but their existing debts were not repaid until many months later and, in some cases, not at all.
Once a reputable lender offering an excellent loan is found, they will help you complete the application.
Online lenders may allow this to be done electronically. All requested documentation should be provided in the desired format, which may be in person or via, mail, fax, or email. All the loan and credit card statements that will be paid off should be included in this documentation.
This provides the lender with the information necessary to contact these creditors. It takes approximately three to four weeks to complete the process. The lender may contact you periodically to request additional information or provide a status update.
Some lenders require that the liabilities be repaid through escrow. This means that the existing balances will be repaid when the loan closes. This requires patience on your part and maintaining the accounts so they do not fall into arrears.
Some lenders allow borrowers to select their monthly repayment date. If this is offered, review to budget to find a date when the required amount of money will be available in the bank account.
If direct debit payment is an option, consider this because it ensures timely payment each month.
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Debt Consolidation Loans UK
A single lender can offer an ample selection of products and in addition to finding lenders via our site, you can read informative articles containing advice from experts.
We also have access to electronic resources, materials, and tools provided by counselling services. Being able to conveniently access all this information any time of day has made us a team you can trust.
However, you should not only know how to get yourself out of debt, you also need to understand how to prevent the situation from reoccurring. Having unpaid bills is never a pleasant situation, but when you know there is help online or over the telephone, the situation is easier to handle.
Lenders are willing to provide a wide range of funds to individuals who want to consolidate. You have the ability to quickly compare products terms and conditions, while taking as much time as needed to make a smart decision.
You can even meet with lending officers in person to explain their situation and get assistance with finding the best solution. For many, an unsecured or secured debt consolidation loan will be the answer.
After completing a paper or online application and providing the required documentation, an approval decision will be made and if it is positive, you will receive the money within a few weeks. No one wants to be taken advantage of and this is why we thoroughly research all appropriate consolidation lenders.
The sooner people take control, the better because it enables a solution to be implemented before things spiral out of control. There is no better feeling than repaying all debts and beginning to rebuild financial status.
Is Your Existing Company Charging You Too Much?
Getting out of debt is a long and sometimes frustrating process. At times, the best route to go is in consulting a debt consolidation service to help.
However, some of these companies are fraudulent and are doing nothing more than submitting your payments for you. If they are charging excessive fees, it may be best to look elsewhere.
For instance, if you are paying a total of £120 per month and the company is deducting £25 pounds per month as fee, you are still paying over 20 percent in interest charges.
The whole point of using a company such as this is to lower your debt interest rate, not increase it.
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Companies that charge fees such as this will often promise a reduction in interest rate and organisation of your bills.
However, even if they get your bad credit credit cards reduced from 29.9 percent to 10 percent, you are in essence still paying 15 percent interest.
It is not uncommon for them to take your first payment as a fee and then apply all payments afterwards. If this is the case, you should receive a schedule of payments detailing where the money is going and projected date of complete payment.
If they have excessive fees, they are more than likely ripping you off. When you are trying to get out of debt, every penny counts, so be very careful and avoid fraudulent companies.
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