Debt Consolidation
Debt consolidation is the process by which an individual or a couple can combine all of their debts into one loan. In many cases many of the loans an individual or a couple have are unsecured loans that are later combine into a single unsecured loan. The debt consolidation process is not restricted to only this type of scenario. *Unsecured loans can also be combined into one single *secured loan. The main difference between a secured and unsecured loan is that the unsecured loan doesn't have any collateral whereas the secured loan involves collateral in the form of an asset owned. During the process of debt consolidation you will be asked what path you would like to take. If for example you own a home in most cases you would have the option to consolidate your unsecured loans into one single secured loan.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.
The debt consolidation process is one that if handle right could be done quickly and relatively easy. You might wonder how to get started with the debt consolidation process, well it is simple take a minute to fill out our debt consolidation form and one of our debt consolidation experts will get back with you promptly; or If you prefer you can call Homebank Financial Services Limited, debt consolidation center directly at 800 052 3604. At Homebank we have debt consolidation specialists who could help, to do this they will need for you to provide them with simple information that is essential for the debt consolidation team to match you to the best debt consolidation program. Please take a minute to read about the simple debt consolidation questions that you will be asked. Answer as accurately as possible so that we may find a program that will consolidate your debts at the lowest possible interest payments. Remember we are debt consolidation specialists that search the best programs for you. We want you to save money while you get a payment that is comfortable for your budget. The first question that will be asked to you is if you own a home. In many cases it makes sense to consolidate your loans into a remortgage. If you are only interested in the remortgage of your loan we also are able to help you. If that is all you want we will ask what kind of loan would you like? For how many years? We would also appreciate if during the time that we spend trying to consolidate your debts you would provide with an estimate of your houses' price, your address, your name, phone number, email address and a few other miscellaneous questions. Remember the debt consolidation process depends on you and us working together. You provide us with the answers and we do the rest.
Debt consolidation could save you money. An individual or a couple that have credit cards debt, higher purchase and a mortgage, the average interests payments can add up to thousands of pounds. It is worth contacting one of our specialists to see how much the debt consolidation process could lower your overall payments. There are several reasons why consolidating your debts could save you money. For example, it could mean you get rid of your credit cards. This alone could save you a lot of money. Also the more payments you have to make the greater the chances are that you would forget to make one. Once a payment is late companies usually charge a late fee. Late fees vary but on the average they range from £20-£60 per month. Debt Consolidation can mean you will say good bye to many of those unnecessary charges, it can mean less trips to the post office and less paper waiting for you to read after you come home from work.
Debt consolidation can help your credit scores. We all know that the inability of making your payments on time can adversely affect your credit score. Debt that all together cannot be paid back will also hurt your credit scores. If you are nearing one of these scenarios let us consolidate your debts and help you get back on track. Once you have a monthly payment that goes well with your lifestyle much of the stress associated with having too much debt will disappear. Take the initial step to consolidate your debts making your payments on time will help you achieve the credit scores you deserve and put you on the path of being debt free.
*secured and unsecured loans are not regulated by the Financial Services Authority.
Where you have unsecured debts of £15000 or more another option, which may be available to you is an **Individual Voluntary Arrangement (IVA) An IVA is a contract between you and your creditors. In such an agreement you pay an agreed monthly sum, typically over a term of 5 years. The monthly amount is worked out in accordance with your affordability by assessing you incomings and outgoings and is split between each of your creditors, who accept the sum settlement against the debt you owe them. Once an IVA has been approved, all of your creditors are legally bound by the arrangement, as long as you keep up the agreed payments.
**Individual Voluntary Arrangements (IVA) are not regulated by the Financial Services Authority. Entering into an IVA agreement may impair your ability to obtain credit during the period of the agreement.
The best thing would be to talk to one of our specialist to further educate you about your options for debt consolidation using and IVA or a secured or unsecured loan
