What is debt consolidation?
It is the combining of two or more of existing loans so that it is easier to manage the repayment.
When should I consolidate debt?
An individual should think of debt consolidation when the APR associated with the existing loan is higher than the APR in the prevailing market condition.
Is it necessary to take debt consolidation loan?
It is only a tool to manage debt and as such, it depends upon the borrower whether he should take up debt consolidation loan or not.
I have bad/poor credit history; can I qualify for the loan?
It depends upon the lender whether you qualify for availing the loan.
What is debt management?
It is managing of debts so that an individual with debt stay clear of any financial mismanagement.
Can I back out of any deal anytime I wish?
Yes, you can back out of any deal anytime you wish, however, it should be done before signing up any deal.
Is it mandatory to go with the advice given by experts?
No, it is not mandatory to follow the advice given by experts.
Do I have to pay any fees to seek their advice on debt consolidation?
No, you are not required to pay any fees to seek their advice or other services.
What are my chances of availing debt consolidation loans?
Individual cases vary thus a lender is the right person to decide whether you will qualify for the loan amount or not.
Which type of debt consolidation loan will be cheaper?
Generally, secured debt consolidation loans are cheaper. However, one has to pledge collateral to avail this loan.
Will the loan amount repay each of my existing loans and still leave me some amount?
Yes, in some cases it may.
Is it necessary to apply for these loans online?
As Debt Consolidation Loans UK is an online agency one is required to apply for it online.
What role does credit rating play in availing such loans?
Credit rating is the benchmark of knowing a borrower’s credential, thus it is a specific role in evaluating a borrowers financial credential.
Will my privacy and confidentiality be protected when I supply any personal information?
Yes, Debt Consolidation Loans UK stands for protecting your privacy and confidentiality.