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SolveDebt.co.uk helps 100s of
people every month to solve their
debt with the right solution. Let us
help you today, so you can start
afresh tomorrow.
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Debt Consolidation: Frequently Asked Questions
F.A.Q.
A. Most debt consolidation companies deal with any kind of unsecured debt, i.e. debt with no collateral. They usually cover credit cards, store cards, personal loans, judgements, repossessions and business debt. Consolidation companies do not deal with secured debt such as mortgages and car loans.
Q. What is debt consolidation?
A. Briefly debt consolidation is adding all your debts together, making one monthly payment to the company, who then pay your creditors. The first thing that a representative would do would be to contact your creditors to negotiate lower interest and thereby lower payments and often a shorter timescale.
A. The company will negotiate with your creditors to reduce your monthly payments by half, or reduce or stop interest charges, stop late payment charges and stop phone calls and visits.
Q. How much can I save with a debt consolidation programme?
A. Total savings can be thousands of dollars with payments reduced by up to sixty percent and in some cases interest can be entirely eliminated.
Q. Do I have to take out a loan from you?
A. No, this company doesn´t deal in consolidation loans. Your creditors are negotiated with an interest rates either reduced or wiped out entirely, this means that you make lower monthly payments and pay off the debt sooner. Taking on more debt will only make matters worse.
Q. Will using debt consolidation adversely affect my credit score?
A. Under this programme, most creditors will re-age your debt, which makes it current and most creditors think that people who use such a programme are taking a responsible attitude to their debt.
Q. Do I put all my unsecured debts into the programme?
A. That is up to you. You may prefer to carry on as normal with one of your credit cards so that you still have it for business use.
Q. Will the programme still help if I am not behind on my debt repayments?
A. Yes, providing your debts amount to £5,000 or more, then the company can negotiate and get your payments lowered.
Q. How do I begin?
A. If you are having problems paying off your debts then a debt consolidation company can help you to deal with these problems. You can get a free, no obligation quote today.