Bad credit Debt Consolidation
Debt consolidation is the process of taking out one single loan or mortgage to pay off all your other loans and debts. That is consolidating all your credit cards, store cards, personal loans, other secured loans, hire purchases and car loans into a single monthly payment. The benefit of this is that you can significantly reduce your monthly outgoings and obtain a lower interest rate, so it is in fact cheaper per month. This is great news if you are slightly pushed in your outgoings and need help with your finances.
The interest rates on secured loans such as mortgages are normally lower than the interest rates on unsecured borrowing. Therefore, debt consolidation mortgages can often mean that your total monthly outgoings are reduced. This can be useful if you are struggling to meet the repayments on various unsecured loans.
The downside is that a debt consolidation mortgage will usually mean that you are paying interest over that loan over a longer period. This means that, in the long run, you may end up paying more in interest charges. But if that means you can keep up the monthly repayments rather than default on your credit card debts and end up with a bad credit rating then this is the solution for you.
Even people who have current or past credit problems such as bad credit problems i.e. mortgage arrears, county court judgements (CCJs), defaults, IVAs, can arrange a debt consolidation mortgage to help them clear their existing debts.
So, if your credit card or personal loan repayments are a problem, Mayfair Consulting can provide you with the information or guidance you need to determine if a debt consolidation mortgage is the right solution for your debt problems.
mortgages for the self employed, discharged bankrupts, IVA mortgages, mortgages with CCJ's, information on debt consolidation, poor credit and bad credit mortgages, advice on mortgage arrears, guides on self employed mortgages, mortgages with county court judgements and solutions for poor credit mortgages.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
