DEBT CONSOLIDATION. IS IT FOR YOU?

First, what is debt consolidation?

IN A NUTSHELL…

THE PROS OF DEBT CONSOLIDATION
  • With debt consolidation you have just one payment to worry about, not several, so it's much more convenient
  • The consolidated payment is more affordable than the sums you are paying out now
  • Through debt consolidation you can often enjoy a lower interest rate than you have been paying. This is because once we tell the lender about your circumstances, they will see you as a lower risk
  • You may qualify for a fixed interest rate when you consolidate your debt
  • You can consolidate debt from a variety of sources, such as credit cards, store cards, bank loans and many others
  • We may be able to get you a discount on the amount of your consolidated loan
  • With consolidated debt the loan is unsecured, so you do not risk your property or other assets
THE CONS OF DEBT CONSOLIDATION
  • Debt consolidation can be difficult to arrange
  • The usual amount lenders will make available for debt consolidation ranges between €1,000 and €5,000. This is because the loan is not secured against an asset such as your home
  • To qualify to borrow a larger amount via a consolidated debt loan you need a good credit history. However, even the very process of applying for the loan can hinder your score here
  • Consolidated debt can also impair your ability to be declared bankrupt. This means you need to think seriously about whether you may want to take this step in future

Essentially, debt consolidation or consolidated debt means converting all your various loans, credit card balances and debts into one single loan. You then make just one monthly payment, instead of the multiple payments you're likely to be making now.

Want to find out more about debt consolidation?

Simply submit a form and a highly trained Debt Management Ireland advisor will call you to discuss your options. We'll carry out a detailed analysis to see whether you require a consolidated loan or one of our many other debt management solutions. And please note that before we check your credit rating to secure a debt consolidation loan we'll always call you first for permission. It's all part of our focus on customer service.