Debt Consolidation

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What is 'Debt Consolidation'
Debt consolidation means taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones. In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both. Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt and other types of debt.

Methods of Debt Consolidation
There are several ways consumers can lump debts into a single payment. One is to consolidate all their credit card payments onto one new credit card – which can be a good idea if the card charges little or no interest for a period of time – or utilize an existing credit card's balance transfer feature (especially if it's offering a special promotion on the transaction). Home equity loans or home equity lines of credit are another form of consolidation sought by some people, as the interest on this type of loan is deductible for borrowers taxpayers who itemize their deductions. There are also several consolidation options available from the federal government for those with student loans.

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BREAKING DOWN 'Debt Consolidation'
Theoretically, any use of one form of financing to pay off other debts is practicing debt consolidation.  However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts. Creditors are willing to do this for several reasons – one of them being that it maximizes the likelihood of collecting from a debtor.

Advantages of Debt Consolidation Loans
Freeman says that debt consolidation loans are most helpful for those who have multiple debts, owe $10,000 or more, are receiving frequent calls or letters from collection agencies, have accounts with high interest rates or monthly payments, are having difficulty making payments or are unable to negotiate lower interest rates on loans. Once in place, a debt consolidation plan will stop the collection agencies from calling (assuming the loans they're calling about have been paid off).

Additional Information for Debt Consolidation

• Have a list of all debts that you want to put together
• Have a total amount of all the debts
• Be sure of the amount you want to borrow
• Provide us with one of the following, your valid identification card ready (It could be: an international passport, a working identity card, a driver's license or a national identity card)
• Your proof of income, it could be your payslip or bank account statement
• A proof of address
• If you have this information, then you are eligible to apply
• We offer a minimum amount of £20,000 and a maximum amount of £50,000,000.00 (GBP)
• The loan duration is between 6 months and 30 years
• Repayment of the loan can start between 6 months to 24 months after receiving the loan
• You can apply for the loan in any currency of your choice
• You can apply for the loan from any part of the world

Debt Consolidation Eligibility