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Debt Consolidation Loans

Debt Consolidation

The pros and cons
The pros include:
You may be able to reduce your monthly payments
It can take off some of the pressure from your existing creditors
You only have one creditor to deal with

The cons include:
You will probably end up paying more over a longer time
There may be additional costs involved in setting up the loan
Your home may be at risk if the loan is secured
If you have later problems with the repayments of the loan, it is more difficult to negotiate having just the one creditor

If you are considering a debt consolidation loan, when you are calculating how much you owe to current creditors, you should get a settlement figure, not a balance, as there may be a penalty for early payment of a credit agreement.

Debt Management
A debt management company can negotiate with creditors on your behalf to reduce your current payments and/or freeze or reduce interest. The debt management company then distributes your one lower monthly payment to the creditors at the agreed amounts.

NATIONAL SOURCES OF HELP
Consumer Credit Counselling Services
The CCCS can be contacted directly but mainly you will be referred from lenders, banks or building societies, maybe. They offer advice about emergency sources of help and provides budget and counselling sessions to people in need of help. Clients may be offered the chance to set up a Debt Management Plan where the debtor makes a single payment to the CCCS which then deals with creditors on their behalf.
Wade House , Merrion Centre, Leeds, LS2 8NG.
0800 138 1111
Consumer Credit Counselling Services

Credit Action
Credit Action is a charity established to help cope with debt problems. Call their helpline or ask for the leaflet on managing money better.
6 Regent Terrace, Cambridge, CB2 1AA.
0800 591 084
Credit Action

Federation of Independent Advice Centres (FIAC)
FIAC is the national representative body for 950 advice centres across the UK. Members include charities, local authority centres and Information Shops for Young People. FIAC will direct you to your nearest appropriate centre.
4 Dean's Court, St Paul's Churchyard, London, EC4V 5AA.
0207 489 1800

National Association of Citizens Advice Bureaux
Call the Citizens Advice Bureaux central office at the number below, for the address of your nearest Citizens Advice Bureau. For Scotland, contact details for local Bureaux are available on 0131 667 0156.
115-123 Pentonville Road, London, N1 9LZ.
0207 833 2181
Advice Guide

National Debtline
National Debtline is a national telephone helpline for people with debt problems in England, Wales and Scotland. They give expert advice over the telephone and send callers in debt a self-help information pack free of charge. The service is free, confidential and independent.
The Arch, 28-52 Floodgate Street, Birmingham, B5 5SL.
0808 808 4000
Monday and Thursday 10am-4pm ~Tuesday and Wednesday 10am-7pm
Friday 10am-12noon
National Debtline

UK Insolvency Helpline
The UK Insolvency Helpline is a national telephone helpline for people with debt problems in England, Wales and Scotland. They give expert advice over the telephone and send callers in debt a self-help information pack free of charge. The service is free, confidential and independent.
National Administration Centre, 788-790 Finchley Road, London, NW11 7TJ.
0800 074 6918
Monday and Sunday 9am-9pm Inc Bank Holidays
UK Insolvency Helpline

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