Debt consolidation loans are available from most loan companies.
A debt consolidation loan will put all your other credit commitments into one new loan which also gives you one payment to one new lender instead of paying several repayments to several lenders at all different times of the month.
The rates you will be quoted for your new debt consolidation loan will depend on your personal status or credit history. Usually, if you have had a change in circumstances that has led you to fall behind with repayments, you will be charged a higher rate of interest for a debt help UK consolidation loan.
There are many reasons why lenders would wish to increase the rate of interest they charge different people in society but it mainly depends on the risk you represent to the lender. How great a chance has the lender got of you repaying what you are lent by them?
If you have been refused debt consolidation loans there are other forms of debt consolidation available, they are as follows,
IVA or Individual Voluntary Arrangement
0800 018 6868