Debt Consolidation in Ireland

What is Debt Consolidation?

Debt Consolidation is when you consolidate all your debts into one debt leaving you with one monthly payment. You do this by taking out a personal or secured loan and use this loan to pay off all your debts, and you then just pay back the loan that you took out leaving you with one only monthly payment. This means that you now don’t have several bills to pay in one month and because your only paying back one fixed payment each month will be paying back less each month leaving you finances more managable.

You need to take a few things into consideration before deciding to go ahead with a Debt Consolidation plan. The main risk in Debt Consolidation is taking out a secured loan against your house. If you are going to do this you need to make sure that you are 100% going to be able to make the monthly payments before signing up to the secured loan as your house may be at risk if you default on the payments.
At Debt Freedom Ireland we do not recommend Debt consolidation for large debts of £15,000 or more as it can just put you into the same or even worse position. If you have higher debts we have Debt Solutions for that, contact us now for more information on 1890 719 465.

What are the benefits of debt consolidation?

• Easier to manage – one affordable monthly payment
• Fixed term – You will know exactly when your debts will be repaid
• Replace your various loan and credit card payments with one single monthly payment
• Reduce rates on high interest credit cards, store cards, overdrafts or loans
• You can reduce your monthly payments without affecting credit rating

Debt consolidation help

If you’re not sure if debt consolidation is the best debt solution for you, don’t worry; when you contact Debt Freedom our expert debt advisors we will discuss your circumstances and recommend the right debt solution for you. Contact us now.