Bad credit debt consolidating mortgage
If you default on your payments you could risk losing your home.If you are a homeowner and have a history of bad credit you are more likely to be offered a secured loan rather than a personal loan.These loans should not be the first action to take against debt, especially if there are expenses and outgoings you can reduce or get rid of completely.It’s worth analysing your budget and looking at what you can afford to pay back on your current debts first.Continue reading our guide for the facts or call direct the UK’s leading lenders direct.Whatever happens, it’s good to shop around the market even if you’re not looking to remortgage your property immediately.Because there is someone able to ensure that payments will be met if you are unable to, the rates are typically lower than other unsecured bad credit borrowing options.If you meet all your repayments some companies will also gradually drop the interest rate you are being charged to reflect your improving credit score.
But rather than trying to pay off the minimum amount for each debt, a debt consolidation loan could reduce your debt to one manageable monthly payment.
However, there are loans for bad credit available and here we highlight your choices and the issues you need to consider.
You may find that you need to apply for a bad credit loan if you have a low or poor credit rating.
A debt consolidation loan may help to combine debts into one manageable loan.
If you are currently looking to clear debt and juggling payments to more than one lender you are not alone, but a debt consolidation loan could help.