This debt consolidation FAQ aims to provide answers to some of the more common questions. This will help a debtor to establish whether a secured homeowner loan, unsecured debt consolidation loan or a debt relief program provides the right option for their personal circumstances.

Debt Consolidation and Its Benefits?

Consolidating debt involves paying off unpaid credit card debt, small loans, medical bills, repossession deficiencies and other debts with a loan and making a single repayment each month. The main benefits of a loan to consolidate debt are a more competitive interest rate, lower repayments, a defined repayment term and easier to manage personal finances.

What if the Borrower Has a Low Credit Score Rating?

An unreliable repayment history (missed payments, account delinquencies, bankruptcy etc) will either increase the cost of borrowing or mean that consolidating debt is not possible. A low FICO score may mean that refinancing is more expensive than existing forms of credit. It could be possible to reduce the cost of borrowing through a secured loan as the lender's risk is reduced through the provision of collateral.

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