Your current debts may include bank overdrafts, credit cards, store cards and loans. When you have multiple creditors it can often be difficult to control your spending and you can easily spiral into significant debt.

One option, to relieve this financial burden, would be to get a new loan to pay off all these existing debts. This is known as taking our a debt consolidation loan. At first it may seem strange obtaining an additional loan when you are already heavily in debt. What you are in effect doing is obtaining a replacement loan. In other words, you use this "new loan" to pay off all your existing debts. The advantages are that managing your debt now becomes easier, but more importantly, you can reduce the amount of interest that you are paying by getting a loan at a lower APR than your existing debts.

If you apply for a debt consolidation loan you will be able to clear your overdraft, credit and store cards allowing you to take control of your finances once again. To avoid repeating their financial debt cycle, many of our Clients either destroy or seriously reduce, both the number of cards held and the amount of future purchases with their cards. We are able to offer you a loan for debt consolidation purposes. In fact, this is a common reason for individuals taking out a loan with us.

Debt Management Programme

Another form of debt control is termed a Debt Management programme . Here you place your current creditors directly in the hands of a Debt Management Agency. They then negotiate, on your behalf, to reduce the various amounts outstanding to your creditors, often being able to either reduce or freeze your interest payments. In return you agree to send a monthly payment to them and they repay your creditors directly from the same. If you are interested in this alternative form of debt control visit www.solvedebt.co.uk