Consolidating debt into one loan
However, it can help repay several high interest loans at a lower interest rate.Personal loans typically result from a specific purchase or are un-allocated, such as loans from banks and credit institutions.(Fixed) will cost £135.93 per month, with a total amount repayable of £8,155.80.Debt consolidation may not seem practical for those with bad credit.Although most of these credit counselling agencies are not-for-profit, they are still likely to charge fees for their services.Again, due diligence is a must before resorting to counselling services.By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.
Representative Example: Borrowing £7,500.00 over 5 years at Representative 3.4% APR and interest rate 3.40% p.a. Post Office Limited is a credit broker and not a lender. You must have been a permanent UK resident for 3 years .
Credit counselling companies help people with bad credit to find the best way to get rid of their debts.
They can also help borrowers negotiate lower interest rates with existing lenders.
The approach involves paying off loans in advance by means of a new loan.
This offers the advantage, on the one hand, to simplify your budget and get better visibility since you have only one credit.