Consolidation

Laura Draper, Altrincham

"I was offered a loan at 29.9% APR and would have been in debt forever. The debt management plan with Debt Trust Direct has frozen all the interest and will clear my debt in 3 years."

A consolidation loan (or remortgage) is another way to restructure your debt and reduce your monthly payments. At Debt Trust Direct we work alongside some of the major lenders but unfortunately over the last two years it is increasingly difficult for people to obtain credit...at a reasonable rate.

A debt consolidation loan rolls all of your unsecured debt into one and this makes managing payments much easier. The downside is that it doesn’t clear the debt and in fact most people end up in debt (due to the extra interest and longer repayment term) for longer. There is also the temptation to use the old credit facilities again which can create huge problems further down the line.

Whilst a loan is suitable for some (especially if you have a very good credit rating and are trying to protect it) at Debt Trust Direct we consider all your options and be freezing interest (and possibly writing some debt off) there could be a quicker way to become debt free.

Why not try our free 30 second debt test and find out if you qualify for a consolidation loan or if there is a better way to clear your debt!