Debt Consolidation Loans for Medical Bills

Debt Consolidation Loans for Medical Bills are among the primary reasons why many individuals and their families get into debt. Hospital expenses are often sudden, with families that were previously well-off having to spend large amounts of cash on their medical bills. Health is quite expensive, especially where health insurance is limited, or where the medical procedures being performed become too expensive. With time, medicine bought in pharmacies, especially in the management of chronic diseases may become expensive, especially as individuals become older.

In times when debt gets high due to medical reasons, Debt Consolidation Loans in the UK can help to enable you to manage your financial situation. Take the stress out of your Medical bills by speaking with one of our Debt Consolidation Loan Medical Bill experts who will understand your situation, and help to find a possible solution.

When you face a medical bill debt, you will need to determine when it is time to begin handling your debt. This should not be too late when it is already difficult to begin repaying the debt. This is then followed by a plan to come up with a consolidation account for the debt so that monthly repayments can be made. Before adopting any consolidation plan, it is crucial that you determine whether it makes financial sense. This helps to determine whether the plan will help to eliminate debt or postpone bankruptcy.

It is important to determine whether a consolidation plan is important for the management of debt. Medical bills do not accrue interest, and although the medical practice may eventually hand unpaid bills over to a collection agency, this debt remains interest-free. This is crucial since when you decide to wipe out a medical bill, the type of account chosen may require to be paid interest on. If, for example, you use a credit card or home equity line to pay out a hospital bill, the credit card account accumulates interest.

It is important that patients and their families understand that it is generally not a good idea to transfer medical bills from a hospital to another account. This is because even if you may not owe the medical institution any money, you will need to pay more due to balances accruing from the interest in your new account. A non-profit counsellor may offer advice on how to bring together bills from many medical expenses. At Debt Consolidation Loans, we will work to ensure that your medical bills do not lead you to bankruptcy.

How could a Debt Consolidation Loan help me?

There are three main benefits to taking out a  debt consolidation loan.
Firstly, you’ll enjoy a fixed interest rate for the period of the loan – no changes. Ever.

Secondly, you’ll only have one monthly payment to take into account. That won’t change either, and it’ll be taken on the same day of each month.

Lastly, you’ll avoid the risks of a missed payment, which is easy to encounter when you have several debts with their own repayments and dates for collection. And that means you won’t fall into arrears!

Why debt consolidation?

  • Improve your monthly budget
    A debt consolidation loan will enable you to group all your existing borrowing and the monthly repayments are easier to manage.
  • Reduced overall repayments
    A debt consolidation loan could even save you money each month if the interest rate is less than the combined total interest of the previous loans.
  • Improved credit rating
    The simplicity of repaying a debt consolidation loan means that you are more likely to repay the debt on time every month. This will prove you to be a responsible borrower, which will have a positive effect on your credit score.

 

Are there any risks?

Debt Consolidation Loans aren’t for everyone. It’s important to bear in mind that, because you’re both signing the agreement, you’re equally responsible for repaying the loan. If payments are missed or you stop paying before the end of the agreed term, both of your credit scores could be affected.

Entering into a financial agreement of any kind with a family member – no matter how close you are – is always a big deal, therefore it pays to have an in-depth chat about the idea beforehand so you can both make an informed decision.

Contact us today

We’d love to help you move towards a debt free future. Our friendly team will offer no-obligation advice and answer any questions you might have about joint debt consolidation loans – just call us today.

Why debt consolidation?

  • Improve your monthly budget
    A debt consolidation loan will enable you to group all your existing borrowing and the monthly repayments are easier to manage.
  • Reduced overall repayments
    A debt consolidation loan could even save you money each month if the interest rate is less than the combined total interest of the previous loans.
  • Improved credit rating
    The simplicity of repaying a debt consolidation loan means that you are more likely to repay the debt on time every month. This will prove you to be a responsible borrower, which will have a positive effect on your credit score.