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Researching debt management can be relatively easy, you can go online and find ways to do it yourself.

Without any expert help, a visit to the library or buying a book on debt management can help you live a debt-free life.

However, not all of us are able to do all of this or even keep ourselves on track with the way we have researched, or the fact that unforeseeable emergency spending doesn’t come into pre-planned research. If this happens, then it’s a good idea to talk to an expert in debt consolidation. They could give the advice to help you if a debt has become a problem.

Experts in debt consolidation can help to guide you through the application process when applying for unsecured debt consolidation or secured debt consolidation and help to steer you into getting hold of your monthly budget to live debt-free in the future.

Bad credit is the biggest stumbling block when considering unsecured debt consolidation. But, if your bad credit isn’t too much of a problem on your credit file, then you may qualify for an unsecured debt consolidation loan, but it may be at a higher interest rate. You’ll have to weight-up whether an unsecured debt consolidation loan is worth paying a higher rate for or leaving it and letting the bad debt scale out of control.

What is a plus point of an unsecured loan is that it’s a written agreement and you don’t have to put any assets against the loan, so you won’t lose your home if you default. If your personal budget is reflecting that there’s a possibility you could default, as there’s not a huge amount of excess spend after all the essentials are paid for each month, then you need to ask the debt management company for guidance while discussing budgets and affordability.

A debt consolidation expert will take a look at your financial overview and recommend and identify ways to sort out any debt. Just one conversation can help to ease any worry or pressure of debt if they can suggest a few possible solutions.

It’s very easy to put together an unsecured debt consolidation plan, once you’ve started initial discussions. It starts with a conversation talking through all your debts and then looking at what could be included in an unsecured consolidation loan, if you potentially qualify for a loan and how to managing priority and non-priority debts. Plus, the time it will take to pay off all the money owed versus using an unsecured consolidation loan, which may spread payments out for a longer period of time.

It’s important to plan. You have to make sure that you really think about this whole process and the commitments you have. So, think about how you can pay your priority and non-priority debts, maybe putting all the non-priority debts into a longer-term, lower interest unsecured consolidation loan, if you can qualify for it.

You can see a debt-free future, maybe even after one year, depending on how big your loan is if you do follow a well-thought-out unsecured debt consolidation management plan, which includes a loan and helps make all the priority and non-priority debts to a more affordable monthly level. The monthly level of the loan will decline each time you make a payment and the light may be seen at the end of a worrying debt tunnel.

What is really important to reiterate is that the sooner you face the need for an unsecured debt consolidation management plan, and addressing all your issues as soon as they arise, you can find a good, affordable monthly payment solution.  Also, if you take too long to consider this route, then debt consolidation may not be a solution open to you to even consider.

If your credit record is suffering from not addressing debt, you may only actually qualify for a secured debt consolidation loan. It’s so worth keeping an eye on this, so you have the unsecured option and not having to risk your home against a secured loan.

You can find debt consolidation companies on the high street, but generally, you find these types of companies online. There are also government debt consolidation loans to consider. For that, you need to make a physical application form and send it via email.

It’s all the same way process to apply, you have to give all your personal details and outline all your debts if you apply for an unsecured debt consolidation loans. You’ll need to give them copies of all your statements for what you owe. It helps to establish the overall debt balance and helps to give the debt consolidation company all the creditor contact details when they start any negotiations with your creditors.

It won’t take a huge amount of time for the decision of whether they will lend you the loan, once they have looked at how much debt and your general financial situation is.

If you are approved, and you get the loan, the debt consolidation company will process the loan documents and then ask you to sign them. Once all the paperwork is approved, in place and completed, lenders will probably repay all the debts to each of your creditors. However, some loans require you to do all this… so read the small print.

Ultimately, you will pay this new debt consolidation loan lender one payment each month and not a multiple of debts at different times of the month, which can be extremely difficult to manage each month – and very stressful to manage.

Another plus to a debt consolidation loan is the fact that the debt consolidation company will try to negotiate some deals with all the creditors to help to lower the interest rates. Therefore, this is often passed on to you. So, it’s likely that it will reduce your monthly payments, along with stretching out the payments for a longer period of time… it should all help make payments more concise with one payment, more management and hopefully a lower amount to pay each month.

With a lower interest rate, potentially lower payments each month, you could find life much easier – with available money for the first time each month, which could also be injected into the loan payments.

It’s worth exploring unsecured debt consolidation loans through an expert, researching online, through non-profit making companies or debt consolidation companies, especially if you are faced with bills piling up and all your debts getting out of control.

So, if your total debt isn’t astronomical, you have a decent credit rating, then maybe even within a month you can have all your debts under control and repaid by a debt consolidation company, so you only have to pay them one single payment per month.

We offer Debt Consolidation Loans for homeowners.

Our team is on hand to help with number of questions you may have.

If you are struggling with debt, please visit Money Advice Service for help and advice.

We are a broker, not a lender.

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