Debt consolidating finance non home owner

This means it could be more difficult to get accepted for the best debt consolidation loans if your credit record is a little worse for wear.

Debt consolidation loans are just as safe as any other form of borrowing – if you stick to your repayments each month, of course.

A debt consolidation loan could be for you if: One thing you may want to bear in mind is that, while your interest payments could reduce in the short term, you could still find yourself paying more back in total over a longer period.

For some, this is perhaps a price you’re happy to pay to make your finances easier and cheaper to manage on a monthly basis.

The average UK household had £7,854 of consumer debt in November 2018, according to the Money Charity.

From credit cards to overdrafts, there are many people out there who could benefit from merging all their outstanding debts into one single payment.

With each application, we look at your personal situation – not just your credit history – to help you get the finance you need to clear your debt.

What you’re left with is one loan to pay back, one interest rate and one lender to pay it back to. And, here at Ocean Finance, we like to make things simple.

An unsecured debt consolidation loan, meanwhile, isn’t secured against anything.

It’s an option for more people as a result, but means the lender hasn’t got that added reassurance you’ll pay back your debts on time – so they’ll check your credit history to see if you’re a reliable debt-payer.

Is it a struggle to pay back what you owe on your store cards, credit cards, overdrafts or personal loans every month?

Here at Ocean Finance, we know how hard it is to juggle all your outgoings – not only debt repayments, but those essential day-to-day costs, too.

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But, it’s a form of borrowing that can reduce what you pay back each month – and it can help you manage your finances better, too.

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