Is debt consolidation something your company offers? – Expert debt advisor Leanne King answers, you can speak to Leanne on 0800 037 0053. With a range of Debt Management Plans available, our expert Debt Advisors will point you in the right direction and help you out in complete confidence.
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In recent years, the amount of debt among people who live in the UK has been significantly rising. Whether there are credit card bills from previous Christmases they are struggling to pay back or the mortgage on the house doesn’t seem to be getting any lower, numerous people in the UK are in large amounts of debt. Even though the new year is always brings the time for scraping the pennies together, recent studies have found that this year, insolvency is on the decline.
Experts did not predict the small decrease in failed repayments for 2012. Instead, most debt management companies stated that the figures are lower than initially anticipated. Numerous reasons have been given for the small decline in insolvencies, one of them being debt consolidation. As debt consolidation allows the borrower to pay back less each month, it makes debt easier to maintain. Money can be easily managed to spread throughout the month.
Compared to a survey conducted in December that showed that more than thirty per cent of the people asked were worried about the financial year ahead, the decline in insolvency figures suggests otherwise and the debt consolidation success stories continue to be reported. While financial problems are one of the most common causes for failing marriages, one couple overcame the worries of debt by using a simple management plan which consequently saved their marriage and got rid of their sleepless nights.
A debt management plan is a simple but effective idea for those who are in large amounts of debt, and many people choose to weigh up the benefits of debt consolidation online by using a debt consolidation calculator. UK companies offer professional debt management, as well as these online calculators to personally assess how much money and stress debt consolidation can save an individual.
If you are struggling with debt and unpaid bills, there is plenty of help available to make sure that it is dealt with before it develops into a more serious problem. Although there is a range of choices that exist, such as insolvency or bankruptcy or an individual voluntary arrangement (IVA), other options to help with debt consolidation are also available for many people.
Debt consolidation is when all of your debts from a range of sources (such as loans, HP arrangements and credit cards) are brought together into one single balance i.e. consolidated. A consolidated debt is generally much easier to manage as only one payment per week or month is required rather than several. When you have several payments to make across a range of lenders, it can be easy to miss one; when there is only one payment demanded, it is manageable and easy to track. This ease allows you to take back control of your money.
Here’s a video of Leanne King explaining what happens when people use our debt test calculator…