Consolidate your debt without loans
Many people struggling with their finances turn to debt consolidation loans to 'fix' the issue. For some, this can make matters worse. Before you take this step, reach out to our team - we'll help guide you to find your right path.Let get started
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Debt consolidation loans
If you're struggling with your finances, a debt consolidation loan may seem a tempting solution to your problems.
If you're paying off multiple debts such as those on credit cards, store cards or payday loans, the thought of having a single monthly payment may look appealing at first glace. However, there are disadvantages to these loans you should be aware of.
Depending on the terms of your loan and your personal circumstances, this type of debt consolidation has the potential to make your financial situation worse, and may mean you pay more interest in the long term.
At Cleanslate, we provide a number of solutions that will allow you to reduce your monthly debt repayments without taking additional loans.
For example, the Debt Arrangement Scheme allows you to reduce all of your debt repayments into one, single, affordable monthly payment. You are able to repay the debts over as long a period as required (within reason), and interest and charges are frozen throughout the process. Life has a habit of throwing up challenges, so if your financial circumstances change, it’s possible to apply to vary your payment plan in the Debt Arrangement Scheme too. By comparison, a consolidation loan is more expensive and less flexible.
Alternatively, if it’s going to take more than 4 years to repay your debts in full, you may wish to consider a trust deed or bankruptcy where it may be possible to write off the debt you can’t afford to repay.
To find out if we can help, try our short survey. Alternatively, feel free to call our team now on 0141 648 4321 or book a call back at a time convenient for you.
Problem debt is common. We try to make it less of a problem every day. Find out how below.
Debt Arrangement Scheme
When debts become difficult to handle, the Debt Arrangement Scheme gives you the breathing space to repay your debts in full with one monthly affordable payment and interest frozen.
Protected Trust Deed
If you can’t afford to repay your debts in full, a protected trust deed allows you to repay what you can over an agreed period of time. Once completed, the remaining balance is written off.
Often people think of the word “bankruptcy” as too serious to contemplate. However, for those that need it, bankruptcy can offer a way to get back on track and start again.
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