Debt consolidation loans?

Which means you could reduce your monthly repayments and free up a portion of your monthly expenditure.

• One affordable monthly repayment.
• It could be far easier to keep track of your finances as any separate debt repayments are combined into one consolidated monthly outgoing.
• If any of your existing debts has a high rate of interest, you could actually reduce the total amount you have to pay back.

• Keeping up the payments on the new credit can also have a positive effect on your score in the long term. However, it’s important to note that an increase in your credit score will take time, as you need to build up a history of payments on the account.

Repaying your existing debts with a loan at a lower interest rate could save you money by reducing interest cost. Extending the loan term may also reduce your monthly amount into a much more affordable payment for you each month.

Bear in mind that if you have decided to pay the loan for a longer period of time, the interest will be paid over a longer timeframe too and increasing the total loan amount you pay.

• Your debt may run over a longer period of time.
• You won’t have as much flexibility negotiating your monthly payments if your circumstances change.
• A debt consolidation loan with Evolution Money uses your property as security for the loan you want to obtain. You need to be able to afford the repayments through your regular income, as you risk losing your home if you don’t keep up the repayments.

Credit Card Debt
While consolidating credit card debt, it is also important to eliminate your use of credit cards as much as possible to ensure that you don’t rack up even more debt in the process.

Department Store Cards
Similar to credit cards, department store cards are another popular debt that can be consolidated. Likewise, take care not to restart spending on them or take new ones out.

Catalogue accounts
Debt consolidation loans can clear catalogue debts too, but like department store cards and credit cards, be careful not to build that debt up again

Personal Loans
When you have overwhelming personal loans to pay off, debt consolidation loans can provide vital credit relief and peace of mind.

Tuition / Training course fees
A secured consolidation loan could help you invest in your future by covering off outstanding college fees into one manageable repayment.

Overdrafts
If you have an overdraft account from high street banks, their daily and monthly account charges can mount up. A good way to get your bank balance in the black again is by consolidating your mounting overdrafts into a single payment.

Outstanding Bills
If you have multiple separate bills piling up or are in arrears, then you might want to use debt consolidation to help ease the burden. You will still need to pay any outstanding bills in full in the future.

Mortgage Arrears
If you have any mortgage arrears a consolidation loan can pay off any arrears outstanding