• Mortgage
  • Your mortgage is secured against your property – and mortgages are generally too big to be included in a consolidation loan anyway. You might be able to take out a debt consolidation mortgage (instead of a debt consolidation loan) to repay your unsecured debts – but you could have higher mortgage payments every month and you could be at risk of losing your home if you didn’t keep up with repayments.
• Student loan
  • A student loan a debt to the Student Loans Company. You should only have to repay this once you earn over £15,000 per annum. If you cannot make your student loan repayments, you probably need to look at reducing spending elsewhere.
• Low-interest overdraft
  • It may not be appropriate to include a low- or zero-interest overdraft in a debt consolidation loan, as you may end up paying more in interest. It might make more sense to continue repaying your overdraft separately.

If you have unsecured debts that you’re thinking of consolidating, you could contact this company to apply for a debt consolidation loan.

Five things you should know

A debt consolidation loan can simplify your finances – as you will only have one creditor to deal with, instead of many.

A debt consolidation loan can reduce your monthly payments – if you spread the loan over a longer repayment period. Just remember that paying interest for longer will mean paying more interest in total, so it could cost you more in the long run if you do this.

A debt consolidation loan isn’t really suitable for anyone struggling to keep on top of their debts because they can’t afford them. Taking out a further loan may just be ‘masking’ debt issues. A debt management plan may be a suitable alternative.

If your income varies from month to month, or season to season, you should seriously consider whether you’ll be able to make regular monthly repayments before taking on any kind of credit.

When you apply for any kind of loan, you will be credit checked. Consider your credit history – how have you handled lending in the past? Are you likely to be approved for a loan with what you’d consider a decent interest rate?

Having said all that, a debt consolidation loan can be a really helpful way to make managing your debts simpler. If you would like to apply for a loan like this, simply follow the link in this article.

What is the greatest threat to your family and your financial well-being?  That threat would be that you became disabled and not able to work, if you are the primary breadwinner.  If you were to die as the result of a serious illness or accident, you might have life insurance so that your family would have some sort of financial protection. If you didn’t die, and cannot work, are you financially protected?
The consequences can be devastating, since it is a real risk that you could become disabled in your working lifetime. If the main income earner becomes unable to work for whatever reason, most people do not have an adequate protection plan. Unfortunately, many underestimate that risk and feel that they will ever become disabled. Any disability threaten the ability to earn a living. Disability prevents saving for the future, can impose additional cost and can stop income. Savings will cover only a few months of disability, for most people, after that you will certainly have a problem.
You may think the Social Security Disability Insurance Program will cover you, but the word “disability” is difficult to define and hard to qualify for. For those who do receive SSDI, they know it doesn’t not pay enough to maintain the lifestyle you currently have.