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Debt Consolidation

Debt consolidation loans are one way of consolidating your debt if you are a homeowner. You will need to have enough equity in your home to cover the debts you wish to pay off, such as credit cards, personal loans and banking overdrafts.

Debt Consolidation vs IVA

A debt consolidation loan can be used to pay off existing secured loans and other types of debt not covered by an IVA. In addition an IVA is a serious undertaking and may damage your credit rating for up to six years although if you own a property it will be safe in an IVA. A debt consolidation loan secured on your property won't harm your credit rating but your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

What to do Next

If you feel that a debt consolidation loan is a better option for you, please contact our debt consolidation partners - Creditflex Loans - on the following :

An IVA is a serious undertaking, it may damage your credit rating for up to six years. If you own a property it will be safe in an IVA, however you may be required to remortgage and release additional funds for creditors after three or four years.
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