Debt Consolidation

Without careful management, debts can snowball and accumulate rapidly, particularly if they have high interest rates. And when they all have different due dates or different payment methods, staying on track can be a challenge. One way to simplify these payments is to have your debt consolidated. 

Debt consolidation is when all of your various loans are paid for by a company, who then gives you one new, single loan under different terms. We find it can offer tremendous savings if you are paying anything over 15% interest without owning a home or anything above 13% as a homeowner. Debts with very high interest rates of 20% or above benefit the most from consolidation. 

What are my options for debt consolidation? 

When it comes to debt consolidation with us, you have multiple options. First, we’ll check to see if we can save you any money. This depends on the current interest rate that you’re paying as well as your financial situation and assets. If you have any equity from your home you can draw on, for example, we could look at doing it as a separate loan with your bank instead of paying a finance company. Banks tend to offer much better rates—somewhere in the mid-single digits—whereas financial companies can have extremely high rates above 20%. Getting the lower interest can give you huge savings! 

Your interest rate will depend on your credit score, and your application may be denied or deferred for 3 months if you have any debts that are in arrears (money that is owed and should have already been paid previously) and it’s best to get that sorted first. That way, you can maximise your chances of a successful application, as well as receive a better interest rate once accepted.

HOW IT WORKS

To get the ball rolling we ask that you fill in the following form, it is super easy to complete and 100% obligation free.

Send us the form, then we will contact you to discuss your options.

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