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Debt Solutions

Our trained advisers and advocates will help you to carefully consider all of your options. We start by asking you about your income, what you spend your money on each month, what assets you own and, of course, about your debts. We use this information to work out which solution will allow you to become debt free in the shortest time possible, without adding to your debts and whilst protecting important assets such as your home.
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There are four main debt solutions, these are

Debt Consolidation

Debt Management



Debt Solutions

Debt consolidation is a general statement that covers a variety of methods. The basic premise is always the same, though, you take multiple debts and bring them all together, either as a loan, a credit card balance transfer, balance transfer, or something else.

The big benefit of debt consolidation is that all of those accounts — with their different payment amounts, different due dates, and different interest rates — become one payment (ideally with a lower interest rate). As with any credit product, though, the better your credit score, the better the terms you’ll be able to score. If your credit’s a bit subpar, you may have a hard time qualifying for something that actually helps you save money.

Consolidating your debt can be a great way to simplify your finances and bring your month-to-month spending under control.

But there are many forms of debt consolidation, and each method comes with certain risks. So before deciding, here are all the things you need to consider.

To consolidate your debt is to bring multiple debts together into one, single payment.

The benefit of debt consolidation is usually some combination of the following:

  • Fewer monthly payments to manage
  • Lower total interest charges
  • Smaller total monthly payment
  • Lower total cost to repay all debts

In other words, debt consolidation should make your life easier and save you money. Of course, that’s not a guarantee.


There are multiple ways to consolidate your debts. Here are what might be considered the four most common methods:


You can take out a unsecured loan from your financial institution of choice and use the funds to repay your outstanding debts. You’ll then be repaying the loan each month instead of your old debts.


If you have equity in your home, you can take out a loan against that equity and use the funds to repay your debts.


 By taking out an entirely new home loan on your home, you can repay your old home loan and other unsecured debts, leaving you with only the new home loan.


If you qualify, you can open a new credit card and transfer your other unsecured debts to this card.

Each method is considerably different from the others, so make sure you understand each option before making a decision.


There’s a lot to like about the general idea of consolidating your debts. No what method you pursue, however, keep in mind that there are some key drawbacks you must consider:

  • Some methods may require good to excellent credit
  • Any time you take unsecured debt and add it to your mortgage, you raise the risk of falling behind on your mortgage payments
  • You may only have one payment, but it’ll be a (relatively) big one, and one miss can damage your credit significantly
  • Consolidation can help you repay your debt, but it won’t stop you from creating more debt

Debt Free Counselling

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