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Debt Consolidation
When you talk to your Compass counsellor, they will get to know you and go through your financial history with you. The reason they do this is so they can best advise the best debt management plan for you. A mistake a lot of people make is deciding to take on more debt and think a slightly reduced monthly payment will help them to solve their problems.
What are the bad points of debt consolidation?
At the moment you will probably have a number of debts which are called unsecured debts, these could be debts such as credit cards, store cards, personal loans etc. A secured loan like a mortgage or a business loan will be secured against property, usually your home. When a debt consolidation loan is arranged all your unsecured loans will become secured loans and secured against your property.
Could I lose my home?
A Compass Counsellor, will assess your financial history, it may be a debt consolidation is the perfect solution for you. There are all sorts of reasons why people get into debt and it maybe a debt consolidation is right for you. Our counsellors will advise you if it is, or if it isn’t.
Are there any other options? - Call us or instant message us
Debt consolidation is just one of many debt management plans which are available; your Compass Counsellor is an expert on debt. They will advise you on the best debt management plan for you and your circumstances, and they will be looking after your best interest, taking on more debt and securing what were unsecured debts could lead to further problems. A debt consolidation loan could be a relatively straightforward answer to your debt problems, but it’s not for everyone.
The amount of debt I had was starting to get out of control, I couldn’t sleep and was suffering from stress. A Compass Debt Counsellor, visited me and clearly explained how he could help, we worked out a realistic budget I could afford and a reasonable amount for me to pay. The relief was huge.’ Read more...