Consolidation loan is just one option

Tue, 15 Jan 2008

Anyone in debt needs to be fully aware of all the options available to them, one industry body has said.

Iain Wrenshall, director of Debt Help UK, said: "It's important that people don't bury their heads in the sand, but look for free advice which is going to help them understand the solution and the options open to them."

He added that as an individual's situation worsened the options they had available to them decreased.

Anyone facing a debt crisis has a number of options.

One of these is debt consolidation, which involves combining all your debts together in to one big loan .

A consolidation loan can be either a personal loan or a secured loan .

Other options include a debt manager plan, an informal agreement between a debtor and their creditors, or a legally binding Individual Voluntary Arrangement .

Figures from uSwitch suggest that the average UK household could save £605 in three years by taking out a best-buy consolidation loan.
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