Debt consolidating finance home owner
If you have several outstanding debts that you find difficult to pay for, Fast Home Finance can assist you with our debt consolidation services.Debt consolidation involves obtaining a loan to eliminate outstanding debts and following a simple monthly repayment plan to pay off the loan.Although your debts won't disappear, merging them into one personal loan could reduce your monthly outgoings and help you better manage your money – as long as you can afford the repayments.The average household had £7,616 of consumer debt in December 2017, according to the Money Charity.If you borrowed £7,616 to consolidate your debt over three years, at a representative rate of 3.6% APR and an annual interest rate of 3.60% fixed, you would pay 36 monthly instalments of £223.31.The total charge for credit would be £423.02 and the total amount repayable would be £8,039.02.
When you compare loans with Money Super Market, you’ll be able to order results by how likely you are to be accepted so you can see who is most likely to say yes.
This will help you try and avoid a rejection for credit, which will be recorded on your credit report and lower your credit rating.
Our Eligibility Checker tool performs a soft search, which means there’ll be no record of the search on your credit report.
If you think you might be able to pay off your debt consolidation loan early, check to see if there are any penalties for doing this.
Remember that the longer you take to pay it off, the more interest you will pay overall.