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April 23, 2020

Debt Consolidation

Consider your options with Heron

By Heron Financial

We’re very aware of the need to reassess our financial situations currently and how we are discovering new solutions on a global scale. For some, debt consolidation could be beneficial in managing cash flow and stress. In a world gone mad, we at Heron are here to cheer your spirits and answer your money questions. 

Let’s start at the top. What exactly is debt consolidation?

If you have multiple debts, you could benefit from consolidating all those irritating little (or large) payments into one monthly payment. What’s the point exactly you might well ask. Firstly, it’s less hassle and secondly, you will receive a lower interest rate. It’s like popping your finances on a cruise where all its food, entertainment and travel is sorted in one fell swoop, and for cheaper.

four terraced London town houses with a turquoise blue door, light blue door, mint green door and pastel green door.

So what type of debt can I consolidate?

Credit cards, personal loans, payday loans and overdrafts are often referred to as unsecured debts. They usually have higher rates of interest compared with secured loans, meaning the lender has no security to depend on if, worst case scenario, they can’t get those pesky debts paid back. If these are what’s keeping you awake at night, debt consolidation remortgage is definitely an option to consider.

Is it a good idea?

For some people, debt consolidation remortgages could be the answer to one of their many life problems… Debt-related problems that is. Consolidating your debts into one sum can be a lot easier to manage, as well as make those monthly payments a great deal more affordable. And get this, it can even prevent people from racking up more debt or being made bankrupt.

4 people sitting on a brink deck by Coal Drops Yard canal in kings cross.

But is it for you? The answer is complex.

The main question to ask yourself is can I afford to maintain the monthly repayments? If the answer is yes, then let’s focus on your options. If you find that any savings you’re making by entering into a debt consolidation loan won’t be written off by fees and charges, then it’s certainly a viable option to consider. You will be able to use it as an opportunity to reduce your outgoings and finally get some respite to get back on track. What’s more, you will pay less interest than previously and the total amount payable will work out less as well. So, we’ve got you covered…

A vase of white Easter Lillys on a wooden desk at Heron Financial Offices with blurred images of people walking outside behind it.

…with some classic advice from Heron. 

How can Heron help? Depending on your circumstances, we will advise you on the options best suited for you. Before you choose a debt consolidation loan, we advise you to consider what might affect your ability to keep up with repayments in the future and ways to manage your current finances as the economy shifts. We are here to help you every step of the way. For more in depth advice on debt consolidation options, give us a call on +44 (0)203 195 1982 or drop us a line at info@heronfinancial.co.uk 

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