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Consolidation Loan

A consolidation loan is a form of credit taken to consolidate all your debts into one manageable payment each month.

Advantages & Disadvantages of a Consolidation Loan

Advantages

All your debts are in one place with the same provider
It makes the repayments easier to manage

Disadvantages

Depending on your current credit status a consolidation loan may have a relatively high interest rate
You may not be accepted for a consolidation loan if your credit rating has been negatively affected
You may get into further debt once the interest on the loan is added to the overall balance or if you’re unable to borrow as much as you currently owe.

Parkfield Insolvency will not charge you a fee for initial information and signposting. If you were to proceed and implement a recommended debt solution where fees are applicable, full details will be provided before setting up. Parkfield Insolvency proposes and administers Individual Voluntary Arrangements (IVAs). Advice is provided on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution. The debt solutions offered by Parkfield Insolvency Limited only apply to residents of England, and Wales.

Parkfield Insolvency is a trading style of Parkfield Insolvency Limited, Company Number 14371483, registered in England and Wales, at Dalton House, Cross Street, Sale, M33 7AR.

Peter Jackson is authorised by the Insolvency Practitioners Association to act as a Licensed Insolvency Practitioner.

To qualify for an IVA with Parkfield Insolvency, you must have a minimum of £6,000 of qualifying unsecured debt owed to two or more creditors

There is potentially a debt write off in some IVAs. However, the amount of debt written off differs for each customer depending upon their individual financial circumstances and is subject to the approval of their creditors.

Data Protection Act Registration Number – ZB399874. To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.