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MANCHESTER, England, Nov. 15, 2010 /PRNewswire/ -- Debt consolidation advisors from MoneySolve have issued a stark warning to those thinking about taking out debt consolidation loans secured against their homes. MoneySolve advises against this practice, which is often a solution that suits the lender more than the debtors, commenting that:
"Debt consolidation generally involves taking out a loan big enough to cover all of the consumer's debts and the sum raised is then used to pay the debts off. This then provides the consumer with the ease of just one monthly payment. In most cases, debt consolidation loans are actually secured against the consumer's home and if the consumer struggles to make payments on time and to manage their finances, any loan secured against the consumer's home could put the consumer's home at risk. In addition, by consolidating debt in this way, the consumer's debt level actually increases substantially due to the interest and the arrangement fees that are added to the consolidation money borrowed."
But MoneySolve's advisors went on to add that debt consolidation can be a viable solution for many consumers with relatively low levels of debt and high levels of equity in their property, particularly where creditors are either threatening to take or even proceeding with legal action or other enforcement proceedings.
If you are struggling with debt problems and you are not sure if debt consolidation is the right solution for you, you can contact MoneySolve for free, confidential advice on 0800 040 7064 or visit http://www.moneysolvedebtmanagement.co.uk
SOURCE MoneySolve
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