Debt Awareness Week | Consolidating Debts

Debt Awareness Week (DAW) is an annual campaign by StepChange Debt Charity. DAW aims to increase awareness of debt and provide advice and solutions available to help.

As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.

According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns. These include:

• A mental health condition or other vulnerability
• Feeling ashamed
• A lack of understanding about what debt advice is and what it involves
• Not having the time or ability to take the information in 
• Concerns about how getting help may negatively impact their credit score

Consolidating Debts into your Mortgage

If you or someone you know has found themselves in need of a little help financially. Whether circumstances out of your control have put you in debt or you have simply spent more than you have earned, it is important to address the situation and take control to get back on an even keel.

The Financial Conduct Authority recognises that some clients looking to consolidate unsecured debt into their mortgages may be vulnerable. Our specially trained advisors will ensure you receive the appropriate level of care and advice and work out a plan to get you back on track.

We look at each debt individually and assess if it is best to consolidate it into your mortgage, leave it as it is or adjust the payments in some way. You will be given a schedule showing each debt and the true cost of consolidation, which your advisor will run through with you. Below are some benefits of consolidating your debts into your mortgage:

• Schemes available up to 90% of the value of your home
• Pay off all your credit cards and loans
• Free valuations and solicitors' fees are available
• Reduce your monthly outgoings to a manageable level
• Professional, sensitive, independent advice
• Debt Management and IVAs available

Our Independent Mortgage Advisors compare the whole mortgage market ensuring you receive the very best product for your circumstances, and we can also offer alternative debt solutions if they are more appropriate.

Be sure to think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

If you think Debt Consolidation is for you, give our experts a call on 01628 507477.

Debt charity, StepChange provides free debt help and advice. Contact them here.