Refused debt consolidation loan

Have you been refused a debt consolidation loan?

If you have applied for and been refused a consolidation loan and want to reduce your monthly payments with one more affordable payment we can help.

If you have been refused a debt consolidation loan things can seem pretty bleak but there are other options available for people needing to reduce their unsecured debt payments who are unable to get a loan approved.

What options are available if your refused a debt consolidation loan?

The most common options available for consolidating your debt repayments tend to be debt management and IVA (Individual Voluntary Arrangement), the end results for both are very similar to a debt consolidation loan and we have included a table below to show the differences.

Debt Management -vs- Debt consolidation -vs- IVA

	reduced payment	1 monthly payment	Affect Credit	Reduced term	write off debts
Consolidation loan	YES	YES	NO	NO	NO
Debt Management	YES	YES	YES	NO	NO
IVA	YES	YES	YES	Possibly	Possibly

As you can see from the table above, as far as reducing the monthly payment and having only one payment per month for all your debts the options available are pretty much the same.

A debt management plan and an IVA will both affect your credit rating and whilst this might sound like a bad thing, if your struggling with your debts its likely your credit rating has already been affected so a debt management plan or an IVA may not be as damaging as they sound - if you want to reduce your debt payments and you don't want to borrow any more money then is a bad credit rating really going to affect you?

If you want to speak to a specialist who can give you honest impartial advice today simply complete the form on this page or call 0845 094 2331, if you would like us to see if we can help before you phone us you can take our debt debt test, it will take less than a minute to complete so if your stuck for time you can still get the help you need!