Debt Re-organisation/Consolidation Loan

This option usually involves obtaining a new loan to pay off existing debts to reduce monthly payments, avail of a lower interest rate or reduce the number of companies who are owed money.

There is no debt forgiveness, creditors are paid in full and interest and charges will apply in accordance with the terms of the loan agreement.

Creditors not paid by the new loan and the consolidating creditor can still take enforcement action against you if you do not keep up with your repayments and your assets, namely your home, could be at risk if the loan has been secured on the property.