Frequently Asked Questions

»» Does a debt management program affect my credit score?
Being on a debt management program or taking debt consolidation credit counseling does not affect the credit score of a person. On the other hand with the help of a good credit counselor and making payments on time will gradually improve your credit.

»» Why is debt consolidation loan better?
Debt consolidation loans combine your various unsecured high interest rates debts into a single loan with single monthly repayment at lower interest rates. A single monthly repayment is manageable and easily adjustable in your budget. Being lower interest rate loan, you save money throughout the loan term.

»» How can I know if the debt consolidation loan is right for me?
There is a lot of information available on the internet for an understanding of debt consolidation loan. Lenders Debt Consolidation also has extensive information for choosing the right debt consolidation loan. Also, you can take free, impartial and professional advice from our debt consolidation loans experts.

»» What kind of loans can I consolidate under debt consolidation?
Usually unsecured loans like credit cards, personal loans, utility bills, medical bills, store card bills, can be consolidated under debt consolidation. Talk to our experts for more information on which loans to consolidate under debt consolidation.

»» Is their any penalty if I pay off my debt consolidation loan early?
There is usually no penalty in case you want to payback your debt consolidate loan early. However different lenders have different rules and regulations so it is important to check with them. However, Lenders Debt Consolidation will negotiate such terms for you so that you do not have to pay any prepayment penalty.

»» What happens if you have difficulty making repayments on debt consolidation program?
Well, if you have difficulty making repayments on debt consolidation program then you can freely talk to our debt consolidation counselors. Our experts will re-negotiate the repayments with your creditors and reach a repayment which you can easily adjust in your budget.

»» Can I consolidate credit card debts?
Credit card consolidation combines various credit card payments into single monthly payment. Credit card consolidation is at lower interest rate than what you are currently paying on credit cards. However, choosing right credit card debt consolidation is necessary to make it financially viable.

»» What is the right time to go for credit counseling?
There is no hard and fast rule which says when to go for credit counseling. However, if you are having difficulty repaying your debt payments every month, then perhaps you need credit counseling. Debts over £5,000 may require credit and debt counseling.