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Remember, the choice you make today will affect your credit rating now and in the future.
The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.
The risk to the lender is reduced so the interest rate offered is lower.
When the debtor is in danger of bankruptcy, the debt consolidator will buy the loan at a discount.The National Credit Act formally introduced Debt Counselling to assist over-indebted consumers like yourself by developing a repayment plan, which is affordable to you as well as acceptable to all your Credit Providers.MORE ABOUT DEBT COUNSELLING Debt Consolidation Loans allow you to pay off all of your debts in exchange for a single monthly payment to your bank or credit provider at a lower interest rate.Primary Forms of Debt Assistance If you are struggling to pay your bills, getting notices from debt collection agencies, consistently making late payments, or are simply overextended or overwhelmed with your debt situation – you’re not alone.Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming.