Financial Freedom Through Debt Consolidation!
Considering using a debt consolidation loan to tackle your current debts? Utilize our calculators to determine potential savings. By consolidating high-interest loans and credit card balances into a lower-interest loan, you could significantly reduce your monthly expenses.
We’re here to save you time and money!
The Benefits of Debt Consolidation with Manuka Money
Debt consolidation emerges as a powerful and effective strategy to proactively manage and rein in escalating debt. In the face of multiple high-interest personal loans and credit card balances, the act of consolidating these financial obligations into a singular, lower-interest loan presents a multitude of substantial advantages that can significantly enhance your financial stability and well-being.
When debt becomes a labyrinth of various payment dates, interest rates, and creditor demands, it can quickly spiral out of control. Debt consolidation serves as a beacon of financial clarity, simplifying your financial landscape by unifying disparate loans into a cohesive whole. This streamlined approach not only diminishes the complexities associated with managing multiple debts but also empowers you with a clearer understanding of your financial commitments.
Discover the Benefits of a Debt Consolidation Loan
Consolidate Credit Card Debts
Combining multiple credit card debts into a single loan can simplify your finances and potentially lower your interest rates, helping you pay off your debt more efficiently.
If you have unsecured or personal loans with varying interest rates, a debt consolidation loan can provide a consistent repayment plan. Be sure to evaluate the overall interest you’re currently paying to determine the potential savings.
Overdraft fees can add up quickly, making them an expensive way to borrow. Using a debt consolidation loan to cover overdrafts can help you regain control of your finances and avoid costly fees.
Explore the Benefits
Comprehensive Benefits of Manuka Money's Secured Loans!
Unlock Financial Flexibility with Borrowing Ranging from £15,000 to 1.5 Million.
Receive a Complimentary Property Valuation.
Say Goodbye to Upfront Fees and Hidden Charges.
Explore Generous High Loan-to-Value Choices.
Access Tailored Solutions for Poor Credit Scores.
Trust in Our Repeatedly Awarded Services at ManukaMoney.co.uk.
Discover the Insights That Truly Matter!
These real-life experiences offer a glimpse into the world of Manuka Money. Learn first-hand how we've transformed aspirations into reality, providing tailored mortgage solutions and unwavering support.
We were introduced to Carl through a mutual friend, who had worked with him prior to him setting up his own company Manuka mortgages. Our initial enquiry and dealings began early in 2022 as we were at the fact finding stage and needed some advice.
Some months later we got back in touch with Carl as we were ready to push the button on a house.
Carl is a delight to work with, he is friendly and approachable (unlike other brokers I have worked with in the past!) he is throughly professional and extremely efficient. We have no hesitation in recommending his services.
— Stephen B. (Homeowner)
I cannot recommend Carl enough! Absolutely fantastic from the start to the finish of us purchasing our house! We are self employed which made it slightly more difficult but nothing was too much trouble, no matter the time of day Carl was there to put our mind at rest and give us great advice. He was honest from the start about all our options and really did his best to help. We will definitely be using Carl again when we remortgage. Such a lovely yet professional man who will absolutely do his best for you!
— Courtney (Homeowner)
I wanted to get a new mortgage with a more competitive rate of interest and was advised to try Manuka Money by a friend. I am so glad I did! The process was painless and quick, with everything laid out in easy to understand terms.
My options and needs were discussed in detail and I can't fault Manuka Mortgages for a single thing. Not only were all options spelled out for me, I was given first hand accounts of experience with each company and advised on the basis of that who would be best to go for. The entire time I was speaking to the same person, I did not feel like I was being passed from pillar to post but was given a bespoke experience.
I will recommend this company to absolutely anyone who asks me for mortgage advice.
— Mr King. (Homebuyer)
Frequently Asked Questions
What is a Debt Consolidation Loan?
A debt consolidation loan functions as a strategic financial tool that enables you to amalgamate multiple high-interest debts into a singular, lower-interest loan. This approach simplifies your financial landscape, offering the convenience of addressing credit card bills and other outstanding debts more efficiently over time.
Why Choose a Debt Consolidation Loan?
Credit cards often come with substantial interest rates, accompanied by seemingly manageable minimum monthly payments. However, this structure can lead to a prolonged repayment period, ultimately delaying the full repayment of the debt.
Consider this scenario: Consolidating £15,000 of credit card debt, carrying an average Annual Percentage Rate (APR) of 25%, with a new debt consolidation loan offering a significantly lower APR of 7%. This comparison underscores the compelling benefits of opting for a debt consolidation loan.
How Does Debt Consolidation Work?
The mechanism behind debt consolidation is straightforward. A debt consolidation loan essentially functions as a fresh loan that serves the purpose of settling existing debts. The funds acquired through this new loan are directed towards repaying your previous creditors. As a result, your old debts are effectively cleared, streamlining your financial obligations.
Representative Example for secured loans: based on borrowing £18,000 over 120 months. Interest Rate: 5.5% fixed for 60 months with instalments of £213.33. Followed by 60 months at the lenders standard variable rate of 5.7% with instalments of £214.36. Fees: Broker fee (£1,062); Lender fee (£595). Total amount payable £25,756.4 comprised of; loan amount (£18,000); interest (£6,004.4) including broker fee and lender fee. Overall cost of comparison 7.902% APRC. This means 51% or more of our clients receives this rate or better for this type of product. We have arranged borrowing with rates from 4.9% to 29% APRC which has allowed us to help customers with a range of credit profiles. We are a broker not a lender.
Secured Loans have a minimum term of 36 months to a maximum loan term of 360 months. Maximum APRC charged 29%.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it.
If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.