Debt Consolidation
Bee Wise Solutions do not offer lending products but offer advice to help you manage your debts.
Bee Wise Solutions specialises in administering Individual Voluntary Arrangement (IVA) and we will charge fees for this service, you can find out more about the fees charged here. Should we recommend an alternative solution (e.g Debt Relief Order, Debt Management Plan) then we will refer you to one of our trusted third parties and may receive a fee for this. An IVA is not suitable in all circumstances. Entering a debt solution may impact your credit file.
To find out more about managing your money and getting free and impartial debt advice, visit www.moneyhelper.org.uk, an independent service set up to help people manage their money.
Consolidation Loan
You may wish to apply for a consolidation loan which would combine all your debts into one new loan. Bee Wise Solutions do not offer any lending products.
Benefits:
- Makes your debts easier to manage as your only making one payment each month.
- The amount you repay could be lower than what you currently pay.
- You may be offered a lower interest rate than your current creditors providing your credit profile has not been impacted because of the current debts
Considerations:
- You may not be approved for a consolidation loan.
- The term to repay the loan may mean your repaying the debt over a longer period of time.
- Missed payments could result in the creditors taking legal action against you to recover the debt and this would negatively impact your credit rating.