Clear Debt

FAQ [Debt Consolidation]

• Will my monthly repayments be reduced with a debt consolidation loan?
  
  
• How much can I borrow?
  
  
• What is the term duration of the Loan?
  
  
• What if I’m made redundant or suddenly become ill?
  
  
• Can I move house after taking out this consolidated loan?
  
  
• Should I contact Mabs - Money Advice and Budgeting Service (Ireland)

Will my monthly repayments be reduced with a debt consolidation loan?

Yes. The extent of the monthly reduction will depend on the amount you wish to pay back on a monthly basis and the duration of the loan. Usually, monthly repayments can be reduced considerably through the use of a consolidated loan.

How much can I borrow?

This answer to this question depends on the individuals financial circumstances at the time. Traditionally, lenders will assess your monthly income and the level of equity (if any) available in your property. The golden rule of being able to afford the repayment of the loan on a monthly basis still stands!!

What is the term duration of the Loan?

Again, this depends on individual circumstances and choices. Lenders typically will give consolidated loans over a period of time that will suit the borrower’s requirements and of course their demands. Traditionally, consolidated loans would normally be available over a 3 to 30 year timeframe. Obviously, the greater the duration of the loan the greater will be interest payback on the loan.

What if I’m made redundant or suddenly become ill?

We can organise through our business Partners to arrange unemployment and sickness cover to care of these possible eventualities.  We would advise our clients also to take out competitive life assurance cover. Again, we can arrange this cover through our selected business Partners.

Can I move house after taking out this consolidated loan?

Yes. Part of the proceeds arising from the sale of the house will go towards paying the outstanding balance of the consolidated loan if it the loan is secured against your property.

Should I contact Mabs - Money Advice and Budgeting Service (Ireland)?

Yes. We actively encourage our clients to use Mabs when their debt levels are below €2,000. Their national helpline is 1890 283438

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