Debt Consolidation

If you are in debt a consolidation loan may be an option for you.

 

 

What is a debt consolidation loan and how does it work?

A debt consolidation loan is the replacement of multiple loans and debts, such as credit cards and unsecured personal loans, with a single personal loan.

If you are in debt, another option that may be available to you is a debt agreement. A debt agreement is a negotiated compromise with your creditors. Fox Symes is Australia's largest debt agreement provider.

What are the benefits of debt consolidation?

By using debt consolidation you only have to make one payment instead of making numerous payments.

With a debt consolidation loan you may end up with a lower monthly payment and a longer repayment period. This can help some people to manage their finances more effectively.

Example of how a debt consolidation loan may work

You may currently have two or more personal loans or credit cards with outstanding balances totaling $10,000. The minimum repayment for all these debts is around $300 per month.

By consolidating all these debts into a single loan over a longer term, the amount you may have to repay could be reduced to less than $190 per month.

How often can I make repayments on a debt consolidation loan?

You can normally make payments either weekly, fortnightly or monthly. The length of the loan can be set for a repayment which meets your needs.

You may be able to choose between 12 months and 7 years depending on the purpose and the amount requested.

What is the difference between a Variable or Fixed interest rate debt consolidation loan?

A variable rate loan gives you the flexibility of making extra repayments at any time and at no extra cost.

A fixed rate loan means your repayments are fixed for the term of the loan.

Do I need security to make use of debt consolidation?

Normally a debt consolidation loan is an unsecured loan, so generally, no security is required.

What fees will I need to pay to use debt consolidation?

Most debt consolidation loans have no ongoing fees and no early repayment fees. An establishment fee may be payable.

When applying for a debt consolidation loan

When applying for a debt consolidation loan you need to be careful and to be fully informed. Make sure:

Fox Symes may be able to assist you through our relationship with lenders with either a personal loan or debt consolidation loan.

If you would like to find out more about a personal loan or debt consolidation loan call us on 1300 361 204.

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For Australian residents only

If you are employed and have debts greater than $10,000 please call us on 1300 361 204 or fill in this form. We have live Debt Consultants available to help you now.

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