Debt consolidation refers to the process of consolidating multiple individual loans into one.
This means that instead of repaying numerous debts with different interest rates, you only need to make one repayment on one loan.
This new, consolidated debt usually has a lower interest rate than your previous smaller loans, too. That means that not only will you be able to manage your personal finances with greater ease - it also means that you pay back less money in the long run.
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What Does It Involve?
A wide range of debts can be consolidated. These include credit card debt, hire purchase loans, store card debts and other personal loans.
Are you wondering whether you can consolidate your existing loans?
Let us help you. The team of skilled, experienced Financial Advisers / Mortgage Brokers here at Platinum Mortgages can guide you through the options for consolidating your debts and help you find the best interest rates and fees for your needs.
How We Can Help You
When you choose us, we’ll help you find a Lender that’s best suited for your needs. This means exploring both banking and non-bank sources of finance to reduce multiple repayments into one straightforward loan.
We’ll also use our knowledge and expertise to ensure that you pay less interest in the process.
With only one manageable debt left to pay, it will be easier for you to avoid missing future repayments and running into further issues with your credit.
To speak to a Mortgage Adviser / Mortgage Broker about our personalised financial advice, or for more information on debt consolidation, please contact us at 0800 536 346. We’ll get your finance needs sorted.
Is Debt Consolidation the Right Move for You?
Debt consolidation can be an excellent option if you’re buried under a mountain of debt and are in much need of immediate financial relief.
However, you must seek expert advice before agreeing to any new loan. The wrong decision could see you end up with even more fees and money to repay.
The specialist team of Financial Advisers / Mortgage Brokers at Platinum Mortgages will examine all the necessary details, including your income and spending patterns, to provide you with tailored advice to help you make the best possible choice for your circumstances.
To speak to us and see how we can help you, please contact us at 0800 536 346 today.
Not Sure If You Qualify For Debt Consolidation? Talk To Us!
The team of finance experts here at Platinum Mortgages is dedicated to helping Kiwis. We’ve successfully gotten both bank and non-bank lenders alike to say ‘yes’ to clients they’ve previously denied when clients have not consulted a Financial Adviser and approached the lenders directly.
We’re here to help you. Our New Zealand Mortgage Advisers / Mortgage Brokers can guide you through what a debt consolidation loan involves and help you find the best way to simplify your repayments and get your debt under control.
We will also take charge of putting together your debt consolidation application, maximising its chances of success. Let us help you say goodbye to hefty fees and high interest rates. Please contact us at 0800 536 346 to learn more.
The Benefits of Consolidation of a Debt or Loan
If you’re having trouble keeping up with multiple high-interest loans, consolidation of these debts into one easy source of repayments can be highly advantageous.
Lower Interest Rates
Debt consolidation loans usually have far lower interest rates than individual, smaller debts.
That means that while you are likely to face similar weekly or monthly repayments, you’ll see less money leaving your bank accounts in the long run. Your future self will thank you.
Reduce Monthly Repayments
The average New Zealander’s bank account is burdened by record levels of debt.
Consolidating different loans into one, will mean that you will only have a single repayment to worry about. That will mean less paperwork, hassle, and not worrying about multiple deadlines and creditors.
Pay It Off Over a Longer Time Period
You might have one loan due in a month, one with half a year left on its life and one with three years left to go.
Keeping track of different debts spread out over different periods can be very challenging, especially when they have varying rates or are connected to different cards or accounts.
When you consolidate your debts into one, your new repayment term will usually be longer than that of your previous individual debts.
In addition to helping you avoid missed payments and late fees, navigating a single debt with longer repayment terms can make it easier to plan your personal finances over the long run.
As you will only have one repayment to manage, debt consolidation will help you make sure you do not miss payments. This will reduce the likelihood of unnecessary late payment fees, other penalties and arrears interest. As a result, it will be easier for you to save money instead of throwing it away for unnecessary costs.
Improve Your Credit Score
Your loan and debts are all recorded in your New Zealand credit report, which you can apply to view online. In the process of consolidating your debts, you’ll be using your new loan to pay off your old, smaller loans. That will result in these debts being marked as paid on your credit report.
This will boost your credit score, as it suggests that you’re a responsible borrower with the money management skills to meet your monthly repayments. A higher credit score can, in turn, make it easier for you to get loans at better rates in the future.
Take Back Control Of Your Personal Finances
By taking control over your loans, you’re taking control over more than just your money. You’re putting your future back into your own hands.
You’ll say goodbye to the stress of having to handle multiple sources of debt or finding ways to manage different repayments due on the same day.
That means day to day life will feel much easier, especially with the peace of mind that comes with knowing you have a team of skilled, professional Mortgage Advisers / Mortgage Brokers here to guide you through the process.
Consolidating Debts Can Help You
Consolidating debts into one loan means setting yourself up with a predictable repayment that’s much simpler to track.
That means managing money month to month will be much easier, as you know exactly when those repayments come out of your account.
Plus, with only one loan to track, you’ll know exactly when it’ll be all paid off.
You’ll be able to plan for the years ahead without having to calculate multiple interest rates or worrying about ways to pay the bills.
Get In Touch With The Platinum Mortgages Team
Would you like to learn more about our finance services and the ways our Financial Advisers / Mortgage Brokers can help you with a debt consolidation application?
When you are trying to take charge of your debt, it’s important to have a path and a plan. The Platinum Mortgages Financial Advisers / Mortgage Brokers can sculpt these to your individual needs and circumstances that will work for you. Simply contact us at 0800 536 346 to arrange an appointment or to find out more.