Cost Of Living Crisis Unsecured Debt Consolidation Loans Bad Credit 2023

Cost of living crisis compare loans

Is the Cost Of Living Crisis hurting your finances?

Can’t afford your gas and electricity bill after the energy price cap change?

If you are struggling to make ends meet because of the perfect storm of basic rate food prices, the wholesale price of gas and electricity and the cost of other everyday items, you are not alone.

Has the rising cost of living meant you need debt advice?

Your local council or the debt charity stepchange may be able to help you with your unpaid bills, credit cards, unsecured personal loans, car finance and shopping catalogue bills.

Have increased national insurance contributions made energy prices unaffordable?

It’s not likely you will get a cheaper deal on gas prices any time soon, but you may be able to get targeted support with your existing debts so you can pay them with lower interest rates.

Is the national living wage not enough for higher energy bills?

For poorer households on universal credit, national statistics show that two thirds of people will struggle for months or even years with higher household bills.

Is your payment plan for your council tax unaffordable?

Are you making a choice – should I pay my local authority or should I pay my water bill? This is the scenario for many people much more than last year.

Is the household support fund insufficient for the rising costs of energy prices?

You may need to consider a way to ease cost over the short term by getting a loan. If you have credit card debt this is a further drag on your monthly outgoings.

Are the cost of living pressures making your debts and housing costs unaffordable?

You could consider a debt consolidation loan to get you back on track with bills that have been left unpaid.

Have you got energy companies chasing you for the money you can’t pay?

You could consider unsecured loans to consolidate debt from household utility bills so your credit rating is not hurt anymore.

Have you got a natural gas direct debit or standing order bounce because your regular outgoings are too high?

An unsecured loan could help you get your budget back on track and package up the unpaid bills you have so your utilities don’t get cut off.

Are you one of the many UK households that needs a personal loan for energy efficiency improvements?

If a personal loan is not suitable you could consider a secured loan even if your credit score is poor.

Do you want to pay your energy costs over a longer-term?

Unsecured Debt Consolidation Loans For Bad Credit could be a solution for you to pay off your electricity bill or gas bill that is in arrears.

Have you been threatened with installing a prepayment meter for your gas or electricity?

It’s often that prepayment customers pay higher charges than ones with standing orders.

Have you got income tax you can’t pay because you have no disposable income?

The HMRC may not be interested in monthly repayments for your unpaid tax bill so a study of debt consolidation loan rates so you have just one monthly repayment for your tax bill could be wise.

Are you having direct debits bounce because of rising prices and higher costs of living?

You may need to consider a loan amount at an annual percentage rate that suits your personal circumstances for your existing debt.

Has the cost of living crisis made you much worse off than a year ago?

It is likely in real terms, your income has not gone up to cover the cost of living crisis so like many people you are struggling to make ends meet.

Could an unsecured debt consolidation loan help me in the short term?

Maybe yes, unsecured debt consolidation loans can help you pay bills that are in arrears so you don’t get cut off. You may need free debt advice before you commit to a fixed monthly payment. It maybe wise to study alternatives to debt consolidation as long as you can save money by some method.

What about a secured debt consolidation loan?

These are ideal for homeowners that want to borrow a higher sum of money at a low interest rate with a low monthly repayment.

Are secured debt consolidation loans better than loan repayments to multiple lenders and creditors?

Maybe, yes, as your existing borrowing, payday loans will be pushed into one single monthly payment.

What is the cheapest debt consolidation loan for all your debts without a good credit rating?

The rate on a debt consolidation loan will depend on the total value of consolidating debts you have.

What to look for when you compare debt consolidation loans for bad credit:

An application that won’t affect your credit score
An adviser that is regulated by the financial conduct authority and is on the financial services register for consumer credit and is accountable to the prudential regulation authority
Access to standard personal loans
A fixed interest rate
Affordable monthly payments
A fast payment to your bank account
A simple monthly repayment that you can overpay if you prefer
A way to end your multiple debts
A thorough explanation of how debt consolidation loans work
A low debt consolidation loan cost even with poor credit history
A clear representative apr before a credit check
No arrangement fees
No broker fees
No lender fees
If secured loans are your only option, your financial circumstances must be studied
The types of debt consolidation loans are described to you completely
No fees for a balance transfer
Easy eligibility checking

Unsecured Debt Consolidation Loans For Bad Credit

Ravenwood services is not a broker and also is not a lender. But we are involved with secured and unsecured best debt consolidation loans. You need to be UK resident and agree not to miss payments as this will negatively affect your credit score powered by Experian or Equifax.

A debt consolidation loan lets you put all your debt in one single loan so you don’t have to pay different lenders and other debts at different times of the money which could save you money if you are disorganised. If you have financial problems leading providers may reject your loan application.

If you get independent advice make sure they provide you with a firm reference number and they are authorised and regulated by the FCA. Many websites are a broker not a lender.

When you have been given a representative example the maximum apr, lower interest rate and the overall cost should be shown clearly. It would be very unwise to keep up with repayments if you want to improve your credit in the best way possible.

You should study other lenders loan terms including the personal apr and actual rates for a longer period.

If you add up how much debt you are in and you find you owe money at a personal rate that is very high, you could consider other options apart from an unsecured debt consolidation loan.