A consolidation loan is usually taken over a much longer period than the smaller debts, so this can keep you in debt longer and increase the overall interest paid... The OFT has recommended to the DTI's CCA Review that it should consider equivalent protection for all second charge mortgages and unsecured credit... The larger the loan, and the greater the risk to the consumer, the more important it is that the lender makes appropriate checks... http://www.unsecured-loans-1.co.uk/loans
Maybe you will find ways to cut back on things that are not essential so that, if you do still need to borrow, you won't get into difficulties... Under the rent-a-room scheme you can earn a tax-free £4,250 per year... Consumers' focus on the initial cost at the expense of other features has also been emphasised in The FSA's approach to regulated mortgage sales.The FSA states that when using a mortgage for loan purposes the costs associated with transferring shorter term debt to longer term debt need to be accounted for... http://www.1steploans.co.uk/loans