Bad Debt Consolidation Remortgages are now on the increase because of the recent UK interest rates rises in 2007. It was estimated that £15 million is being added to the Uk's personal debt total every hour !! What are the typical warning signs when you need to consolidate your debts & remortgage?

Lets say you owe £20,000 and have missed some payments causing CCJ's or arrears. You need to consolidate debt. You are unsure wether to go for a home owner loan or a remortgage. Is this you ?

• A loan, 4 unsecured high street credit, charge & store cards
• Total Debt £6,000 on 2 cards against a limit of £8,000 & the 3rd is up to its 100% limit
• Costing you £500 in payments as you try to pay more than the minimum off monthly
• You are aware that the interest rates on your cards could be as high as 29%
• You are considering swapping to 0% interest for 6 months credit cards to avoid interest role up

Apart form the stress of it all, in this instance for some people it may be simpler just to get a Bad Debt Consolidation Remortgage & consolidate your payments under one roof. However do not forget.....

Debts may well take longer to repay if you NOW extend the term on a Bad Debt Consolidation Remortgage.

• You will need to increase your life protection cover to protect the new borrowing if you should die prematurely or get ill
• Do not forget if you borrow the money to actually repay your debts - not spend it all & get back into the same position as before !
• You also may wish to tear up your Credit & Store Cards !!

Thank you for reading this article. Need Broker help ? Click on the link below.

http://www.creditfinancecentre.co.uk/bad_debt_consolidation_remortgage.html

Martyn Spencer Bcs (Hons) Cert PFs - has 25 years experience in UK Financial Services. He is Director of the UK Credit Finance Centre, a unique website allowing customers to access UK Brokers for those looking for Mortgages, Loans, Debt Consolidation & Insurance.

Source: www.articlecity.com