Borrowers looking for debt help ( get it from www.consolidationdeal.com.au ) have rather limited options if their credit history has some issues. Although the internet does instill hopes into all that a consolidation loan is just a click away – this is just marketing. Reality is quite a different issue. If you have tried your bank and were denied a debt consolidation loan, your chances of qualifying for one through a different lender are rather slim. Generally speaking a lender will decline a loan application either on the basis of the borrower’s credit history, current levels of debts/obligations or lack of stable verifiable income.
Since the introduction of the National Credit Code, it is the lender’s responsibility to ensure that the borrower is able to afford the loan that they are applying for and consequently any lender you apply to will need to consider both your credit history and your income situation.
If you can offer some security for your loan, there may be a better chance of qualifying. Generally speaking your loan could be secured by a car or a boat or a house. In most cases the value of the security asset needs to significantly exceed the amount of money you are looking to borrow.
If you can not offer any security to qualify for a debt consolidation loan, you may need to consider a debt negotiation or a debt agreement. Under these circumstances, your debts are negotiated down on your behalf by a professional, resulting in reduced more affordable loan repayments. In making a decision as to which way to proceed with debt consolidation it is important to remember, that consolidation for the sake of consolidation is not a good idea. Any strategy you choose to follow must offer you a better financial outcome than you are currently in.