Free Debt Consolidation Loans Government Programs 2022
Are you having trouble with debt management and don’t know what to do or how to find debt relief?
If so, debt consolidation may be a useful opportunity for you to explore. This guide will take you through the entire process, talk about free government consolidation programs, and how they can help you deal with your debt problems.
With that in mind, let’s get right into it.
What are Government Debt Consolidation Loans?
Contrary to popular belief, advertisements and brochures that talk about “debt consolidation government programs” are simply false and misleading.
The fact of the matter is that the UK government does not formally offer debt consolidation programs, which may come as a surprise to people in a troublesome financial situation who’ve heard that the government does.
The UK government does, however, provide a variety of other useful debt solutions to people who lack both money and information.
Government debt help programs usually involve IVAs, bankruptcy programs, Sequestration (Scotland), Minimal assets process (MAP), DROs, Protected trust deeds (Scotland), and Debt payment programmes (DPP).
If you’re someone who doesn’t know where to go to get government help, you can find useful information from a variety of counselors and debt help services.
These counselors and information- based services are available readily, though they usually charge money for the information they give to their clients, be it a person or a company.
However, the term “free government debt consolidation programs” is still relevant. I’m going to discuss if and how you can get free debt consolidation loans in the UK.
Can I Get Free Debt Consolidation Loans?
Yes, that is certainly possible. You can get free debt consolidation loans.
Here’s a valuable piece of debt advice: whenever you look for companies that can help you consolidate your debts or give you debt advice, always go for companies that are authorised and regulated by the financial conduct authority, the FCA.
Moreover, if you’re looking to find free debt consolidation in England and Wales, it’ll help if you employ a money advice service to help you in your journey.
Free debt consolidation is something a lot of people would be tempted by if they know they don’t have the income to afford both monthly payments and the charges that come with personal loans for consolidation.
In such a scenario, they may want to get free personal loans that don’t affect their credit report too much, are easily payable via monthly payments, and they can make sure that they’re affordable.
So the short answer is yes. You can get a free new loan for debt on your credit cards, overdrafts, or other loans that you owe.
List of Free Debt Consolidation Programs in the UK
I’ve found the UK’s cheapest debt consolidation programs, with the least possible APR. Let me share that with you.
- TSP personal loan – this loan comes with a 2.8% APR and a loan term of 1-5 years.
- Leap personal loan – this loan comes with a 3% APR and a loan term of 1-5 years.
- AA personal loan – this loan comes with a 3.1% APR and a loan term of 1-7 years.
- Post Office personal loan – this loan comes with a 3.1% APR and a loan term of 1-7 years.
- Hastings Direct personal loan – this loan comes with a 3.8% APR and a loan term of 1-5 years.
- Zopa personal loan – this loan comes with a 8.7% APR and a loan term of 1-5 years.
- Monevo personal loan – this loan comes with a 10.6% APR and a loan term of 1-5 years.
- Accepty personal loan – this loan comes with a 18.4% APR and a loan term of 1-5 years.
Frequently Asked Questions (FAQs)
This guide talked about debt management, debt solutions, formal debt help schemes offered by the government, such as bankruptcy or individual voluntary arrangement.
Regardless of whether you get consolidation on secured or unsecured debts, getting it for free can do wonders.
If you need any more debt advice, feel free to reach out.