DEBT CONSOLIDATION LOANS
What is a Debt Consolidation Loan?
A debt consolidation loan is a single loan, securitized under a first or second mortgage that allows you to repay your debts to several or all of your creditors at once. You will be left with only one outstanding loan with us. In addition to streamlining your debts into a single payment, a debt consolidation loan may also offer you an interest rate that is lower than the interest rates charged by your creditors — saving you money in interest charges. This option can be especially attractive if you have debt at a relatively high rate of interest.
- Only one smaller monthly payment;
- Reduction of the overall interest cost;
- Limited documentation required;
- Approval only based on your home equity;
- No credit check or proof of income required.
It can be accomplished by taking out a second mortgage with us. A second position mortgage is advantageous if you currently hold a favorably low rate first mortgage and you do not want to discharge due to penalties, fees, etc.
Will it help improve my credit score?
The amount of revolving debt you owe in relation to your available balances impact more than 30% of your credit score. As Victoria Financial’s mortgage loans are not reported to your credit bureau, your credit score should improve very quickly.
Can you help reduce the amount of debt I have?
Victoria Financial offers in-house negotiation services. Our specialists have thousands of hours of experience dealing with the toughest creditors and collection agencies. In some cases we have been able to reduce the amount of debt of our clients by up to 50%. Our fees are based on the result only.