Briefly this is the consolidation of all your debts into one loan which is then paid monthly, often over a long period of up to 20 years. Unfortunately with this option you may be accruing interest on your loan so, although you will have spare income, over the years you may be paying back much more then your original debt.

In Brief

• Extended loans of repayment periods of 20+ years.
  
• Reduced monthly payments can provide short-term reprieve.
  
• Loans attract compound interest so long-term you are paying back much more then the original debt.
  
• It can be difficult to obtain credit for the duration of the loan.

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