Your local guide to fun, food and family life.

In this section

• Post Summer Divorce Boom
  In their fourth article for Family Time Magazine, Susan Davies, partner at Staffordshire law firm Ansons LLP looks at the reasons why the nextcouple of months are likely to be busy for divorce lawyers.
• The Importance of Making a Will
  In their third article for Family Time Magazine, Marie Tisdale, Wills & Probate Partner at Staffordshire law firm Ansons explains why it is important to have an up-to-date Will in place.
• Consolidating debts
  Consolidating debt is when you take out a single, new loan to pay off several existing debts.
• Show me the money
  How many times have you heard the words "can I have this please?" and "Auhhhh" when you say no? Children will pick up on their parents spending habits, so if we constantly spend on new toys and sweets then how can we expect our children to be sensible with their own money? It dawned on me this Christmas, seeing all the presents and with the house looking like Hamley's department store that it was really time to start teaching my children the value of money instead of it constantly "burning a hole" in their pocket.
• A guide through the mortgage 'bad news'
  Mortgages are in the press and on the news on a daily basis and very rarely is it uplifting news.
• Don't let the January blues put you in the red
  With Christmas coming around again, it seems the cost of celebrating gets more and more each year.

Consolidating debts

Consolidating debt is when you take out a single, new loan to pay off several existing debts.

This can be a good way of taking control of your finances but you need to be very careful.
A consolidation loan may not always be your best option.

Before you decide on a consolidation loan, find out what is on offer and what alternatives you have got. These could include:

1. If you have a mortgage apply to your existing Lender for a further advance.
2. Re-mortgage to another Lender, borrowing an additional amount to cover your debts.
3. Try to make new arrangements with your existing Lenders.
4. Checking that you are making the best use of credit options you have already got – such as an overdraft facility, credit or store cards, a personal loan or borrowing from relatives.

Reasons to consider a consolidation loan:
Used carefully, a consolidation loan can help to put you back in control of your finances. The advantages can include:

1. You can use it to pay off your priority debts.
2. You could pay a lower rate of interest.
3. Your monthly payments should be lower.
4. You know when you will finish paying off the debt.
5. You may only have to make a single payment each month.
6. You may avoid falling behind on payments and getting a bad credit rating.

But remember there are some drawbacks too, such as:

1. You could end up paying more overall and over a longer period.
2. You may pay extra charges for setting up and repaying the new loan.
3. If you get into difficulties it may be more difficult to come to a new arrangement with a single Lender.
4. If the loan is secured against your home your property will be at risk if you cannot keep up payments.

If you do decide to take out a consolidation loan, you should shop around for the best terms from a reputable Lender and that is where we come in. As Independent Financial Advisers Squirrel Financial Management Ltd. have access to all Lenders, be they Banks, Building Societies or Specialist Loan Providers.
Therefore for a FREE consultation please contact us on 0121 308 1152 and ask
to speak to Tom Gavin or John Ayre or email info@squirrelgroup.co.uk quoting FamilyTime.

Written quotations available on request. All loans are subject to status. Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing any debts against your home. Squirrel Financial Management Ltd. is authorised and regulated by the Financial Services Authority. Registered in England and Wales No. 03961335, Head Office and Registered Address: SQ2 House, 240b Lichfield Road,
Four Oaks, Sutton Coldfield, West Midlands B74 2UD.