Bill Consolidation Loan - Pros
These types of loans are typically very easy to obtain. The main reason being the loan is secured on your property, which means the lender, has some form of collateral in case you don't keep up with repayments. This is very similar to how your mortgage works.

Nowadays, certain lenders will even give you a 5-month payment holiday. This is in order to entice your business as the provision of debt consolidation loans has become swamped with new lenders keen for your business.

As the loan is secured on your property it also means that the self-employed can also take advantage of such loans. Although you will have to provide some form of income proof for 1-3 years in order to secure the loan.

People who have bad credit or CCJ's etc can also find it possible to get a debt consolidation loan although it is not recommended you do so as you could be putting you and your family deeper into un-controllable debts.

The interest rates on these loans tend to be 'fairly' competitive but as always you should do your homework and shop around.

Bill Consolidation Loan - Cons
As mentioned above these types of loans are secured on your property and as such your property can be taken off you if you don't keep up with repayments. I don't need to tell you how worrying this could be but you can of course take out additional insurance to cover you for such eventuality.

Taking out these loans is not always the best way to clear off your debts and you should do your research are there may be less stressful and in-expensive ways to reduce your debts.

For example you can get much better interest rates by moving some of your debts between 0% interest credit cards. Although this is something which the credit card lenders frown upon it can certainly help save you ?1000's in interest rates and allow you to control your debts rather than increasing them un-necessarily.

Conclusion
If you do choose a bill(debt) consolidation loan then the best piece of advice is to do your homework as there are lots of companies looking for your business and you could save yourself ?1000's by choosing the right lender.