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Debt consolidation advice

If you're wondering how you could simplify your debts, we could help you find a debt consolidation solution that's right for you.

You can speak to one of our experts now on 0800 195 2911 for confidential advice, or leave your details with us and we can call you back for free.

What is debt consolidation?

Consolidating debts simply means bringing several debts together - replacing multiple monthly payments with a single one, to just one lender.

Depending on your situation, there are a number of ways you could consolidate your debts, giving you the confidence that you can repay your debts at a pace you can manage.

What are the benefits of debt consolidation?

There are various ways that debt consolidation could help you to get out of debt:

  • Have just one monthly payment to make
  • Arrange payments you'll confidently be able to afford
  • Put an end to dealing with multiple debts and multiple lenders
  • Have a date you know you'll be debt-free.

How could I consolidate my debts?

We deal with people's debt problems every day - from people needing serious to help to those just looking to make their finances a bit simpler.

As a result, we offer a number of different debt consolidation solutions that could help you, depending on what situation you're in with your debts:

  • Debt consolidation loans
  • Debt management plans
  • IVAs (Individual Voluntary Arrangements)
  • Trust Deeds (Scotland only)

We can discuss your options with you and help you decide which approach is right for you.

Is debt consolidation right for me?

Keeping track of several debts every month - whether they're credit/store cards, overdrafts, personal loans or catalogues, to name a few - isn't always as simple as we'd like it to be.

It's important to be aware, however, that if you're having difficulty staying on top of your finances, you could be putting your financial wellbeing at risk. If you fall behind on your monthly payments, you could face mounting fees and charges - not to mention damage to your credit rating.

Debt consolidation could be a good idea if:

  • You're struggling to stay on top of your debts
  • You're facing fees and charges for making your payments late/missing them
  • You don't know when you'll have repaid your debts in full.

If you're finding that keeping on top of all your debts is stressful and less straightforward than you want it to be, consolidating your debts could really help to take some pressure off your finances - as well as giving you payments you can confidently afford.

How could a debt consolidation loan help me?

If you're looking to make the way you repay your debts simpler, taking out a debt consolidation loan could be the ideal approach.

Consolidating your debts with a loan means you'll effectively roll multiple monthly payments into just one - which could prove a fair bit easier to keep track of and help you to protect your credit rating.

If you want to give your monthly budget a bit more flexibility, you could also agree to repay the loan over a longer period, which will cut the size of each payment (though this could be more expensive overall after you've paid the interest).

Along with giving you a date you'll know you'll have repaid the loan, you could also save some money overall if you find a consolidation loan with a lower interest rate than those on your multiple debts - giving you a perfect opportunity to cut up your credit cards and look forward to a future free of your current debts.

As long as you're otherwise paying your debts well, and you can commit to regular monthly payments, a debt consolidation loan could be the approach you're looking for.

For more information on debt consolidation loans click here.

Debt consolidation: pros & cons

Along with the advantages, like all debt approaches, debt consolidation comes with some downsides too.

It's always important to look at the big picture before making any firm decisions about what debt solution is best for you, which means weighing up all the pros and cons:

Pros of debt consolidation

  • Replace several debts with one
  • Deal with a single lender
  • Have monthly payments you can afford
  • Get out of debt at a pace you can manage

Cons of debt consolidation

  • Can cost more overall if you repay your debts more slowly
  • Can affect your credit rating (depending on solution)
  • Could only be suitable if you can commit to regular payments
  • Securing debt against your home could put it at risk if you miss payments

Debt consolidation FAQs

If you have a question about debt consolidation that you want an answer to, we could help you. Our team of expert debt advisers have the know-how and expertise to recommend the best approach for your debts - and explain exactly how debt consolidation works.

In the meantime, we've gathered together some of the most commonly asked debt consolidation questions, so you could find the answer you're looking for here.

Debt consolidation calculator

Not sure how much you'd repay per month towards a debt consolidation loan? Our easy-to-use calculator could help you to work out the size of your monthly payments - giving you a basic idea of the quote you'll get in a matter of minutes.

Even if a debt consolidation loan isn't right for you, we could help you find an alternative way of consolidating your debts that is suitable.

What's the best way to consolidate my debts?

When it comes to debt consolidation, there isn't one single approach you could take. In fact, there are several - and what situation you're in with your debts will affect which way will be right for you.

However, all the debt consolidation solutions on this page involve making just one payment per month to a single company - which could go a long way to make repaying your debts simpler.

As with any approach to debt, you shouldn't make any firm decisions about how to consolidate your debts until you've got some professional advice. One of our debt consolidation experts can discuss all the options with you and explain the pros and cons of each solution, so you can get a clearer picture of where you stand before you make a final decision.

You can call us on 0800 195 2911 or fill out the form on this page and we'll get back to you. Tell one of our experts what debt problems you're dealing with and we'll help you find the best way to make your debts a thing of the past.

Get expert debt consolidation adviceIf you would like more information, talk to our team today.

Speak to an expert debt adviser on:0800 195 2911

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