Debt consolidation

With a debt consolidation loan, you could have:

What solutions are available?
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Please remember, this is just an information toolWe would always recommend you speak to a debt advisor – they can talk you through your options and help you decide which is the most appropriate way to resolve your debt problems

Repay your debts at your own pace

A debt consolidation loan gives you the chance to rearrange your debt repayments, making them easier to manage by rolling them into one and reducing the amount you pay each month.

Of course, if you are paying off less of what you owe each month - over a longer period - it could cost you more in the long run.

Simpler finances

One monthly payment to one lender makes it easier to manage your money. It can be difficult to keep up with several different payments each month, but a debt consolidation loan could give you one less thing to worry about.

More money in your monthly budget

Paying less towards your debts each month means more money for you. Or you could use that money to help pay your bills or put into savings - it's your choice.

As a word of caution, you should always take a step back and think carefully about securing any lending against property, as your house could be at risk if you run into problems with repayments.

How a debt consolidation loan works

A debt consolidation loan is a loan that can help to reduce the amount you pay each month. By using your loan to pay off existing debts and then repaying it over a longer period of time, each monthly payment will be smaller. On the minus side, because you're paying less each month - for longer - you may pay more by the time your loan has been repaid.

Is it right for me?

A debt consolidation loan could be the solution if you want to make your debts more manageable.

If you have debts like credit cards and overdrafts that are taking you a long time to repay, a debt consolidation loan could help you to combine them with your other debts to make sure you are repaying a reasonable amount each month.

On the other hand, taking out a new loan is not advisable if you have any serious concerns about your finances. In that case, you may be better off with another solution such as a debt management plan or an IVA (Individual Voluntary Arrangement). If you've already been having problems with your monthly repayments, and you now have a poor credit rating, you may not be able to arrange a debt consolidation loan - or you may have to pay a higher rate of interest. Your interest rate could also change during your loan, making it difficult for you to work out exactly how much you will end up paying.

And remember to think carefully before securing any loan against your home, as failing to meet all your payments could result in repossession.

Debt consolidation loans provided through Intelligent Lending Limited who are authorised and regulated by the Financial Conduct Authority in respect of consumer-credit related activities and is an appointed representative of Intelligent Lending, FCA registration number 310069 who are authorised and regulated by the Financial Conduct Authority in respect of their regulated mortgage activities.
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The overall cost for comparison is 15.3% APR (typical).

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Loans subject to status and where mortgages are involved, subject also to type and value of property. For mortgages, an arrangement fee is charged for advising and arranging a mortgage and is payable upon completion and is non-refundable. For secured loans a 12.5% broker fee is payable on completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. DEBT CONSOLIDATION MAY INCREASE THE TOTAL AMOUNT TO BE REPAID IN THE LONG TERM.

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