With a debt consolidation loan, you could have:
- Lower, more affordable debt repayments
- One monthly payment, instead of many
- More room in your budget for the things you enjoy
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.
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 for the good things in life
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.
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.
Is it right for me?
A debt consolidation loan could be an ideal 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).
And remember to think carefully before securing any loan against your home, as failing to meet all your payments could result in repossession.
Although a debt consolidation loan could make a big difference to your finances, repaying your debt over a longer period could increase the total amount of interest you pay.
17.9% APR typical variable.
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