A debt consolidation loan brings several existing debts together into one loan with a single monthly repayment. This can simplify your finances, reduce the number of payments you need to manage and make monthly budgeting easier.

Consolidating your debts may lower your monthly repayments by spreading the borrowing over a longer term. However, this will depend on factors such as the interest rate, loan term and outstanding balances. A longer term could also increase the total amount you repay, so it is important to consider the overall cost as well as the monthly payment.

Yes, you may still have options if you have experienced credit difficulties in the past. We work with lenders who consider each application individually and assess factors such as your current financial circumstances and ability to afford the repayments. The options available will depend on your individual situation.

Subject to the lender’s criteria, you may be able to consolidate credit cards, personal loans, store cards, overdrafts and other unsecured debts. We’ll review your existing financial commitments during the application process and explain which debts could be included.

Not always. Debt consolidation may be suitable for some borrowers, but it will depend on your individual circumstances. Our advisers will review your financial position and objectives, explain the available options and help you decide whether consolidating your debts is an appropriate solution.