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How Will Debt Consolidation Help My Finances?

A debt consolidation loan will make paying back what you already owe much simpler and potentially cheaper, offering a potential solution to your debt problems. You will not be able to reduce what you owe, but by consolidating your debt you only have to pay one manageable monthly payment, which could have an interest rate lower than those which you are currently paying.

By taking out a debt consolidation loan with one of our panel of lenders, you will also have the chance to improve your credit rating if you pay it off without acquiring any more debt.

Applying For a Debt Consolidation Loan

When applying for a debt consolidation loan, lenders will consider your outstanding debt, how long you need to pay it back, and your credit rating and history. If you have a bad credit rating they may only offer a secured loan, whereby your property is used as security. As such, if you are thinking of applying for a loan to consolidate your debt, this is something to bear in mind.

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Pros and cons of debt consolidation loans

  • Reduce payments without affecting your credit rating
  • Consolidate debts into one lower monthly payment
  • If you have a poor credit rating you may not be able to obtain a loan or you may be offered a loan with high interest rates
  • You may have to pay an arrangement fee
  • Consolidation loans are often repaid over a longer period

Money Expert’s Debt Consolidation Process

1Visit Money Expert for debt consolidation

Our aim is to make the whole process of becoming debt free as simple and as painless as possible for you, and the first step is offering you a free debt consolidation comparison service. Applying for a debt consolidation loan is both quick and easy with Money Expert, simply fill in the form on our debt consolidation page.

2Money Expert will help you to find the best consolidation loan for your needs

Once you've filled in our form and we have all the necessary information, we'll help you find a debt consolidation loan that is most appropriate for your situation.

3Consolidate your existing debts into one simple monthly payment

Once you've found a suitable loan, all that remains to be done is to sign up, consolidate all of your existing debts, and they pay them off with one simple, manageable monthly payment. No longer will you have to worry about paying off several debts at once, each with a different lender and a different interest rate, with a debt consolidation loan, all of your debt is in one place.

Would a debt consolidation loan reduce my monthly payment?

It is certainly possible for monthly payments to be reduced by taking out a debt consolidation loan. As mentioned above, this is because:

You can spread your payments over a longer period of time, thereby reducing the size of each individual payment.

The interest rate on a debt consolidation loan can be lower than those of your current debts, of course depending on the nature of those debts. Those applying for credit card debt consolidation for example are likely to get lower interest rates than what they are paying initially.

The reductions on monthly payments can be significant. But again, it is worth noting that all cases are different and so the nature and benefits of the loan will differ from case to case. If you have a bad credit rating for example, you will not get as good a deal as someone with a better rating. Though the opportunity to improve your credit rating is still there with the debt consolidation loan.

The Money Advice Service offers free money advice

Frequently Asked Questions

A debt consolidation loan is one whereby all of your current debts are paid off by a loan from your new lender, and are consolidated into one debt, with one manageable monthly payment. These monthly payments can be spread out over a longer period of time and may have a lower interest rate than those you are currently paying..
If you have a bad credit rating/history, then lenders will generally only offer you a secure loan, this means that your property will be put up as security against the loan and will be repossessed should you be unable to pay it back.
This is up to you, you can choose how long you wish to have the loan for. Bear in mind that the longer the duration of the loan, the lower each individual monthly payment will be, but due to interest, you will end up paying back more overall. As such it is worth carefully considering your means so that you can get the best balance between the two, allowing you to become debt free as soon as possible.
There is no formal limit to the number of creditors that a debt consolidation loan can cover, though if you owe debts to a large number of creditors, then your credit rating will likely be poor, and as such you will be offered an increased interest rate, or only a secured loan..
Yes, creditors will generally still offer loans to consolidate the debts of those with bad credit ratings, but will offer loans with either increased interest rates, or, more likely, only offer secured loans whereby your property must be put up as collateral.
If your financial circumstances change during the course of your loan, then it is worth contacting your creditor to see if you can reduce or increase your loan’s duration to fit with the changes to your situation.
With our quick, free debt consolidation service, there is no reason not to choose Money Expert to restructure your debts. We’ll make the process as easy as possible, putting all the relevant information in one place, and helping you with no obligations. We aim to help you find the debt consolidation program which suits you best.

No, indeed rather the opposite; debt consolidation loans are often taken out as a result of inflated credit card debt and while you will still be able to use your credit card after having consolidated all your debt, it is not advisable, since doing so will simply increase what you need to pay back and worsen your credit rating.

All financial services in the UK, are regulated by the Financial Conduct Authority (FCA).

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Get in touch now for a confidential, no obligations chat with one of our business partners and let us find the debt solution that's right for you..

  • Clear your debts without the need for a loan
  • Have one affordable monthly payment
  • Reduce demands from your creditors