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The aim of a debt consolidation loan is to reduce the burden of multiple regular debt repayments. You take out another loan, equal in value to the sum of your debts, and then pay that off each month instead. That money is distributed to your creditors.
You will not be able to reduce what you owe, but by consolidating your debt you only have to pay one manageable monthly payment, and your new loan 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.
1. Fill in your details for no obligation debt consolidation adviceOur 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. Just fill in the form above to begin.
2. Money Expert will help you to find the best consolidation loanOnce 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.
3. Consolidate your existing debts into one simple monthly paymentOnce 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.
Our loan search tool makes applying for a debt consolidation loan easy, but there's a few things you should always bear in mind. When you apply, lenders will consider your outstanding debt, how long you need to pay it back, and your credit history. If you have poor credit, you might have to secure your debt, against your house for example.
Struggling with multiple debts and looking for a simple way to manage your finances.
The Money Advice Service offer free and independent debt advice, find out about more options here