What is Debt Consolidation?
The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan.
Who should apply for a debt consolidation?
If you have many different types of debt, and you are paying out lots of different bills every month, it might benefit you more to consolidate your debts into one monthly payment.
Debt Consolidation is only really suitable for people who have debts up to £5,000.
How does it work?
The idea behind debt consolidation is that you use a loan to pay off all your debts and are left with only one monthly payment. If you are trying to balance lots of debts, perhaps this the solution for you.
To learn more about Debt Consolidation you can read our FAQs
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For debt levels of higher than £5,000 you may want to look at our other solutions
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