Debt Consolidation

Debt Consolidation may seem daunting and complicated, however National Debt Advice can arrange the whole procedure and allow you to rest assured that you have minimal stress throughout.

What is Debt Consolidation?

A debt consolidation loan is a debt that allows you to combine existing debts and pay one lower monthly payment. It is an effective response to multiple debts, and a way in which you can avoid more serious situations such as bankruptcy.

Debt consolidation loans generally range from £5000-£75,000, depending on your financial circumstances, and can be used to pay multiple debts from credit agreements such as credit cards, store cards and personal loans.

  • One monthly payment, at a lower rate of interest.
  • Loan is arranged through one debt adviser who will research the best loans available and with whom you arrange an affordable monthly payment – you have control over the terms of this agreement.
  • The experienced advisors that we use have access to debt counselling services and offer advice and ensure the best plan is put in place for you.
  • Credit scores can be improved by limiting the number of monthly payments.
  • You may be able to select your monthly repayment date, allowing you greater control and freedom over your monthly budget – you may also be offered a direct debit.
  • Secured and unsecured consolidation loans can often be arranged within a matter of weeks.
  • Online and telephone support to ensure that you have the tools to avoid future debt.

  • If you have a secured loan against your property and fail to keep up the repayments, you may be at risk of losing your home.
  • Some debt consolidation loans incur additional fees – make sure that you are fully aware of the terms and conditions of the loan and repayment plan.
  • Only unsecured debts can be consolidated – e.g. mortgages cannot qualify.
  • A debt consolidation loan can still have a detrimental effect on your credit score.

  1. Complete the form at the top of this page, and one of our debt advisors will get in touch.
  2. All existing debts are calculated into one total amount of debt.
  3. Your debts are reduced by negotiation with your creditors.
  4. If you want to apply for a secured debt consolidation loan, you will need to have an asset, e.g. your house, to be provided as collateral.
  5. You agree to a single lower affordable monthly payment, our advisers will take you through this calculation.
  6. All interest is frozen.
  7. Repayment periods vary – when arranging a repayment plan, the debt adviser will ensure that you are able to cover your monthly outgoings, as well as your monthly repayment, without causing detriment to you or your family's well-being, needs, and standard of living.
  8. Your debt adviser will arrange the best repayment plan for you, and you will then complete a debt consolidation loan application – this will require you to submit statements and outstanding balances as evidence of your existing debt.

National Debt Advice uses advisors that are trained to give advice on Debt consolidation and recommend the most appropriate action for your needs. For more free advice on Debt Consolidation or any other debt related issues, please take a few seconds to fill out the simple enquiry form on this page.

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