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In the simplest terms, a debt consolidation loan will pay off your existing debts and transfer the monies owed into one loan with one manageable, monthly repayment.
You will still have to pay back all the monies owed, but with loan consolidation you may be able to reduce your monthly outgoings, pay a lower rate of interest, or be able to spread the costs out over a longer time period.
The Money Advice Service has information about debt management and offers free debt advice.
A debt consolidation loan may help to combine debts into one manageable loan.
A personal loan could help you consolidate your debts into one monthly repayment at a fixed rate.
Your options depend on the amount of money and assets you have.
You can pay your debts in instalments by setting up: You can apply for a Debt Relief Order or Bankruptcy Order if you can’t pay your debts because you don’t have enough money or assets you can sell.
“Zopa is the pioneer of peer-to-peer lending, which uses the internet to cut out the banks entirely.
It matches savers with individuals who want to borrow, leaving out the bank and offering better rates all round.” Enter the details for any credit cards, overdrafts or loans you want to consolidate. If you're planning to consolidate a few things, start with the highest APRs first.