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Debt Consolidation

Debt consolidation is usually referred to a consolidation loan. This works by taking out a loan which is then used to repay your debts. Leaving you with one monthly payment to the loan provider. Advice debt do not offer any lending products.

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Consolidating your debts

In debt and feeling overwhelmed by multiple lenders? Consolidating your debts may be the best solution for you. It can help simplify things, so everything is dealt with in one go – which makes it a lot easier to manage! Of course, our friendly advice would always be to seek out specialist support before making any decisions about how best to tackle this difficult situation.

Have you considered consolidating your debts? Our team can explore solutions best tailored to fit your individual situation. Let us help make managing debt easier for you!

Can I ask my bank to consolidate my debt?

If you’re struggling with your debts, you could ask your bank for a loan which would consolidate your debts. Your bank or building society are not obliged to offer this product and will perform a credit search and may assess you against their own criteria.

There are other providers of loans too and a consolidation loan may help you to budget more effectively and reduce the amount you’re currently paying, but you will need to consider if applying for further credit is appropriate to your situation and consider things such as the interest payable.

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Things to consider

Taking out a consolidation loan may seem attractive to reduce your debt repayments. However, its important to remember that you will need to ensure that any credit you clear is not reused in the future as this could add to your overall indebtedness.

The lender will need to perform a credit search and will need to assess you against their own criteria before deciding on whether or not to approve further borrowing. It is also worth considering that you may pay back more than you currently owe as interest will be applied.

Why choose Advice Debt?

We can help you.

We all know how difficult it can be when facing financial difficulties. That’s why we are here for you. Our advisers will listen to your concerns and can provide information on the debt solutions available. We specialise in individual voluntary arrangements and you can find more about them on our website.

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Advice Debt Top Tips

Do I really need to buy this?
Avoiding debt can be a challenge in our modern world, where it's easy to get overwhelmed by all the temptations of spending. To stay on track with your finances, take some extra time before big purchases and ask yourself if you truly need that item.
Make budgeting a good habit
Mapping out and keeping track of your spending is essential for financial stability and success. Developing a budget can help you save money, recognize potential overspending habits before they start, as well as protect against unexpected expenses. Mastering the practice of creating an effective budget plan will go long way in helping to improve your overall credit rating.
Knowing your credit score
An excellent credit score is essential for any individual looking to access financial assistance. Without this metric, lenders may deny borrowers mortgages, car loans and other financing options; even something as simple as a phone contract could come at an immense price with the wrong rating. Therefore, it's important that you understand how your credit score can impact your life in various ways - from getting approved for major purchases to making sure you are paying reasonable costs on everyday transactions.
Borrow or save?
Deciding whether to save or borrow can be a difficult choice that carries lasting consequences. Saving may mean having less cash on hand in the present, but potentially avoids financial trouble down the road. Conversely, borrowing provides quick access to funds now; however if payments are not made in full and on time it could create prolonged problems with debt repayment. Ultimately, saving is often considered the safer option for making major purchases.
Have I checked the interest rates?
Before taking the plunge and borrowing money, take a look at that all-important APR. Keep in mind interest rates can vary dramatically - so make sure you research what sort of additional cost is involved with taking out your loan to ensure it fits within your budget!
Switching your credit card
Take advantage of low-interest credit cards to save yourself some money! Doing the research, you may even find a card with 0% APR - however this won't last forever. Make sure that if you switch providers and get one at zero percent interest, make it your priority to pay off debt during that period or else once it ends, interest rates will be added in full force.
Saving for a rainy day
Don't let debt be a factor in your future plans. A smart money move is to start putting away just a little bit each week - every penny counts! For example, squirreling £5 per week adds up over time; by the end of one year you'll have saved an impressive total of £260 (and if placed into savings that could grow even more!).
Don’t bury your head in the sand
Don't let your dilemma fester. If you find yourself in trouble, seek out professional advice to get back on track. Advice debt services are well-equipped with experts who specialise in helping people resolve issues quickly and discreetly – so don’t hesitate to reach out for guidance!
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Start with our 3 quick and easy steps

Step 1

Complete our Online Form

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Our form is user-friendly and takes 30 seconds to complete.

The first step always feels like the hardest, but you’ve come to the right place.

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Step 2

Talk to the Experts

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Tell us about your situation, and we’ll tell you exactly what help you’re entitled to.

We’ll inform you about what solutions you qualify for, and answer any questions you may have along the way.

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Step 3

Take Action today

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We know that debt is daunting, but after speaking with us, we can put together a personal action plan to put your mind at ease.

We’ll help set things up and support you in dealing with your debts, for however long is needed.

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Our team of experts help thousands of families every year across the UK get their finances back on track.

Based on over 2200 customers being supported from January 2024 to September 2024

Is Debt Consolidation right for you?

We can discuss your eligibility.

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Prefer to speak later?

We will offer guidance, support and a solution at a time that suits you.

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*To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.

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To Qualify for debt-write off in an IVA or Trust deed, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount between 25% & 75% is realistic, however the debt write-off amount for each customer differs depending upon their circumstances and is subject to the approval of their creditors.

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Check if you qualify

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Sat 10am to 3pm

0333 339 7212

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