How Much Debt Do I Have?
Do IVAs work for everyone? This depends on how much debt you owe, learn more about how to find out if an IVA is right for you.
When you owe debts to multiple creditors, there can sometimes be difficulty in remembering which companies you have outstanding debts with, and the total amount you owe. A frequently asked question is how much debt do I have? or how do I find out what I owe? This is the initial step in getting control of any debt problems you may have, whether the money you owe is for credit cards, council tax arrears, or anything else.
How much debt do I have?
A useful way to work out the amount of money you owe and who to, is by consulting your credit file While you can do this by contacting credit reference agencies such as Experian to ask for a copy of your credit report, you should be mindful of the fact that even though many companies do report accounts to credit reference agencies they don’t have to do this legally. What that means in practice is that your credit report may not show all of the debts you owe.
If you need help consolidating multiple debts into one affordable payment, you can get in touch with us to discuss whether debt consolidation could work for you.
Can You Consolidate Debts?What are the next steps after finding out how much debt I have?
After finding out how much debt you owe, the next stage for you may be considering what the best debt solution is for your circumstances and thinking about your credit and finances in the long-term.
Some commonly asked questions alongside ‘how much debt do I have?’ are:
- Can I get a debt consolidation loan?
- Is credit card consolidation without hurting credit a possibility for me?
Can I get a debt consolidation loan?
Consolidation Express offers debt consolidation loans between £5,000 and £75,000 and our application form considers all credit scores – when you apply online for a debt consolidation loan, the money will be paid directly into your bank account for you to pay to your creditors.
Credit card consolidation without hurting credit
There are many things to consider when weighing up whether credit consolidation is right for you. While many people are looking for credit card consolidation without hurting their credit, it’s important to note that credit card consolidation may affect your credit as lenders can see this on your credit report. However, credit card consolidation using a debt consolidation loan can still be the ideal option for many, depending on your circumstances.
If your debt consolidation loan leaves you paying off less over the long-term, then credit card consolidation may be a good idea for you. Here are some things you should consider when deciding on a debt consolidation loan:
- Your monthly payments on debt consolidation loans should be affordable;
- You should pay a lower interest rate on the loan than on your credit card debts;
- The repayment period should not be excessively long.
You can apply online for debt consolidation loans with Consolidation Express. One of our advisors can help you to find out whether this is the right solution for your circumstances and whether you qualify.
Apply for Debt Consolidation
APRs from 5.8% to 89.9%
We are a broker, not a lender.
Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.
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