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How to Consolidate Debt

Consolidating debt can be a great solution for reclaiming control over your finances – on your terms.

The benefits of a debt consolidation loan are numerous. If you’re struggling to repay multiple lenders, this option can provide you with the funds needed to close accounts and just focus on making one affordable payment each month.

Our team will work with you to help make sure you’re getting the best deal possible. Ultimately, we’ll strive to ensure you’re paying less each month and assist you in securing a future which isn’t dominated by debt.

Click the button below, complete our application form, and we’ll be in touch:

Three steps to consolidating debt

Step 1 – Is debt consolidation a good deal?

To begin with, it’s important to make sure that a debt consolidation loan is a good deal for you. If you’re unsure whether it would be, ask us, and we’ll provide you with an honest answer. After all, recommending an unsuitable financial product doesn’t help anyone so it’s important we help advise you into getting a good deal.

To do this, total up all your creditors, their interest rates, and detail how much you’re paying them every month. Once done, your ideal list should look something like this:

Store Card Credit Card Personal Loan
Amount borrowed £2,000 £5,000 £3,000
Interest 20.1% 15% 13.2%
Length of loan 1 year 2 years 3 years
Monthly repayment £183 £240 £100
Total repayable £2,205 £5,764 £3,611

 
During the application process, you’ll need some of these details anyway so it’s a good idea to get this done. As debt consolidation loan for the same amount (£10,000) at an interest of 12.9% for three years would result in monthly payments of £333. Ultimately, this would be a monthly saving of almost £200.

Getting these details on paper is a great start to making sure this option is suitable.

Step 2 – Getting in touch

Once you’ve listed your lenders, then it’s time to contact us. The application form won’t take long at all and you even do it on your smartphone while watching your favourite TV programme. Next, we’ll take a look at your application and will be in touch.

Of course, you can always request a time to call at a more suitable moment. We’ll assess your situation and let you know, free-of-charge, if debt consolidation is the best option for you. If it isn’t, then your time hasn’t been wasted as we’ll advise you on how to proceed.

Step 3 – Paying off your debts

If your loan is approved, you could have the money you need within a few hours. Once received, you could be paying off your lenders by tomorrow. Using the funds provided, you’ll close accounts with creditors one-by-one.

Then, you’ll just have the consolidation loan provider to repay. Through agreed monthly repayments, you’ll do this until the money is repaid.

How to consolidate debt if I have bad credit?

If you have a ‘poor’ or ‘bad’ credit score, then many financial products will unfortunately be closed to you. This isn’t necessarily true with a debt consolidation loan. We believe, regardless of your financial history, you deserve the opportunity to regain control of your finances.

Therefore, at Consolidation Express, we promise to consider all credit scores.

Consolidating debt if you have bad credit follows the same process detailed above. Once you’ve identified how much you owe and to who, we can help make sure you get the best deal possible.

Can I apply?

We hope we’ve explained how to consolidate debt. It’s actually quite a straightforward process through us and we always aim to make it as quick as possible. Just think, if you’re being chased by a creditor for money, you could have the matter resolved by this time tomorrow.

To apply, click the button below. You’ll find out for free if this option really is the right one for you.

Further Reading