Debt consolidation

Juggling too many repayments?

Replacing several debts, such as credit cards, store cards and personal loans, with one loan at a lower rate. It works when the old accounts are closed and the new loan is repaid over a sensible term. Stretching short debts over many years can cost more in total.

Talk to an adviser Credit card payoff calculator

Who it suits

Borrowers juggling several repayments
People paying high credit card interest

What lenders look at

Your full list of debts and limits
Income and expenses
Credit history

What to prepare

Tick them off as you go.

Statements for every debt
Proof of income
Bank statements

Questions to ask

How much will I repay in total, compared with now?
Will my old accounts be closed?
Can I repay faster without a fee?

Everyone's situation is different. Lenders weigh things differently and small details change the answer. An adviser can tell you where you stand with debt consolidation and what to do next.

Talk to an adviser

Run the numbers