Debt Consolidation FAQs

1. How long will it take to become debt free with a Debt Consolidation Loan?
2. How can I tell if I can afford the Debt Consolidation Loan?
3. How much can I borrow?
4. What interest rate will I have to pay?

“How long will it take to become debt free with a Debt Consolidation Loan?”

This depends on the size of your loan and how long you take it out for. The higher your monthly payment, the sooner you can pay off your loan.

“How much can I borrow?”

This completely depends on your present financial circumstances: your income, your total debt, and the amount you can afford to pay each month.

“What interest rate will I have to pay?”

The rate is variable and depends on your circumstances, including your credit score and the amount you need to borrow.

“How can I tell if I can afford the Debt Consolidation Loan?”

You will need to work out a monthly budget, including all of your essential expenses such as food, rent, clothes and travel. If you have enough money left over to comfortably repay the Debt Consolidation loan each month, then it may be a good choice for you. Please seek independent advice if you are unsure.

Find out more about:

Debt Management Plans
Individual Voluntary Arrangements (IVA)
Bankruptcy

Further Debt Help and Advice