UK-wide
Debt Consolidation
One borrowing arrangement replacing several — simpler to manage, and sometimes cheaper overall.
- Typical term
- Length of the new agreement
- Type
- Credit-based
- Available in
- UK-wide
What it is
Consolidation means taking a single loan to clear several existing balances, leaving you with one payment and one rate. It only helps if the new rate and term genuinely work out better for you.
Who it tends to suit
- Your credit file is still in reasonable shape
- You can afford the new monthly payment comfortably
- You want to simplify rather than reduce what you owe
Benefits
- One payment, one date, one lender
- Potentially a lower overall interest rate
- No insolvency marker on your record
Things to weigh up
- Nothing is written off — you still repay the full amount
- A longer term can mean paying more interest in total
- Secured loans put your home at risk if you fall behind
- Poor credit usually means high rates or refusal
If you own your home
Be very careful with any loan secured on your home. Turning unsecured debt into secured debt is rarely reversible.
Not sure this is the right fit?
The finder compares this against every other UK route based on where you live and what you owe.
Compare my optionsMay not be suitable in all circumstances. Fees apply and your credit rating may be affected. Arcadia is an information service — always consider free, independent advice before deciding.