Debt Consolidation Loans — MoneySavingExpert Forum

Jan 28, 2022 · Debt consolidation is rarely a good idea for several reasons. It is just kicking the can down the road. First the lenders score you on keeping the existing debt as well as the new …

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Debt Consolidation Loan — MoneySavingExpert Forum

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Oct 10, 2024 · I am debating whether to take out a debt consolidation loan as there are mixed reviews. I have 2 personal loans 1- £1790 2- £1200 credit card 1 - £1100 credit card 2 -£850 …

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Consolidation Loan - Yes Or No? — MoneySavingExpert Forum

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Oct 13, 2024 · And I will set direct debits for this balance to be clear too within the 0% period. My reason for considering the consolidation loan is that I am paying just so much in interest at the …

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Debt Consolidation Any Advice Please — MoneySavingExpert Forum

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Dec 10, 2022 · So: Loan 1:£5415.90 outstanding at 3.9% with 41 months to go Loan 2: £2067.39 outstanding, at 24.7% with 52 months to go Loan 3: £4,500 (ish) outstanding at 6%, with 48 …

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Debt Consolidation — MoneySavingExpert Forum

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Jul 9, 2020 · She is now left with a single loan with a total repayable value of £12,532.78, paying £659.62 per month and even have the loan repaid sooner than 1 of the loans above. This …

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Debt Consolidation — MoneySavingExpert Forum

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Jun 15, 2022 · Save £5k in 2024 challenge #32 Saved Total = £6,481.35 / £5,000 (Nov24) Secured/Unsecured loans x 1 Credit Cards x 7 (total limit £35,500) Creation FS Retail Account …

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Ashamed Of Debt - Page 2 - MoneySavingExpert Forum

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I was considering doing irresponsible lending complaints to NatWest for the cc (£4k circa x 2) and the two loans of £13k and £9k (latter has been paid down from £12k), but other threads on …

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Pay Off Loan Or Credit Card?! - MoneySavingExpert Forum

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4 days ago · If you don't have a bad credit history It makes sense to clear the loan with the £2k savings as you are paying interest on that. Then direct the £77 towards the credit card so that …

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The Mental Debt Struggle... - Page 242 - MoneySavingExpert Forum

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5 days ago · Progress Checker = £175/£1,506.20 (11.62% repaid) The £100 compensation from Barclaycard for my missing credit card statements and the fixed direct debit of £75 has meant …

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How Bankrate Experts Used Credit Card Consolidation Loans

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Jan 30, 2025 · Bankrate editor Daniella Ramirez and her husband took out a debt consolidation loan to pay off $10,000 of their credit card debt in August of 2024. They were frustrated by a …

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FAQs about Debt Consolidation Loans — MoneySavingExpert Forum Coupon?

Why should I get a consolidation loan?

Consolidation loans allow banks to profit from your misery, they rarely clear your debts. Its not unusual for someone to consolidate debt 3/4 times before they realise their folly. On DFW we can advise you on the best ways to reduce your debts, be it by better budgeting, informal means, or a more formal debt solution (circumstance dependant). ...

Should I consolidate my debts?

If you're struggling with multiple debts such as loans, credit cards and overdrafts, it may seem logical to consolidate them into one place – taking out a new loan to pay it all off, so you make one monthly payment instead. However it's often not that simple and can lead to even more debt. ...

Are consolidation loans a bad idea?

2. Consolidation loans don't solve debt, it's replacing multiple debts with one big one. It's more borrowing, which can be dangerous. You could end up in more debt than you started with if not managed well. ...

What is a consolidation loan?

Consolidation loans are essentially personal loans you use to clear your other debts, allowing you to have one single debt to manage with structured repayments and a single interest rate. So you only have one, fixed repayment to worry about, and you know when it will be cleared. ...

How do debt consolidation loans work?

So rather than having multiple payments to different lenders, potentially on different dates, you just have the one payment to make. This is usually achieved by taking out a new personal loan to cover the total amount of debt you owe, then using the cash to pay off all your individual debts. ...

Are personal loans a good way to consolidate debt?

Personal loans are the easiest way to consolidate debt. Only borrow as much as you need to repay your existing debts and repay as quickly as possible. ...