Debt consolidation — MoneySavingExpert Forum

Sep 22, 2022 · The usual advice is that debt consolidation is rarely a good idea - for 2 reasons. Firstly, the danger is that you take out a loan to clear the credit cards, then merrily rack up …

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Debt Consolidation — MoneySavingExpert Forum

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Jul 9, 2020 · Giving a total settlement value of £12,180.13. Now let's say that she is able to get hold of a fixed rate loan at 3.5% for £12,180.13, which she uses to pay off all of her existing …

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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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Debt Consolidation Advice — MoneySavingExpert Forum

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Mar 26, 2024 · Hi. Very new to this. I have 3 credit cards. 1. £2800 2. 600 3. 2100 (£5400) i dont have any problem paying off the minimum payments every month. But i know.

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Helping Dad With Long Term Debt / CCA Without Default (Barclaycard)

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1 day ago · 2019: Made aware of his debts in when he asked to borrow £3000.As a condition of lending the money, I asked for details for all his credit cards. £19000 across 4 CC's and a …

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Paying Off £37065 Unsecured Debt By July 2027 While Continuing …

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3 days ago · MBNA 111.80/13997.47 Santander 245.19/10550 Nationwide 20/460 Very 943/943 paid off 01/02/25 Santander OD 0/2900 Nationwide OD 100/200 Mortgage 17959/125194 EF …

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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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FAQs about Debt consolidation — MoneySavingExpert Forum Coupon?

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. ...

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. ...

What are the benefits of a consolidation loan?

A single, structured monthly payment. The main benefit of a consolidation loan is that all your debt is in one place, with the same rate of interest. You then have just one payment to worry about each month, with repayments clearing the debt by the end of the term. Peace of mind. ...

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. ...

Should I visit a debt-counselling agency?

DON'T visit a debt-counselling agency. The solution they use isn't likely to be right for you. Debt-counselling involves negotiating with creditors and even bankruptcy, individual voluntary arrangements (IVAs) or debt relief orders (DROs). These are serious measures, designed for those with limited alternatives. ...