Debt consolidation loan — MoneySavingExpert Forum

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 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 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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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 — 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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Deleted - MoneySavingExpert Forum

2 weeks from now

4 days ago · Definitely don’t do a loan. If there is any chance of getting your credit card debt shifted to a 0% you should do it yes debt is just moved but it can be a real chance to get the …

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Re-finance Personal Loan — MoneySavingExpert Forum

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Since then I started using a credit card, made sure not to go over the 20-30% utilization, paid both the loan and credit on time, but also moved my savings to a different bank for a better interest. …

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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 loan — 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). ...

Can I consolidate my debt with a loan?

As we say above, if you have decided to consolidate your debt with a loan, the best way forward is to use our loans eligibility calculator to check your acceptance odds, without affecting your credit score. See our full guide on how to get a personal loan. What’s the maximum amount I can borrow with a debt consolidation loan? ...

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. ...

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. ...

Is debt consolidation a good idea?

A common misconception with debt consolidation is the idea that you're instantly debt-free or that your debt is now manageable and dealt with. Whilst it can be a step in the right direction, it still requires complete dedication to repay the loan on time every month and not be tempted to borrow again. As another MoneySaver explains... ...