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Who can get a Debt Consolidation Loan?

Many people want to have consolidated debts because it can help you have greater control over your debt. Having just one payment to one creditor can make budgeting and managing your finances much easier. A Consolidation Loan could be a great solution for someone struggling to manage several different debts. But, can just anyone get a Debt Consolidation Loan?

Eligibility for a Debt Consolidation Loan is less strict that other, formal debt solutions. You don’t need a specific amount of debt or creditors, and you are not restricted by where you live as banks all over the country may be able to offer you the loan. This means that you can be considered eligible if you have:

  • A steady income which can afford the monthly loan payment.
  • Enough financial security to afford payments through difficult circumstances, such as temporary unemployment, illness or rises in interest rates.
  • A good credit rating, as it will tell your loan provider how financially trustworthy you are.
  • Never consolidated your debts using credit before.

Just being eligible, however, does not necessarily mean that a Debt Consolidation Loan is the best solution for your situation. There are other debt solutions which will also allow you to consolidate your payments into one, affordable monthly payment. An Individual Voluntary Arrangement, for example, calculates one monthly payment based on your genuine income and expenditure and limits repayments to 5 or 6 years, after which the remainder of your debt is written off.

Therefore, a Debt Consolidation Loan could be best for people who:

  • Have an excellent credit rating, as this could help you to get a very low interest rate.
  • Have less than £6,000 in debt.
  • Will be able to get a loan that can be completely paid off in less than 5 or 6 years.

It is always worth researching all your debt solution options before you commit to a solution that might not be right for you. For more information about debt consolidation loans, click here.

Write off debts you cant afford
Find out if you're eligible

Please select the total sum of your debt

Less than £6,000
£6,000 - £20,000
More than £20,000

How many creditors do you have?

less than 2
2 or more

What kind of debts do you have?

Credit Card
Store Card
PayDay Loan
Personal Loan
Gas/Electric/Water Arrears
Income Tax / National Insurance
Tax Credit/Benefit Overpayment

What type of property do you live in?

Private Rented
Living With Parents

Where do you live?

Northern Ireland

At Creditfix we will only use your personal information to conduct your debt help application. You will be called by a member of the Creditfix team who will give you information on insolvency solutions. Creditfix will also send you an email and SMS to pass on a welcome pack.

If you consent to us contacting you for this purpose, please tick here