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Debt consolidation loans

Debt consolidation loans

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What you need to know about a debt consolidation loan

What is a debt consolidation loan?

If you've got multiple high-interest debts and are struggling to keep up with repayments, you could make things simpler by combining them all into one personal loan.

With a debt consolidation loan you can pay off what you currently owe and have only one repayment to manage. Everyone's financial situation is different, so do seek independent debt advice to understand if a debt consolidation loan is right for you.


Benefits of a debt consolidation loan

A debt consolidation loan could:

  • Make it easier for you to get your finances back on track.
  • Cut the overall interest rate you're paying by bringing all your debts together under one loan.
  • Reduce how much you're paying back each month.
  • Make it possible to spread your repayments over a longer period.

However, with a debt consolidation loan it's important to make sure:

  • You can afford to keep up with payments until you pay off the loan completely, including any fees owed to your original lenders.
  • Any fees and charges won't wipe out your savings.
  • You understand they're not suitable for day-to-day expenses, or as a deposit for other credit arrangements, like a house deposit.
  • You understand they can't be used to invest in or trade in cryptocurrencies or other high-risk investments.

Debt consolidation loans may have higher interest rates than some other forms of borrowing, particularly for small amounts like £1,000. Borrowing a larger amount could mean a lower interest rate, but it also means your repayments will be higher.

Bank of Ireland UK adheres to The Standards of Lending Practice which are monitored and enforced by the Lending Standards Board (LSB). A copy of the Statement of Lender and Borrower responsibilities is available here.

AA Financial Services Limited (AAFS) acts as a credit intermediary and introduces customers to Bank of Ireland (UK) plc as its exclusive loans provider.

AA Financial Services Limited is authorised and regulated by the Financial Conduct Authority. Registered Office: Fanum House, Basing View, Basingstoke, Hampshire RG21 4EA. Registered in England and Wales number 912211.

Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 512956. You can confirm this registration on the Financial Services Register on the FCA website. Registered in England and Wales number 7022885. Registered office: Bow Bells House, 1 Bread Street, London EC4M 9BE.