For existing debt calculations, enter the following details about your existing debts into the calculator:
To compare the savings you’ll make on a new loan, enter the following details into the calculator:
This debt consolidation calculator uses amortisation when calculating interest and repayment amounts.
Amortisation is a more accurate calculation of repayments across the lifetime of a loan as it accounts for interest charges relative to the remaining loan balance, instead of using a fixed interest amount for each repayment.
A debt consolidation loan should streamline your payments into one payment instead of several and provide an overall lower interest rate than the average of the existing rates combined. This way, you can repay your debt faster, and you’ll be charged less for doing so.
Be aware that any credit application for a debt consolidation loan will impact your credit score. However, if your application is approved for a better loan, debt consolidation is more likely to improve your credit score and borrower profile than lower it.
From a lender perspective, you’re showing that you can manage and simplify your debts, and by acquiring a new loan at a lower rate (and with lower repayment amounts) it’s likely you’ll repay your outstanding debt sooner than if you’d kept your loans separate.
If you’re not absolutely certain you’ll get approved for the loan, you may wish to consider repairing your credit score before applying to ensure you get approved at a decent rate.
If you're experiencing financial hardship and struggling with debt, you may find speaking to a financial expert can help determine your next steps.
You can speak to an expert for free by calling the MoneyTalks helpline operated by FinCap on 0800 345 123.
MoneyTalks Helpline operates between 8 a.m. and 5 p.m. Monday to Friday, and between 10 a.m. and 2 p.m. on Saturdays.
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