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Debt Consolidation Loans
 Debt Consolidation Loans

Debt Problems

Try our new
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and let us find a lender for you to help consolidate and manage your existing debts.With a debt consolidation loan you can combine all your outstanding loans into a simpler lower monthly repayment loan.

 

 

 UK Debt Consolidation Calculator 

This UK debt consolidation loan calculator helps you decide if you should consolidate your debt with a loan or whether you may be more suited to another type of debt management. Simply enter your bills and outstanding debts per month to allow you to calculate your outgoings. Once you have done this, see what the monthly payment will be on a loan that consolidates these debts. This will help you decide on the next step to help your finances. When finished, click "view report to see a detailed printable report of your new payments.

 

Debt Consolidation

Your consolidated payment is NEW_LOAN_PAYMENT which is MONTHLY_PAYMENT_SAVINGS per month.

With a new consolidated loan of NEW_LOAN_BALANCE your monthly payment is NEW_LOAN_PAYMENT. This is MONTHLY_PAYMENT_SAVINGS than your currently monthly payment of MONTHLY_PAYMENT. The total interest for the new consolidated loan would be INTEREST_NEW. With the new consolidated loan you pay MSG_NEW_INTEREST_SAVINGS in interest.

Consolidation Loan
Loan amount NEW_LOAN_BALANCE
Monthly payment NEW_LOAN_PAYMENT
Interest rate NEW_LOAN_RATE
Term NEW_PAYOFF
Total interest INTEREST_NEW

Current Loans and Credit Cards

The total of all current loan payments is MONTHLY_PAYMENT. This is based on the loans and payment information shown below.

Current Loans
  Amount OwedMonthly PaymentInterest Rate
Credit cardsCC_OUTSTANDING_BALANCECC_MONTHLY_PAYMENTCC_AVERAGE_RATE
Auto loansAUTO_OUTSTANDING_BALANCEAUTO_MONTHLY_PAYMENTAUTO_AVERAGE_RATE
Other loansOTHER_OUTSTANDING_BALANCEOTHER_MONTHLY_PAYMENTOTHER_AVERAGE_RATE
TotalsOUTSTANDING_BALANCEMONTHLY_PAYMENTAVERAGE_RATE

New Loan Payment Schedule
**REPEATING GROUP**

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



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Definitions

Credit cards
Enter a total credit card debt and an average interest rate, or press the details button to enter up to 10 credit card accounts, one on each line.

Auto loans
Click on the details button to enter any auto loans you may have. The details page is designed to let you enter your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to three installment loans.

Other loans
Click on the details button to enter any additional installment loans you may have. The details page is designed to let you enter your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans.

Balances
Your total current balances for your credit cards, auto loans and other loans.

Interest rates
The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, auto loans and other installment loans. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

Payment
This is your initial monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 2% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.

( We calculate your minimum monthly payment as 2% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)


Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.