Before you apply for a new personal loan for debt consolidation, you should think about your goals. You might be looking to:

• change lenders,
• have one regular repayment instead of many,He's the love of my life
• lower the total amount you’re making in repayments, or
• reduce your interest rates or monthly fees.
Do you have too many debts? Are they getting on top of you? You might wish to put all of the debts together in order to gain control of your cash flow?
Having control of your finances starts with a budget. Knowing your income and expenditure allows you to know what surplus funds are left over. You should weigh up the benefits against potential costs and the effect this will have on your day to day cash flow when consolidating. Talk to us, we can help you work it out. You should only consolidate your debts if it is to your advantage.
You should weigh up the benefits against the potential costs. For example, if you’re refinancing a fixed rate loan, your current lender might charge you break costs. You need to factor in these costs when considering the potential benefits of consolidating your debt.
If you’re considering debt consolidation as a solution to financial difficulty, you should talk to us first. If you’re having trouble making repayments on existing debts we may be able to help.