debt consolidation

[mr.bungle]

What is the best way to consolidate debts to one small payment per month?

[STAH]

I would suggest consolidating onto a personal loan account. I would complete an income and expenditure form first of all so you can see how much you are happy to repay on a monthly basis. I would then shop around and get some quotes to see who offers the best deal.

However, if you are a home owner, you may wish to take out what is called an equity release loan (providing you have enough equity in your home to do this). You will invariably find that this is cheaper as you will be gettting the loan account on a mortgage rate as opposed to an unsecured loan rate. You must remember that you will be securing a home against this debt!

If, however, you do not own your own home, a personal loan account is the best way to go.

Hope this helps!

PS Do an income and expenditure first so you can see how much you are comfortable to repay on a monthly basis. The below link should help you:

http://www.debt24.co.uk/income-expenditure-for m.htm

Make sure that you click on the option to use their printable form at the bottom of the link.

[mr.bungle]

Thanks STAH. Very helpful.

[dancecaller]

Don' forget though, the person who is giving you the loan is also needing to make money out of it.
There is free debt advice available, do not be fooled into thinking that someone who has something to sell is impartial.
The Citizen's Advice Bureau is a good to ask but when I googled CAB just now the top of the list said "Citizen Advice -debt" and it was a loan company, which seems to me to be nearly fraud. The real CAB is here

[dancecaller]

Sorry, I meant to include web address
www.citizensadvice.org.uk/

[mr.bungle]

Thanks dancecaller