Published: 24/05/2021

Debt Consolidation - How To Reduce Your Monthly Payments


If you have more than one credit cards, loans or store cards, you may find managing the various payment dates worrying. Additionally, there could be interest rates attached to each one too. By consolidating them into one payment, a debt consolidation loan, you could potentially reduce the number and amount of monthly repayments you are making.

How debt consolidation may help

It can sometimes be tough managing finances. You may be concerned what would happen if you were to overlook a loan payment by mistake. It doesn’t have to get to the point where it’s overwhelming.

A debt consolidation loan may be a choice that could really help if you are managing numerous loan repayments,

A debt consolidation loan gives you the opportunity to bring together your existing payments into perhaps a single monthly payment and with it one single interest rate. You might find that making a repayment on one date each month is much easier to manage your money.

Manage your repayments with a debt consolidation loan

Debt consolidation can be a potentially useful way by taking out a single loan that pays off your existing debtors to manage your debt.

Many people use debt consolidation loans to pay off existing high-interest loans, such as credit cards or car finance and you may be eligible for a consolidation loan even if you have a poor credit history.

A debt consolidation loan can be a great way to put some or all of your existing loans into one easier-to-manage place with a responsible lender such as 1Plus1 Guarantor Loans. By consolidating existing debt into one loan, you might then only have to make a single monthly payment to one lender.

Taking out a debt consolidation loan could reduce your total monthly repayments into one single smaller payment. BUT, in some circumstances, you might be repaying your loans over a longer period.

You will not need to use your house, or other asset as security, because a guarantor loan with 1Plus1 Loans is a trust-based agreement, where a guarantor supports your application. They will need to agree to meet the payments in the event you cannot. You will both need to meet our affordability and creditworthiness criteria.

Our guarantor loans offer you the opportunity to make a single monthly repayment, backed up by a trusted supporter who agrees to help should you run into difficulties. It is a trust-based loan, or unsecured loan, because your guarantor agrees to meet the repayments if your circumstances change.

Choosing 1Plus1 Loans

If you think a debt consolidation loan could be a good solution for you then you should get in touch with us at 1Plus1Loans who are specialist Guarantor Loan lenders. We offer Guarantor Loans from £1,000 to £10,000, over 1 to 5 years.

If you think you may be interested in a 1Plus1 Loan, please give us a call on 0330 1200 313 and one of our friendly staff will be more than happy to discuss the process with you or start your application here.