We can help find the best debt consolidation loan for you from our trusted panel of lenders. Getting a quote won't affect your credit score.
A debt consolidation loan is designed to help you get on top of any outstanding credit you have by moving some or all your debt into one place. That could mean one loan amount, one monthly payment, one interest rate, and one lender.
No impact on your credit score
How do debt consolidation loans work?
No impact on your credit score
A debt consolidation loan is used to combine multiple debts into a single, more manageable loan. This can help to simplify your finances and potentially reduce your monthly outgoings.
Some common types of debts that can be consolidated with a debt consolidation loan include credit card debt, personal loans, bills, and other unsecured debts. However, it's important to note that paying off some types of debt may trigger early repayment charges.
A secured loan (or homeowner loan) is tied to your property, and for this reason it's only available to homeowners. Sticking to your repayments is essential, and your home could be at risk if you fail to do so.
Personal loans: Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan.
Homeowner loans: Homeowner loans are secured against your property. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Any quote is inclusive of the Broker Fee and all associated costs which is calculated as 12% of the net loan amount, capped at a maximum of £4,495. Loans are subject to status, and the rate you are offered may change based on your individual circumstances.
For larger debts, remortgaging could be the answer – this involves switching to a new mortgage deal, often with a different provider. Remortgaging may also provide an opportunity to raise additional borrowing to cover off other debts.
You might find that for smaller debts, consolidating them with a credit card could be better suited to your needs. Be mindful of the credit card’s interest rate, as it can often be higher than that of loans.
If you are struggling to make payments, a debt management plan may be a suitable option. This means having a provider manage your debt for you. It’s important to remember that doing this could negatively impact your credit score and restrict your access to credit in the future
Yes, there are companies such as Ocean who specialise in finding providers that offer loans to those with bad credit. This means that even if you’ve previously had a County Court Judgment (CCJ) or used a form of debt management, we may still be able to help.
“Loans can meet various financial needs, but it’s important to borrow only what you can afford to repay. Before taking out a loan, consider how much you need it and how likely you are to be able to keep up with repayments over the full term.”
Life can take an unexpected twist when we least expect it. If you're struggling with debt, talk to your lender straight away to see if there’s anything they can do to help. For more information and free, impartial advice, get in touch with:
You can learn more about Ocean on our about us page.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
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