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Debt Consolidation

  • What is debt consolidation?
  • How does debt consolidation work?
  • How do I qualify for debt consolidation?
  • Is debt consolidation right for me?
  • Debt consolidation FAQs

Home > Debt Solutions > How do I qualify for debt consolidation?

How do I qualify for debt consolidation?

Debt consolidation isn’t a debt solution like a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA). This means there aren’t specific rules to qualify for it in the same way.

Instead, debt consolidation involves taking out a new loan to pay off your existing debts, whether they’re from previous loans or credit cards. So, whether you can get one will depend on the lender’s individual criteria.

We’ll take you through what debt consolidation lenders are looking for, so you can work out if you can get one.

Debt consolidation loans qualifying criteria

There isn’t one set of criteria to qualify for debt consolidation. Each lender will have their own separate criteria – and this is what they’ll use when they’re deciding whether to let you borrow.

If you’ve previously had problems with repaying credit – like missed payments or defaults – you might get turned down for some debt consolidation loans. Or, if you do get accepted, it could be at a higher interest rate.

Before you apply for a debt consolidation loan, it might be a good idea to test if it will accept you with an eligibility checker. This runs a ‘soft search’ on your credit history meaning that only you will be able to see that you’ve applied for a loan.

This is a good idea because if you apply for lots of different loans within a short period of time and the lenders run a full search on your credit report, these applications could all appear on your credit history. Other lenders or anyone who runs a credit check on you will be able to see these. If you’ve applied for a lot of credit at once, some lenders might think you’re ‘desperate’ for credit and reject you.

Qualifying for a secured debt consolidation loan

If you’re a homeowner, you could also apply for a secured debt consolidation loan. This might be an option for you to consider if you’ve had problems with credit in the past. You could be more likely to get accepted for a secured debt consolidation loan as lenders will have more security that you’ll keep to your repayments.

To qualify for secured debt consolidation, you need to own your own home – you can’t be a renter. It’s important that you’re as sure as you can be that you’ll be able to keep up with repayments of a secured debt consolidation loan. If you don’t, you could be at risk of the lender repossessing your home.

Still not sure if debt consolidation could help you? Read on and check out our page on ‘Is debt consolidation right for me?’ to see what you should consider.

Continue to the next section Is debt consolidation right for me?

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HB Financial Solutions Ltd, trading as Harrington Brooks is now Gregory Pennington Limited.

Your payments into a Debt Management Plan are protected and compensation could be available from the FSCS if there are any shortfalls in funds held on a customer’s behalf.

Gregory Pennington Limited (c) 2018. Registered office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Registered in England and Wales. Co Reg No. 2855061 Authorised and regulated by the Financial Conduct Authority for its consumer credit and insurance and mortgage mediation activities. Regulated by the Claims Management Regulator in respect of regulated claims management activities.

One Advice Ltd, trading as Harrington Brooks IVA is now Freeman Jones Ltd, trading as Harrington Brooks.

Freeman Jones Registered office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Co Reg No 4348410. Registered in England and Wales. Regulated by the Claims Management Regulator in respect of regulated claims management activities. Freeman Jones Limited is an appointed representative of Gregory Pennington Limited for its credit broking and insurance and mortgage mediation activities, which is authorised and regulated by the Financial Conduct Authority.

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