Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Consolidation Loan

What is a Consolidation Loan?

A Consolidation Loan is a large loan used to repay your smaller debts, thereby consolidating your total debt into one monthly payment. Because the Consolidation Loan may be repayable over a longer period, the repayments are usually less than the sum of those relating to the smaller debts.

Beware of Early Repayment Penalties when considering a consolidation loan, as settling debts early can – in some cases – cost you extra.

Consolidating your existing debts into one smaller monthly repayment is often advertised as all that is needed to put an end to the stress inducing demands made by nagging creditors. But consolidating existing credit commitments should not be considered a cure-all. If used properly, it can help you get debt-free faster. But if there are more serious underlying problems, then it may only grant temporary relief before the creditors start their hounding again.

Debt consolidation may be right for you if you`re paying high interest charges on your existing debts and want to switch to a cheaper alternative. As always, you’ll want to consult with a financial adviser regarding your specific situation.

A debt consolidation loan is not the answer if you`ve already consolidated your debts several times in the past, this consolidation loan includes debt still owing from previous consolidations, or you want to move debts from credit and store cards so that you can start using those cards again.

If you are struggling with debt, you can get free, impartial advice from our Debt Advice Centre.

Q: Are Consolidation Loans bad?

A: They are not inherently good or bad — they can be helpful for some customers, but for others they can make a bad situation worse.

Q: Do Consolidation Loans hurt your Credit Score?

A: Debt Consolidation Loans will only hurt your Credit Score if you miss payments on the account. Adverse information such as late payments, arrears, and defaults can damage your repayment history, which in turn lowers your Credit Score.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.