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In what circumstances should I consider taking out a personal loan?: You can get a personal loan for any reason you want.
What is a Holiday Loan?: A holiday loan is a loan designed to give you the means to pay for a holiday. This is commonly used for ‘holidays of a lifetime' like honeymoons, anniversaries and holidays to exotic locations.
What is a Debt Consolidation Loan?: A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
If I decide I need a personal loan, which type of lender is best?: Banks, building societies and specialist finance companies all offer personal loans. None are any better than the others in any outright sense – but because the market is so competitive, you'll need to shop around.
Can I defer payment?: This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.

How much can I borrow with a debt consolidation loan?

The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.

It will be particularly important however, to check that you can afford the repayments. The loan company will take more care on this issue as the debt consolidation loan is basically the last resort in sorting out your finances and if you cannot keep up with repayments then it really will be your home that’s on the line.

For an unsecured debt consolidation loan you will be able to borrow between £3,000 and £25,000. However if you can put your home up as collateral and get a secured loan, you will be able to arrange a loan for anything from £3,000 to £100,000, depending ultimately on the value of your property. Loans up to £1 million exist, but not for the majority of UK borrowers.

If you are consolidating your debts then you should ensure that the amount you borrow does cover all your outstanding debts. The net equity you own in your home (i.e. the value of your house less the amount you owe on your mortgage and any other debts secured upon it) will have to be more than the value of the debt consolidation loan you need.

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.

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