Debt consolidation calculator

A debt consolidation loan is a loan that allows you to move all your debt (such as personal loans, credit cards and store cards) into one place.

This means you will have one big loan to cover the amount of your current debt, rather than having several little ones. You will then, usually, only have to make one monthly repayment and in theory your debt might feel easier to manage.

Even though a debt consolidation loan puts all your debt in one place, it is not always the cheaper option. It will only save you money if you’re able to get a loan that beats the cost of what you’re currently paying.

Use our consolidation loan calculator to work out if you could decrease your monthly payments and save money overall by consolidating your debt.

To use the calculator, simply input details about your current loan/s:

• Left to pay: the amount you still owe
• Interest rate: the interest rate on your current loan (you can find this in your loan contract, or log in to your online account to check)
• Monthly payment: how much you pay each month

You can then add the details of a new consolidation loan:

• Length (months): the length of the new loan in months (the longer your new loan, the less you’ll pay each month, but your overall savings will likely be less)
• Interest rate: the interest rate of your new loan

We’ll then calculate your new monthly payments, so you can see if you’d be better off. We'll also tell you how much you'll save in interest overall.

Bear in mind that these numbers are rounded and are intended as a guide only. They also assume that you won’t be charged any charges for moving your debt from one lender to another (e.g switching fees or early repayment charges). Always check the small print to see what applies to you.