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Consolidate your debt without loans

Many people struggling with their finances turn to debt consolidation loans to 'fix' the issue. For some, this can make matters worse. Before you take this step, reach out to our team - we'll help guide you to find your right path.

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Debt consolidation loans

If you're struggling with your finances, a debt consolidation loan may seem a tempting solution to your problems.

If you're paying off multiple debts such as those on credit cards, store cards or payday loans, the thought of having a single monthly payment may look appealing at first glace. However, there are disadvantages to these loans you should be aware of.

Depending on the terms of your loan and your personal circumstances, this type of debt consolidation has the potential to make your financial situation worse, and may mean you pay more interest in the long term.

At Cleanslate, we provide a number of solutions that will allow you to reduce your monthly debt repayments without taking additional loans.

For example, the Debt Arrangement Scheme allows you to reduce all of your debt repayments into one, single, affordable monthly payment. You are able to repay the debts over as long a period as required (within reason), and interest and charges are frozen throughout the process. Life has a habit of throwing up challenges, so if your financial circumstances change, it’s possible to apply to vary your payment plan in the Debt Arrangement Scheme too. By comparison, a consolidation loan is more expensive and less flexible.

Alternatively, if it’s going to take more than 4 years to repay your debts in full, you may wish to consider a trust deed or bankruptcy where it may be possible to write off the debt you can’t afford to repay.

To find out if we can help, try our short quiz. Alternatively, feel free to call our team now on 0141 648 4321 or book a call back at a time convenient for you.

Meet our team

Our people have successfully helped thousands out of debt. Meet some of the team that can help you turn your finances around.

Callum McGeady

Callum McGeady

Adviser

Natalie Cummiskey

Natalie Cummiskey

Assistant Manager

Hazel Cann

Hazel Cann

Manager

Grant Morrison

Grant Morrison

Assistant Manager

Michael Gray

Michael Gray

Adviser

Gillian Ayton

Gillian Ayton

Manager

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