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Consolidating loan

Step 1: Gather information about all your debts To take control of your debt it is essential to know how much debt you have.

Review your statements and work out the following: Step 2: Work out how much you can put towards paying off your debt each month Next, it’s good to know where your money is going and how much you have coming in.

This is generally the best option for consolidating credit card debt.

By transferring multiple balances from non-Westpac credit cards or store cards into one low rate credit card you can potentially: This option requires good discipline as there is no set repayment amount.

By consolidating your finances under one home loan you can potentially: Be mindful that with a home loan top-up your mortgage repayments are likely to increase.

Please only apply if you are aged 18 to 65, employed or self employed with a income of more than £800 a month. Representative Example: The representative rate is 50.13% APR (variable) so if you borrow £4,000 over 36 months at a rate of 30.60% p.a (fixed) plus an acceptance fee of £400 (10% of loan) and an administration fee of £390, you will repay £195.55 per month & £7,040.00 in total.

If you choose to repay your loan early, an early redemption charge of up to 58 days' interest will apply. If you choose to repay your loan early, an early redemption charge of up to 58 days' interest will apply. Get a commitment-free quote and get an instant decision online. A lower loan rate available for existing current account customers. Representative Example: The representative rate is 6.7% APR (fixed) so if you borrow £10,000 over 2 years at a rate of 6.3% p.a (fixed) plus an arrangement fee of £30.00 you will repay £445.67 per month & £10,696.08 in total.

Other loan amounts are available at alternative rates. Other loan amounts are available at alternative rates. Representative Example: The representative rate is 21.9% APR (fixed) so if you borrow £7,500 over 3 years at a rate of 17.06% p.a (fixed) plus an arrangement fee of £440.00 you will repay £278.60 per month & £10,029.60 in total.

To make consolidating your debts worthwhile you need to find a loan that offers a cheaper interest rate than you are currently paying.

You can use this comparison to compare interest rates before you get quotes from each lender.

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