If you are looking to consolidate your existing debts (such as loans, credit cards and hire purchase agreements) into one monthly payment, perhaps because you wish to reduce the amount you repay each month or because you want to simplify your finances so you pay just one creditor, then it?s important to shop around for the right deal. Research from the Office of Fair Trading (OFT) found that two thirds of borrowers fail to shop around for debt consolidation products such as unsecured or secured loans, instead preferring to obtain quotes from just one finance company. By searching online for the right debt consolidation solution you can significantly reduce the amount you pay each month, although it?s important to remember that consolidating your debts can cost more in the long term, particularly if you take out a debt consolidation loan with a higher interest rate or a longer term. It is also worth bearing in mind that there can be other costs involved, such as arrangement fees and redemption penalties on your existing credit arrangements.

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* Where you are able to reduce your monthly payments the figures produced are approximate values only. We calculate your potential savings using the following method:

• Your total outstanding balance is used as the amount required as a new loan.
• We then source the lowest monthly repayment available for the duration (in years) you specified.
• We then compare the lowest monthly repayment amount available with your current total monthly repayment to determine how much, if anything, you could save each month by consolidating your existing debts into one new loan.

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The figures we quote are an illustration of how much you could save each month by consolidating your total debts, based on the information you provided. You should be aware that some lenders price for risk and therefore the rate you are offered could differ from the typical rate quoted. This could affect the amount you will save each month. You should also note that some credit companies will charge an early settlement penalty should you opt to repay your credit agreement before the agreed end date. Extending the repayment term can reduce the monthly repayment but can increase the total amount charged for credit.