We are aware of scams involving individuals being offered loans for an advanced upfront fee. With the fraudster posing as a representative of a financial services organisation. At Pepper Money we do not charge any fees before the application stage. We would not approach you directly in this way. Your broker will be able to tell you what fees and charges the product you’re applying for has, and when they will be charged. If you think you have been a victim of such a scam, please contact your bank immediately and report it to action fraud.
Debt Consolidation Loan Calculator
Welcome to Pepper Money’s Debt Consolidation Loan Calculator.
If juggling multiple debt repayments seems tough, our calculator can help make your financial path clearer using one manageable payment. By combining your debts into one loan, you can see what your repayments might look like and how long you’d repay the debt over.
Our tool is built to give you the insights you need to manage your debts and work toward a brighter financial future. Let’s explore the benefits of debt consolidation.
MONTHLY
Debt Consolidation Calculator
Compare your monthly payments
Want an idea of how monthly payments on unsecured debt such as credit cards or personal loans compare to secured loans?
To use enter your monthly payment and the outstanding balance for any personal loans, credit cards or other unsecured debt and hit calculate.
Results
Your total monthly payments are currently:
Your total outstanding balance is currently:
With a secured loan of over 16 years. You could be paying a month. Be aware that longer terms on a secured loan may lead to you paying more interest over the period of the loan.
* The indicative secured loan monthly payment result is based on a secured loan rate of 8% over a 16 year term, a broker fee of £3000 and a lender fee of £595. This is representative of a customer on our most common product, where the average balance is £42,500 and average LTV is 60%.
Please note these results are indicative and are meant to be used as a guide only. Additional fees such as a broker fee and a lender fee may apply to a secured loan. These fees vary and will be set out in the loans pricing policy.
Secured loans are subject to status, full lending criteria, and a credit check which could result in a different product which has a different interest rate. Please contact a broker if you are interested in finding out more. Any changes are likely to alter both the monthly payment amount and the total amount payable. Results are based on a good credit profile.
Representative Example
Borrowing of £40,000, plus £595 lender fee, plus £3,000 broker fee, totalling £43,595, over 192 months on a 5-year fixed product with an initial borrowing rate of 9.2%, followed by a variable rate of 9.6%. There would be 60 monthly instalments of £434.49, followed by 132 monthly instalments of £442.52. Total amount payable £84,577.09, made up of: Mortgage Amount £40,000, Interest £40,887.09, Lender fee £595, Broker fee £3,000, Exit Fee £95. Overall cost for comparison purposes 11.4% APRC. Please be advised that any interest rate fluctuations, during the life of the mortgage contract, will affect the total amount repayable.
The benefits of debt Consolidation
Debt consolidation can really help simplify managing different debts by bringing them together into one easy payment. This way, you won’t have to worry about various due dates and amounts, making your finances much easier to track. Many people find that a consolidation loan comes with lower interest rates, which can make monthly repayments easier to handle. This approach not only helps you on your journey to being debt-free but also supports a healthy credit score by lowering the chances of missed payments.
How the Debt Consolidation Calculator Works
Using the Pepper Money debt consolidation loan calculator is simple and gives you key information to manage your debt. Start by collecting details about your current debts, like credit card balances and personal loans. On our website, enter each debt type, your monthly payment amount, and your outstanding balance into the calculator. Once you’ve filled in the necessary information, click ‘Calculate’. Being accurate with your data is important for getting relevant results. The calculator will show monthly repayment amounts, total interest over the loan period, and potential savings compared to your current debt repayments. This valuable information can help you decide if a secured debt consolidation loan could be right for you.
Considerations Before Applying
Before applying for a debt consolidation loan, it’s essential to take a close look at your financial situation. Review your current debts, monthly expenses, and income to get a complete picture of your finances. This assessment will help you figure out how much you need to borrow and if the repayments are manageable. Using Pepper Money’s debt consolidation calculator gives you a clear view of possible loan amounts and monthly repayments. Also, check out loan terms, interest rates, repayment periods, and any fees involved. We focus on being clear and transparent, so you can make informed choices. Understanding the commitment that comes with consolidating debts is important. A broker can help you consider these factors for the best financial decisions.
Eligibility Criteria
Knowing the eligibility criteria is key when thinking about a secured debt consolidation loan. You can apply for one as a UK residential mortgage holder, even if your credit history isn’t perfect. Check out our guide to find out what documents you may need to apply. A broker or financial advisor can also help guide you through the process and advise you on your eligibility for a suitable loan.
Maximising the Benefits of Debt Consolidation
To get the most from a debt consolidation loan, it’s important to create a solid repayment plan. Look at your current debts, interest rates, and repayment terms to find the best consolidation option. The Pepper Money consolidation loan calculator helps you evaluate different scenarios, making repayments easier. Keeping track of your credit score is crucial; a good score boosts your chances of getting better loan terms and rates in the future. Regularly check your credit report to stay updated and fix any mistakes. Adjusting your budget is also essential; rethink your spending habits and create a budget that fits your new repayment plan. Focus on necessary expenses and cut back on non-essential spending to meet your obligations and work towards being debt-free. Consider using a broker or financial advisor to provide guidance and support throughout your consolidation journey, ensuring your long-term success.
FIND A BROKER
Start the journey back
Interested in using a Homeowner Loan to get back on an even keel? Speak to one of our trusted broker partners, who can talk you through your options and give you their recommendation.