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How to consolidate your debt

All your debts in one manageable loan

If you’ve borrowed from different lenders, a debt consolidation loan could help you take control of your finances and keep track of your money.

Loans are subject to status. Early settlement fees apply.

Manage your debts with just one loan1

Apply in Online Banking or the Barclays app – most people apply in less than 10 minutes2

Personal price quote – with no credit footprint2

0 APR Representative
on loans of
0

over 2-5 years (your rate may differ3).

Benefits

See your rate

We’re different to most other lenders – in many cases we’ll give you a personalised price quote up front. You’ll see the rate you’ll actually get, and the quote won’t affect your credit score.

Consolidate straightaway

You could consolidate your borrowing straightaway, as long as you

  • Apply online or in your app and your application is approved
  • Sign your agreement online or in your app between 7am and 10.30pm

Fixed monthly repayments

Your repayments will be fixed, and you can choose your payment date, to help you budget. Stay on top of your borrowing with one, simple monthly payment.

Take control of your debt with a Barclayloan

Having just one loan could be more straightforward and easier to manage than a number of payments to different lenders.
But it’s worth noting that consolidating debts might involve payment of a higher rate of interest or charges – or both. Consolidating debts might also increase the overall period required for repayment.

  • Top-up option

    Already have a Barclayloan and need more funds? You can apply to increase your borrowing with us.

    If you just want to take out a second loan instead of topping up, that could be an option too.

    Choose your payment term

    Depending on the loan amount.

    Repaying your loan early

    You can repay your loan early, in part or in full, whenever you like. If you repay in full, we’ll charge you a fee of 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due. We’ll calculate this using the amount you owe.

  • To apply online, you'll need to

    Have a Barclays current account

    Be a UK resident

    Be aged 18 or above

    You can use your loan for almost anything, apart from

    • Business reasons
    • Investments, including buying stocks and shares
    • Timeshares
    • Purchasing property (home improvements are fine)
    • Gambling-related expenses
    • Repaying CCJs (county court judgments)
    • A purchase made by combining this loan with any others

     

  • If you’ve started an application already, it’s easy to pick up where you left off.

    Log in to Online Banking here, and we’ll take you to your saved application form.

  • As a lender, we have a responsibility to act fairly and as part of this we have committed to follow the Standards of Lending Practice. This note sets out some of our key responsibilities and what we ask of you, to ensure that the relationship works well for both of us.

    • We will lend responsibly and aim to provide a product that is affordable for you.
    • We will provide you with information about our products and services and how they work, in a clear and understandable way, so that you can decide what’s best for you and your needs.
    • We will endeavour to make sure our products and services offer, wherever possible, the flexibility to meet your needs.
    • We will treat you fairly and reasonably at all times and make sure that you are provided with a high level of service.
    • If you tell us about any inaccuracies, for example around the personal information we hold about you, we will act quickly to put it right.
    • We will always aim to help you if we see, or you tell us, that you are having trouble financially. We will seek to understand your overall circumstances, try and identify options that you can afford and where appropriate, provide a reference to free debt advice.

    What we ask of you

    • We ask you to think carefully about whether you can afford to repay the money you want to borrow and to be open in your dealings with us.
    • Take care of any cards, PINs, online log-in details and other security information to help prevent fraud and help us to protect your accounts.
    • Tell us as soon as possible if your card has been lost or stolen, or if you know or suspect someone is misusing your confidential information e.g. your PIN or online log-in details.
    • Carefully check your account statements to make sure they are accurate. If anything isn’t right, please get in touch with us.

    Please let us know if

    • Your contact details change, so we can keep our records up to date.
    • Your circumstances change, particularly if what’s happened is likely to cause you difficulties in managing your account or financial problems.
    • You think that you won’t be able to keep up with your repayments. The sooner you do this, the more likely it is we’ll be able to find a way to help you.

    We would also encourage you to refer to the terms and conditions associated with your current account, credit card or personal loan.

Calculate your options

How much would you like to borrow in order to consolidate your debt?
The calculator results below are based on the representative APR for the amount you enter. Your actual rates and repayments may differ and will be based on your personal circumstances, the loan amount and term.

Amount
Amount
Term
Term
Months
mths 0
Monthly repayment

The same every month

Total amount payable

Loan required

APR

Based on the details you entered

Representative example

  APR Representative
based on a loan of  
repayable over   months
at an interest rate of
  pa (fixed).
Monthly repayment of  .
Total amount payable  .

Representative APR applies to loans of

How to apply

Find out the best way for you to apply for a loan.
If you have a current account with us, we could tell you your personal loan rate up front – and it won’t impact your credit score. Just make sure you read everything on this page before you apply.

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You may be eligible

You can see if you’ve been pre-selected to apply for a loan – this means you can see how much you may be able to borrow, and your personal rate, in a few minutes*. All you need is

A current account with us
Online Banking or the Barclays app

* You need to be registered for Online Banking or the Barclays app. Not everyone is pre-selected – if you aren’t, you won’t be able to apply online or in the app. Please get in touch to discuss your options.

Consolidating your debts

Spending on credit can seem like the norm for many people. But when debts mount up with different creditors, it’s easy to feel like you’re not in control of your finances. There are different options you could consider to consolidate your debt.

  • Debt consolidation can be a useful way to manage debt. Check your options to see if it’s right for you and your circumstances.

    A loan to consolidate your outgoings

    For most people, a debt consolidation loan involves taking out a single loan that pays off your existing debts. This could work out cheaper if you’re offered a lower rate of interest overall, when comparing it to your other debts’ interest rates.

    It won’t reduce the amount that you owe, but it’ll give you a chance to manage your debt in a simpler way – by paying the loan off with a single monthly payment.

    When you consolidate your other borrowing into a single loan, you may be charged early repayment fees. If you don’t want to pay these fees, you may prefer to keep your debts separate.

    If you do consolidate your debt, just make sure you don’t borrow more until you’re sure you can afford it.

    Still not sure? It’s best to talk to an expert to see if a debt consolidation loan is right for you. They can talk you through the pros and cons, and may offer you other options that you hadn’t yet considered.

    You can call a free helpline, such as the National Debtline on 0808 808 4000, or you can get in touch with the Citizens Advice Bureau.

     

  • It pays to do your research on the different ways you can manage your debt – as it could save you money in the long run. Whichever option you choose, try to deal with your most urgent debts now – things like your rent or mortgage payments, and council tax. These are called priority debts. Not paying them could mean huge penalties, such as having your home repossessed, or possibly even a prison sentence. We’ve listed some of the ways you could manage your debt.

    Debt consolidation loan

    As we’ve mentioned, a debt consolidation loan is where you take out one large loan that pays off your existing debts. It’s usually arranged by you through a bank. These types of loan are usually used to pay off credit card and other personal loan debts.

    Debt management plan

    This is a plan between you and your creditors to pay off all your debt. It’s an agreement that’s arranged through a debt management company. Generally, but not always, your creditors will freeze the interest and penalties so that you can begin to reduce your debts more quickly.

    Administration Order

    You can apply to the county court for an Administration Order if your debts are under £5,000 and you have a county court judgment (CCJ). You don’t need to pay a fee to apply and the court decides what you pay back, depending on your income.

    Individual Voluntary Arrangement (IVA)

    An IVA is an agreement you make with your creditors through a court. You’ll need to set this up through an insolvency practitioner. This is a formal, legal debt solution, so if you don’t keep up repayments, you can be made bankrupt.

    For more information on debt and ways to manage it, you can contact Citizens Advice.

     

Need some more help?

What is a credit rating?

Discover how to improve yours

Learn why your credit rating is important, and how to improve it so you’re more likely to be considered for credit in future.

Managing money problems

Worried about your finances? Our practical advice can help you tackle money troubles, improve your financial habits and find the support you need.

Know your loans

Learn about secured and unsecured loans

This guide to borrowing covers some of the key factors you should consider when choosing the best loan for your needs.

Understanding loan rates

What's an APR?

We explain what APR means – and the difference between representative and personal APR.

Talk to us about loans

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Over the phone

If you have any questions, you can speak to a lending specialist on 0800 716 5982 4.

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Visit us in branch

We’re on hand if you’d like to discuss your options in person. You can find your nearest branch and opening times here.