Start with the debts you actually have
A consolidation plan combines obligations into a new payment arrangement. Enter the real balances and the proposed new rate in separate worksheet runs. Do not assume the advertised rate is a rate you qualify for.
Include costs outside the calculator
A fixed-rate worksheet cannot know an arrangement fee, security registration, penalty or optional insurance charge. Add those to a comparison note. A lower rate can still lead to more total interest if the repayment period grows.
Check what happens to the old accounts
Paying old balances with new borrowing does not prevent new spending. Write down how the old accounts will be handled and how the new payment fits the budget. Get the terms in writing before agreeing.
An enquiry is not an application
MITEY can receive a question about the worksheet. This site does not pre-approve a consolidation loan, negotiate with creditors or guarantee a financial outcome. Avoid sending account numbers or private documents.
Take this little checklist with you.
- Compare total interest plus external fees.
- Check secured versus unsecured obligations.
- Read the agreement and payment schedule.
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