Struggling with multiple debts? Juggling repayments can be overwhelming, When it comes to debt consolidation, it’s about more than just loans. Derbyshire Community Bank offers a holistic approach to help members regain financial peace of mind.
Our affordable debt consolidation loans can simplify your finances, combining your existing debts into one manageable repayment.
Find peace of mind and a fresh start today. Apply now and take the first step towards financial freedom.
You apply for a loan as usual, listing any credit cards or other debts you wish to clear
We assess the loan application, considering the interest rates and how much your other debts are costing you.
We will make an offer if we can see that you will be paying less
Budgeting Support
Offering tools or advice to help manage monthly expenses and build a sustainable budget to avoid future debt.
Financial Education
We can provide resources on understanding credit scores, managing debt effectively, and making informed financial decisions.
Membership Benefits
With a focus on community and support, being a member of Derbyshire Community Bank means access to financial products that can help keep debt under control, such as lower-interest loans or savings plans.
Debt Management Plans
Helping members establish debt management plans that allow them to pay off multiple debts through one manageable monthly payment.
Some lenders charge an ‘exit fee’ if you end a loan early. Always ask about any fees or charges before transferring debt from one lender to another. At Derbyshire Community Bank, we do not charge administration fees or exit fees on our loans.
Reducing household expenses can free up extra cash to help clear debts. Check out our Household Expenses guide for practical ways to save money and manage your budget more effectively.
Do you have any upcoming changes in your life that could impact your income or expenses? Consider how changes such as a new job, moving home, or starting a family might affect your ability to repay a loan.
If you find yourself relying on high-interest, short-term payday loans, it may be a sign that your finances are becoming unmanageable. If you need help, there are free debt advice services available that can provide support and guidance.
Many banks now charge overdraft rates of around 39%—this could mean paying £28 in interest every month for a £1,000 overdraft, adding up to £336 per year without reducing the debt. A loan from Derbyshire Community Bank could be a more affordable option, allowing you to clear the debt while also building savings as you repay. Find more guidance at MoneyHelper.
Paying only the minimum on your credit card can keep you in debt for years. For example, repaying only the minimum 2.5% on a £1,000 balance could take over 17 years to clear. Use CardCosts to see how long it could take to pay off your credit card debt if only making minimum payments.
Missing payments or having an arrangement to pay a debt can negatively affect your credit history, making it harder to access affordable borrowing in the future.
Some credit cards allow you to transfer balances to a 0% or low-interest card for a set period, subject to a credit check. This can be a useful tool for paying off credit card debt at a lower cost, but always check the terms and any transfer fees before proceeding.
