Debt Consolidation Loans

Debt consolidation could help you manage your finances

Debt Consolidation Loans

Lots of us owe money on more than one credit card or have several different credit agreements or loans in place. It can be tricky keeping track of them all, especially if you’re making repayments on different days during the month and being charged different interest rates. This is where a debt consolidation loan can come in handy, combining your debt into one monthly repayment could help you take control of your finances.

We've teamed up with Neyber, our trusted partner, to offer personal loans to the Police family.

  • Loans from £2,000 to £25,000 over 1-5 years
  • Money could be in your account within one working day of loan approval
  • Make overpayments free of charge
  • Fixed monthly repayments - this could help you budget
  • Quick & easy to apply online

Please refer to 'Important things you need to know' below for more information.

A loan to help pay off existing debts

The loan could be used to pay off your existing debts, particularly credit card and store card borrowing.

Have a look at the rates available:

Rates are fixed and correct as of August 2017. Future rates are subject to change

*Representative Example: You could borrow a loan amount of £7,000 with a monthly repayment of £209.15 over a term of 36 months at a 4.9% (fixed) rate of interest per annum. Administrative fees are £0. Total amount repayable is £7,529.30. This is equivalent to 4.9% APR Representative.

Please check that you meet the eligibility criteria before applying for a loan, full information can be found here.

Important things you need to know

Please note, loans are not currently available for PSNI members and their families.

All loans are subject to status and acceptance by Neyber.

Rates depend on loan amount, term and your individual circumstances and may differ from the Representative APR.

PMGI Limited, trading as Police Mutual is acting as credit broker. Neyber Limited is acting as lender for the purposes of entering into a consumer credit agreement.

PMGI Limited, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

Neyber Limited is authorised and regulated by the Financial Conduct Authority. Interim permission: 663054. Registered address: First Floor (East), Tabernacle Court, 16-28 Tabernacle Street, London, EC2A 4DD, United Kingdom, Company registered number: 08806631 Data Protection Registration Number: ZA039009.

Things to consider

  • Analyse your finances: Make a list of all of your debts including outstanding balances, the interest rates you are currently paying and if there are penalties for repaying the debt early.
  • Create a budget: Make sure you can realistically afford the monthly repayments, create a budget by listing all of your current income and outgoings.
  • Consider your options: If you have savings to reduce your debt it could be cheaper than a loan. Check the interest rates on your savings to see if they are lower than the interest on your debts - remember to keep some savings in reserve for emergencies.
  • Set a limit: Don’t borrow more than you need - adding more to your debt means it will take you longer to pay it off.


  • Check the rate: To make debt consolidation work you need to roll your debts into one monthly repayment at the lowest rate available to you. Before applying, compare the rates available from different providers and make sure the interest rate is fixed for the term of the loan.
  • Read the small print: Look for any hidden fees or added charges.
  • Be disciplined!: If you take out a debt consolidation loan, remember to cut up your credit cards and cancel agreements. Otherwise you may be tempted to start using your cards again and end up with a bigger debt than you started with.

Where to get help

Remember - everyone’s circumstances are different and getting a personal loan for debt consolidation may not be right for you. If you are struggling with debt or worried that you may be getting into financial difficulties, you should seek confidential debt advice from one of the free services available in the market such as:

Police Mutual Debt Advice Service: we’ve teamed up with Payplan to provide independent free support - call 0800 197 8433 (Mon-Fri 8am-9pm)

National Debt Line: call 0808 808 4000 (Mon-Fri 9am-8pm & Sat 9.30am-1pm)

StepChange Debt Charity: call 0800 138 1111 (Mon-Fri 8am-8pm & Sat 8am-4pm)