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What is a debt
What is a debt
consolidation loan?
A debt consolidation loan is a single loan used to pay off multiple existing debts. Instead of managing several different creditors, repayment dates, and debit orders every month, you have one loan with one repayment - structured and predictable.
How does Reset's consolidation work?
Reset pays your qualifying existing creditors directly. These debts - personal loans, short-term loans, handed-over accounts - are currently running as debit orders against your bank account each month. Once settled, those debit orders fall away.
Reset then loads a single repayment onto your payroll as a salary deduction. Because it comes off before your salary reaches your account, there is no risk of a missed payment and no debit order bouncing against your bank charges.
Reset then loads a single repayment onto your payroll as a salary deduction. Because it comes off before your salary reaches your account, there is no risk of a missed payment and no debit order bouncing against your bank charges.
One loan. One repayment. A more predictable month.
For most people, the immediate effect is a lower total monthly repayment. This is because consolidation replaces short-term, high-interest debt - the most expensive kind - with a single regulated loan at a lower overall cost.
What can be included?
What debts can be consolidated?
Reset will confirm which accounts can be included during your assessment.
Personal loans
Structured loans from banks, lenders, or financial service providers.
Short-term loans
Payday-style debt with high monthly repayment pressure.
Handed-over accounts
Debts passed to collection agencies with added fees or penalties.
Registered lender balances
Outstanding balances with approved financial service providers.
Disclaimer:
Not all debts qualify. Your Reset consultant will confirm which accounts can be included during your assessment.
Core benefits
Why consolidation can help you regain control.
The goal is to simplify your repayment structure and reduce monthly pressure where possible.
One monthly repayment
Replace multiple debit orders with a single deduction.
Lower repayment pressure
Reduce your total monthly debt cost in most cases.
Debts settled and closed
Qualifying creditors are paid and settlement letters are issued.
Credit profile recovery
Build a stronger profile through consistent monthly repayment.
Access through payroll
Employees may qualify regardless of credit score.
Disclaimer:
Savings and repayment figures will differ depending on your individual debt profile, credit history, existing loan terms, interest rates, and affordability assessment. Every client's outcome will differ. Subject to affordability assessment and NCA compliance.
Important to understand
What is a handed-over account?
When a debt is handed over, it means your original lender has passed the account to a collection agency. These agencies often add additional fees and penalties on top of the original balance, making the debt grow over time. Reset can settle handed-over accounts directly, stopping further charges immediately.
Ready for the next step?
Ready to see what your consolidation could look like?
Reset will guide you through the assessment and show what your repayment could look like before you decide.