What to Expect During a Debt Consolidation Application: Taking the First Step With Confidence

If you’re thinking about combining several debts into one loan, understanding the process may help. This guide walks through what may happen, from checking your debts to starting your first repayment.

If you’re still getting to know what debt consolidation means, you may want to read our guide here.

Step 1: Review Your Current Debts

Before applying, it helps to list out what you currently owe. This could include:.

• Credit cards
• Personal loans

Make a note of how much is left to repay, and who the lender is. You don’t need a spreadsheet; a pen and paper could do. This may help you decide what you’d like to consolidate.

You can check your full credit report for free through ClearScore, Credit Karma, or Experian if you're unsure what accounts are still active.

Step 2: Decide What Matters Most to You

Before choosing a loan, it may help to think about your goals. For example:

• Would having one fixed payment each month be easier to plan around?
• Are you looking to move away from higher-interest borrowing?
• Would it help to have a set date when your borrowing could be fully repaid?

There’s no right or wrong answer here. It depends on what would support your situation best.

Step 3: Soft Eligibility Check

Many lenders offer a “soft check” to show if you’re likely to be accepted, without affecting your credit score. This will involve answering a few questions about:

• Your income
• The amount you’d like to borrow
• Your rent or mortgage
• Utility bills and other regular expenses

This stage isn’t a guarantee, but it could give you a clearer idea of your options.

National Debtline and StepChange both provide tools to help you work out whether debt consolidation could suit your circumstances.

Step 4: Reviewing Your Offer

If your application is approved, you’ll receive a loan offer. This usually includes:

• The loan amount
• Interest rate and loan term
• Your monthly payment
• The total amount payable

You don’t need to accept the offer immediately. Take your time to review it. You could speak to someone you trust or use free advice services to help you decide.

Step 5: Complete the Application

If you're comfortable with your loan offer, you’ll be asked to complete a full application. This may take around 5 minutes and will includes:

• · Details about your income and outgoings
• · The debts you’d like to consolidate

If you don’t have every detail to hand, it’s okay to pause and come back to it.

Step 6: Paying Off the Debts

Oakbrook is the only lender that offers an automated solution to consolidating your debts and settling debts directly with lenders. After this, you’ll have one loan to repay instead of several. The aim is to make your payments feel easier to manage and more predictable.

Step 7: Making Your First Repayment

Your first repayment will usually be due on the date you selected as part of your application.

If at any point you think you may struggle with a payment, it's best to contact Oakbrook or other lenders as soon as possible. Many lenders may be able to support you with a temporary plan or flexible options.

Designed for You

OakbrookOne is designed specifically for debt consolidation. It offers a way to bring selected debts together into one manageable loan — with clear terms, no hidden fees, and personalised support throughout the process.

Final Thoughts

Applying for a debt consolidation loan may feel like a big step — but understanding what’s involved could make the process feel more straightforward. From checking your debts to reviewing your loan offer, each stage is there to help you feel informed and supported.

You might decide that consolidation isn’t right just now, the most important thing is that you’re taking time to understand your choices.

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