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You may be surprised at how much you can achieve without the help of a debt management company. Many people negotiate reduced payments with their creditors even getting them to freeze interest and charges on their accounts. If you have decided to go it alone, the following article will provide you with valuable advice on how to do this successfully.
Debt consolidation alternatives
If debt consolidation isn’t the right solution for you, there are a number of other alternatives that may suit your circumstances better. Below is a list of the most popular with a brief description and a link to more information.
Debt management
Debt management allows you to get back in control of your finances without taking out another loan. Most commonly, this is done through a professional debt management company, but it is possible to negotiate with your creditors yourself.
Read more about debt management here
IVA
An IVA is a legally binding agreement between you and your creditors where, depending on circumstances, a large percentage of your debt can be written off.
Read more about IVAs here
Remortgage
Remortgaging can release cash tied up in your home to be used for a number of purposes. Most popular amongst these is paying off debts.
Read more about remortgages here
Helpful debt consolidation loan links
Types of debt consolidation loans
Can I get a debt consolidation loan with bad credit?
Getting the best debt consolidation loan
Debt consolidation
Remember, Debt Advice 4 Free is a completely free, impartial service. Although the information on this website is provided by industry experts, it should never replace the advice of a debt adviser who understands your individual circumstances. You can visit the directory section of this website to find a list of companies offering these services.
What is debt consolidation?
Debt consolidation simply means replacing multiple loans with one new loan. If you have debts with different creditors, you can combine them into one loan using a debt consolidation loan.