Like the idea of consolidating your debts, but don’t like the idea of getting another loan to pay off your existing creditors? There are other Debt Consolidation services that can consolidate your existing debt without the need to borrow more money.
Consolidate Debt with a No Loan Debt Management Plan
You can achieve no loan debt consolidation with a debt management plan. A Debt Management Plan is perfect if you are struggling with payments and you are looking for a simpler way to manage all your outgoings.
Debt Management will combine all your debts into one and you make one single payment which is then distributed between your creditors. Creditors are sometimes willing to freeze interest or changes on your debt, although this cannot be guaranteed.
Debt Management could also be a better choice if you think you would struggle making payments to a debt consolidation loan. Failure to make payments to your secured debt consolidation loan means that you are at risk of losing your home. A Debt Management Plan removes this risk as you are not actually borrowing any further money.
A debt management plan is an informal no loan debt consolidation agreement between you and your creditors. This can offer you additional advantages as the plan can change with your circumstances.
If you have debts over £12,000 you might want to consider getting IVA advice. An IVA (Individual Voluntary Arrangement) is a legally binding agreement between the debtor and their creditor which offers a certain amount of debt relief. Any unaffordable debt can be written off as part of your IVA and all interest and charges are frozen.
Expert Advice on Consolidating Debt without a Loan
For further advice and information please feel free to contact the Debt Consolidation team. We will go through your finances and try to find the perfect solution for your debts – 0800 048 3674.