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How Can I Consolidate My Debt Without a Loan?

The process of debt consolidation involves us negotiating with all of your current creditors in order to obtain the lowest monthly obligation that is necessary for satisfying all of your current accounts. Applying for a credit consolidation loan is a great idea, in the event that you are in debt to a number of different creditors. The idea behind this is that you borrow one large lump sum in order to pay back your creditors. You are then left with only one creditor one monthly repayment. Thus, the repayments on this single, larger loan will be a lot lower than what you currently have to pay each month. So, for example, if you happen to have four different credit cards, you might be paying an average interest rate of 16.9 percent. It may be possible to get a credit card consolidation loan for the combined total. The interest rate on that loan may be around 9.9 percent. That results in you making a huge savings on your monthly repayment.

Debt consolidation loans can help you reduce your payments on loans, hire purchase items, credit cards, and more. If you can easily afford the repayment, then it works quite well. It is also a good alternative for those looking for ways of simplifying their monthly payments, while simultaneously decreasing their monthly interest rates.

There are those individuals who really have to struggle in order to meet repayments each month, however. Some of these people may even find that their outgoings each month exceed their income. For such individuals, a debt consolidation loan is probably not the answer. If you are heavily in debt, then taking out another loan to off your other loans is not a clever idea. A small reduction in your monthly repayments is not going to make a huge difference in allowing you to get out of debt. In such cases, a debt management plan is probably a better idea. This will allow you to simultaneously consolidate all of your monthly repayments in to a single payment, yet does not involve the risks of taking out another loan.

What is a Debt Management Plan?
Debt management is a simple system that aims to get people out of debt. Not only will our debt management plan reduce your repayments, it will also eliminate the stress of dealing with your creditors, while also ensuring that they do not take legal action against you.

Our debt management system is based on a single payment plan. Clients pay us a single monthly fee and we distribute this money among each of their creditors. This means that all of your debts will be consolidated in to a single monthly payment that you can truly afford. What is more, we strive to ensure that we reduce the amount you pay each month by up to seventy five percent. This can be attributed to the fact that your creditors will be aware of the fact that a debt management company is working on your behalf, and are thus more willing to lower or freeze your interest rates. You will no longer have to deal with harassment by creditors. We will handle all communication with your creditors from now on.

Who are we?
Our company is registered with the Office of Fair Trading. We are licensed debt adjusters. We are also data protection registered. What this means is that Betterway is able to offer quality, confidential debt advice and credit counseling. Our experienced team takes pride in providing fast, efficient debt management solutions. We operate on a national basis throughout the UK. We tend to deal in debts ranging from £3000 to £250,000.

Next step?
If you think you need debt management, or if you are still not sure whether you want a debt consolidation loan or a debt management plan, please contact us.  0844 800 4564