Professional debt consolidators

A Professional Debt Consolidator is a licenced, proven debt-management company or individual that can help get your finances in order.

If you feel your bills are spiralling out of control, with multiple credit card debts, personal and vehicle loans or even outstanding bills, a professional debt consolidator can help you by looking at what you owe and packaging it all into one payment plan at a reduced interest rate.

This can help you by allowing you to repay a much smaller quantity over a set amount of time, instead of having to juggle all your outstanding bills.

The way this happens, is your payment is sent each week, fortnight or month to the debt consolidator, who then takes a fee, and then sends the rest of your payment to pay off the outstanding bills covered by your debt consolidation plan.

If you’re considering seeing a professional debt consolidator, make sure to ask the following questions:

  • What is the interest rate of my debt consolidation?
  • How much am I likely to pay by the end of the debt consolidation contract?
  • What are the regular minimum payments required?
  • What is the length of my debt consolidation loan?
  • What happens if a payment is missed?
  • Can I pay out my debt consolidation early?
  • Is the debt consolidation secured or unsecured? (Is your house or car being used as a security in case you stop paying, or not).

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