Forums
How do I consolidate my payments into 1 single payment without using a company to do it for me. And how do I know what my debts are if the places that I owe money to, send the debt to another company to collect, who do I pay?
For debt consolidation loans you need to contact a debt consolidation company who will negotiate on your behalf with your creditors for a discount on the outstanding debt amount. Once this is done, the company will issue a loan on the entire amount after discount and pay it to the creditors in your account. Now you need to repay the debt consolidation company every month for a period of approximately 5 years.
You can get a wide range of repayment options with the debt consolidation loan company. If you try to negotiate with the creditors by yourself, you may not get a reduction in the outstanding debt amount. When you sign up for a debt consolidation loan, the company will negotiate on your behalf for the reduction. Now, after getting the loan, you not only save the dollars on the reduction of your outstanding debt, but also on the interest.