Debt consolidators are people who want to help you to get out of debt. They will take all of your debts and get them reduced so your payments will be much lower than what you are paying now. You will make one payment a month instead of the several you are paying now. Debt consolidators can give you a low interest loan that will pay off all of your unsecured debts. Other consolidators, like debt management companies, will get your payments lowered by getting the interest rates lowered or frozen. You pay one payment a month to the management company who pays your creditors. You can also get an insolvency practitioner to get you set up on an individual voluntary arrangement or IVA. This is an arrangement where you pay back much less than what you owe. You pay for five years after which you will be debt free. There is help available out there.
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