What is debt management, how can it help me with my personal loan

Debt Management (or loan management) is the process of negotiation with creditors to obtain a reduction in the repayment amount, on your personal loan.

If you have several personal loans, you may be able to reduce your monthly expenditure by combining all your separate loans into one personal loan.

If you would like to reduce your monthly bill, you could investigate moving all yours separate personal loans, credit card debts, etc., to lenders such as loans.co.uk, loan line or Chase Saunders.

If you feel you can't cope with this yourself, you can get a debt management company, such as www.clear-your-debt.co.uk or debtready.com to sort these details out for you.

If you are having problems making your monthly payments to your various loan providers, www.clear-your-debt.co.uk and debtready.com can also speak to your creditors on your behalf, and negotiate lower monthly payments.

Lower monthly loan payments will normally be achieved by :

Converting to a different loan

Reducing the interest rate

Extending the length of the loan repayment