by 
tqj2004
ANSWERS: 2
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In 99% of cases, none. Debt consolidation is a con. You always end up paying more in the long run (that's how the consolidation companies make their money) and often debts that would have taken five years to pay off if you'd used IVA's will take ten years through the consolidation company. I have two suggestions. 1) Consolidate yourself, by finding the lowest rate bank loan/ credit card you can get and transfer as much of your debt as you can onto that, then pay off a set amount each month. 2) (more likely for those in serious debt) Set up independent voluntary agreements with all the companies you owe to pay a certain amount each month if they freeze the interest. Stick to your guns and don't agree to pay more than you can afford. Eventually they will be please dto get something. If you're UK based and need help sorting IVA's out go to your local citizens advice bureau who will give you free advice and help you to set them up. If you need any more convincing that consolidation is the biggest swindle in finance go to www.moneysavingexpert.com and read what Martin Lewis has to say about them. Pretty bleak.
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a relative.
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