Negotiated Agreement/Self Help

Simply communicating with your creditors and negotiating affordable arrangements can be a positive step towards solving debt problems. Negotiating an agreement with your creditors yourself can be a way to reduce your debt repayments by explaining to your creditors you’re having financial difficulties – but still want to repay your debt(s) as best you can.

What is Debt Consolidation?

Another option, if you can’t negotiate a suitable outcome with your creditors, yourself, could be a Debt Consolidation Loan. Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, to bring down their monthly payment amount or to reduce the number of companies they owe money to.

Find out if you qualify



  • If you’re unable to meet the required repayments, creditors may take further action against you.
  • Your credit rating may be damaged unless you make full contractual repayments.
  • Sometimes it can be overwhelming dealing with creditors on your own.
  • Yours debts could take longer to pay off or be at a higher interest rate.
  • If your credit rating is poor or already damaged it may be difficult to source a consolidation loan.
  • If you can’t consolidate all you debt sometimes it leads to a worse position.
  • You could be taking more debt out.

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