A Debt Management Plan is an informal agreement with your creditors to reduce the amount you pay each month. It can help you manage your debt problems within an affordable monthly budget and is not legally binding.

A Debt Management Plan is flexible. If your financial circumstances change, then your payments can be changed accordingly. This makes it a good interim measure if you're not yet eligible for an IVA, as in the short to medium term it can ease creditor pressure through debt consolidation.

The benefits
Through debt consolidation you can reduce monthly payments to a single affordable amount
You'll have enough money to pay priority bills such as your mortgage and utility bills
You won't need to borrow more
Avoid selling your home
You won't have to deal with lots of different creditors
Creditors will consider reducing or freezing interest and charges where a commitment to pay is proven

What you should be aware of...
You will normally have to repay 100% of your debts and your debt repayment period may take many years, perhaps significantly increasing as you are paying off less each month.

Default notices will be recorded on your file, so it will be difficult to get further credit until your debts are repaid or settled in full.

Creditors are not under any legal obligation to suspend interest or late payment charges.

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Re-mortgaging can... * Reduce your monthly mortgage payments or release capital * Avoid selling your home * Stop creditors chasing you if you have debt problems Secured loans can be used for many purposes including resolving present debt problems. * Stop creditors chasing you if you have debt problems * Single monthly payment

An IVA is an official debt repayment plan that in most cases includes the freezing of interest, reduction in the total amount of debt owing, and legal protection from creditors. * fixed IVA repayment period (60 months) * all further interest & charges frozen * outstanding debt legally written off