Debt Management

All debts start life under control but things can change. If your debt is over £15,000, perhaps the repayments are starting to get out of hand, regardless of your debt problems. Don't worry, you can get help and with free advice about starting a debt management plan.
A debt management plan is an informal arrangement between you and your creditors to enable you to repay your debts with regular repayment you can afford. A debt management plan may appear to be similar to that of an IVA, which is governed by the Insolvency Act of 1986 and designed to help you avoid bankruptcy. However an IVA is legally binding unlike a debt management plan which is not.
Because a debt management plan is less formal than an IVA, this may afford you more freedoms to pay back your debts as and when you can, over a longer period of time, however you must be aware that because a debt management plan is not legally binding your creditors can in theory still proceed with court action.