What are my other options?

Debt management

There are plenty of companies who offer debt management solutions. Many of them claim to be able to cut your monthly payments and give you just one affordable monthly payment. But beware. There are some hidden catches they don't tell you about.

Debt management can make your problems worse not better. Some unscrupulous debt management companies charge as much as 20% in fees for every payment you make towards repaying your debt. Your debt can grow rather than shrink.

Debt management agreements are also informal arrangements. This is important. They are not legally binding agreements. Your creditors can change their minds about the terms of the agreement at any stage. They can also continue to add interest and late payment charges. You simply don't know what might happen.

With debt management, you also have to pay off the whole of your debt. If you cut your monthly payments as part of a debt management plan, this could take a very long time. And the interest will continue to grow.

With an IVA, interest on your debt is frozen. A lot of your debt is written off. You pay off less money and in less time.

Which debt solution is best for you? Find out now with our 60 second test.

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