Solutions such as a Debt management plan, Individual Voluntary arrangement, Debt consolidation, or even as a final straw, bankruptcy are all viable solutions when looking for ways to resolve a debt problem.
Below is a summary of these solutions and what they entail.
Debt Management
A Debt management plan enables you to repay your debt in a way that is affordable. This is achieved by offering creditors a reduced monthly repayment which is manageable.
Generally you would need a minimum of 100 a month to realistically offer the creditors an amount which they would be willing to accept.
The main thing is to offer creditors a fair percentage of your available income. Therefore, if you have 3 creditors, you would need to fairly split the 100 to each creditor; this generally works out on a pro-rata basis.
Below is an example of how to divide your available income between your creditors.
If your total debt is 5000 owed to 3 creditors and you have 200 a month available, you would divide the amount you owe to a creditor by your total debt and multiply it by your available surplus, i.e.:
Total Debt 5000
Creditor 1...
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