If you’re struggling to pay your bills, there are many options open to you. As a first step, it’s important you seek the right advice. Once you’ve done that, there are solutions which have consequences which range from mild to major.


At the lower end of the severity scale are informal debt solutions. Informal debt management products such as Debt Management Plans help you manage your debts and pay them off at a more affordable rate by reducing your monthly payments. However, they don’t offer the protection that statutory debt solutions do and creditors don’t have to agree to them, which means you could still face consequences such as sequestration.


More information on Debt Management Plans is available from approved money advisers or on these websites.