A Debt Management Plan is an arrangement between yourself and a Debt Management Company who will manage and distribute the money you are able to afford to commit each month to repaying the debts you owe to your creditors.

These types of plans are more appropriate where your debt problems are only temporary e.g. you were made redundant but have found work again. However, quite often, interest and late payment charges will continue to be incurred, even when you are in a Debt Management Plan.

Most importantly of all, Debt Management will not result in any debts owed to your creditors being even partially written off, unlike IVA's.