Get an IVA - The level of personal debt in the UK is a great source of anxiety for many observers of the financial scene. However, there are effective, practical ways of dealing with debt problems. If you think your expenses are beginning to overwhelm you, do not ignore the situation. Too many people in debt bury their heads in the sand and pretend nothing is wrong. Another tactic it to borrow more money to pay off other debts - and needless to say this can be risky.
If you are struggling with debt, consult with a specialist debt advisor who will ascertain your situation and advise you on your options. If you have debts of over £15,000 an IVA (Individual Voluntary Arrangement) may be appropriate. Alternatively an informal debt management plan, or in the worst case scenario bankruptcy may be the most suitable course of action.
With an IVA you enter into a legally binding agreement with the people you owe money to. Typically you will pay back a portion of the total debt that you can realistically afford. The arrangement usually lasts for about 5 years and both you and your creditors are bound by it's terms.
An IVA will give you protection from further hassle from your creditors and all interest charges on your current debt will be frozen.