What is self help debt management?

Self help debt management involves you renegotiating your payment terms with your creditors. If your debts are not so serious and you approach your creditors first to deal with your problems you will usually find them sympathetic and helpful to you. If you leave the debt management process until they threaten to take action against you it is often much harder to negotiate with them. You need to be tough to negotiate a good deal - often; they will refer you to a debt management company or charity in any case.

Take care though; some of the debt management plans we have seen, even from the more public-spirited providers, are scheduled to last more than 10 years and often only reduce debt by small amounts, compared with an IVA which, usually on a very similar monthly payments, ensures you are debt free, more often than not, in five years.