If you find that you can’t keep up with your credit card payments and that you have overstretched your overdraft facility, then it may be that the next step for you is a debt management plan. For those people who find it hard to make the monthly payments to creditors, it can be a really helpful tool.
The intermediary who helps you set up a debt management plan will talk to your creditors and arrange a monthly amount to go to each of your creditors that is manageable for you. Payments are worked out according to your income, but your debts are not written off, they still need to be paid.
A debt management company like Debt Free Direct can talk you through the different options, but a debt management plan is usually suitable for both tenants and homeowners. If your circumstances change, it can be possible to amend payments to suit any changes in income, etc.