One option for debt management is an IVA –an Independent Voluntary Agreement. An IVA is a legally binding contract, which a person who is more than £15,000 in debt sets up with their creditors. The person in debt can pay off part of what they owe every month, and the creditors will then get a share of the money that is paid in. The good thing about an IVA is that it will stop demands from creditors, and will also make sure that the debtor is fully able to pay off the set amount every month. After five years the remainder of the debt will be written off.

There are literally hundreds of websites that give information on what to do if you are in debt. Trained advisors will talk you through every step of the process, from deciding which programme might be right for you to making sure that you know all of the legal implications that come with setting up a scheme for debt management help. So even if you think you are ok to sort out the problem yourself, it might be a good idea to check the details with an expert anyway. The service is free and without obligation, so there is no reason not to.