A debt management plan is a short term solution used when you have suffered a period of financial difficulty such as a job loss or reduction in household income. You make an arrangement with your creditors to pay a reduced amount each month, the creditors agree to waive interest and charges upto six months, or until your financial circumstances have improved.
The minimum you would have to pay under a debt management plan is usually about £5 a month if you use a registered debt management company, whereas if you use a debt charity, they may require you to pay 1% of the balance each month. Speak to a debt management company now.