I was reading a post a few days back about different types of debt solutions (not that I need one – I’m not great with money, but things aren’t that bad). I saw a few I recognised & also a few that I had never heard of. One of them, a debt management plan, caught my eye & I set about finding out more.
It turns out that it is an informal agreement with your creditors, where it’s possible for them to reduce the amount you owe & even stop charging interest. I’m sure it’s not that easy, but it certainly sounds a lot simpler than going bankrupt!
That’s what I got from it anyway – of course, i’m no expert. The article I found that really explained it well is here if anyone else is interesed: