According to recent research over 69% on Britons would rather take a pay cut to keep their current job rather than risk being made redundant and have to look around for another job. It is thought that a large percentage of the people who fear losing their job have existing debts which they would not be able to maintain if unemployed.

There are however ways to pay off debts using a structured repayment plan. If you wish to write debt off you may look into taking debt advice with a debt management plan or an IVA. Both of these are viable ways to pay off unsecured debts that have occurred through credit cards, unsecured loans, store cards, or home catalogue shopping debts. The most suitable type of plan depends on how much money you owe out to creditors.

With a debt management plan or an IVA set in force with the help of your debt management team, you may be able to pay affordable monthly payments to your team who then distributes it among your creditors. By the time the end of the agreement has been reached, you could have become debt free and with careful money management in the future, you may be able to avoid debt in the future.