What choices do I have for clearing my debts? This question is more common than you might think and there are specialists online that could help and provide an answer to this question. One of the ways that I could clear my debt is to take out a debt management plan; another is to take an IVA. The best solution for your debts would depend on the amount of debt that you owed out, you would also have to owe money to at least three different creditors to take a debt management plan.

Should you have debts that have spiralled out of control and these debts are over 5,000 then you might be better off taking a debt management plan. You could work out how much you would be able to pay each month and providing this is over 100 each month you could pay off your debts within a certain amount of time. To manage your debts problem this way you would have to have unsecured debts. These would include such as a personal loan, credit card debts, store car or home shopping catalogue debts. Debts such as a mortgage could not be included in a debt management plan and if you have such debts these would need clearing by other means.