Debt management agreement
A debt management agreement is an informal arrangement negotiated on your behalf by a debt management company for a monthly fee.
The aim is to reduce your monthly repayments; however this will mean that the length of your repayment period is significantly lengthened.
The arrangement is not legally binding on your creditors and interest will continue to accrue on your debts. This again means that the arrangement may have to last for a significant period of time in order to complete.
A debt management plan may be a solution where your debt levels are not substantial; however an IVA is usually a better solution.