People in the UK considering resorting to an IVA or bankruptcy could opt for a debt management plan to help overcome their money worries.

That's according to Chris Tapp, deputy director of Credit Action, who said that such plans can help people to get their debt under control.

"The main option would be a debt management plan. Where somebody can't afford to keep up their payments at the same rate - their monthly outgoings are simply too much - they can get arranged a debt management plan," he said.

Mr Tapp explained that these can be arranged with private companies or with charitable organisations, which then help to combine financial commitments in a similar way to debt consolidation.

"It means that your monthly payments are affordable," he said. "You only pay what you can afford to pay."

A recent study from Halifax found that debt management in the form of consolidation was the most popular reason British people take out personal loans.

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