When you're receiving threatening letters from creditors and bailiffs it is a easy to feel trapped and that there is no way out, but there is a solution you have a much better opportunity of solving your financial difficulty when you take out an IVA.
An IVA is a formal agreement between you and your creditors carried out by an insolvency practitioner.
It can protect your assets from being sized and legally requires your creditors to longer contact you directly during the course of the IVA as they have to deal with the IP The IP (insolvency practitioner) lays out the monthly payments that you will need to make based on what you can afford.
Whilst you keep to the agreement (keeping up the monthly payments) you are protected by the IVA and your creditors are not allowed to make you bankrupt or ask you for any more money.
Interest is also frozen.
Also an IVA does not affect your carrier; if you went bankrupt there are careers that you're no longer aloud to do some of these include, accountancy, lawyers, and armed forces.
You can usually qualify to get an IVA if you

• Have £15,000+ worth of debt
• Have 3 or more creditors
• Have a disposable income of at least £300 a month
• Have full time employment or proof of other income

If you don't have £15,000 worth of debt but you are still struggling there are other solutions that could help you other than an IVA.
A debt management plan works in a slightly different way for example A debt management plan is an informal arrangement between you and your creditors conducted by a 3rd party, a company will let you sign a letter of authority which allows them to negotiate on your behalf they will try and arrange with creditors to freeze interest and extend re-payment terms to get you out goings down to a manageable level.
Here are just two options out of many, I would recommend getting professional advice about your situation before making any kind of decision about what root may be best for you.
As every ones circumstances are different