One of the most common alternatives to a debt management plan if you are self-employed is a Self-Employed IVA. You should read more about these before deciding to proceed with a debt management plan. See further guidance and CVL frequently asked questions.

In theory, there is nothing to stop someone with business debts setting up a debt management plan. In practice, a debt management plan is unlikely to be agreed by your business creditors. For example, HMRC will not usually accept payments through an informal debt management plan. This is normally the same with trade creditors, Business [...]

A debt management company is a business that will help arrange a debt management plan with your creditors, on your behalf. There are many fee charging debt management companies around however, you must remember that they will take their fees directly out of the payments you make each month. This can mean that your debt [...]

Yes. Anyone can arrange a debt management plan directly with their creditors.

No. If you enter into a Debt Management Plan you are simply arranging to pay your existing debts back at a rate you can afford. If you choose to instruct a debt management company to help, they will not 'buy' the debts, they will collect a monthly payment from you and pay out a portion [...]