Step 1. The chosen company will need to know your income and expenditure, who your creditors are, along with any relevant information regarding your situation.

Step 2. The information provided will be placed within a financial statement to determine how much each creditor can be paid.

Step 3. The debt management company will approach your creditors and ask them to accept the reduced payments.

Step 4. You will make a single monthly payment ot the debt management company which will be distributed between your creditors.

Step 5. They will review your debt management plan on a regular basis until your debts are paid in full.