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The Informal Personal Plan is often referred to as a Debt Management Plan or Debt Management Solution.
If you have debts over £15,000, you should be aware that an Individual Voluntary Arrangement (IVA) would possibly be a better solution to your problem, however not everybody fits the criteria for an IVA, a Personal Plan may be the only debt management solution available to you, unless bankruptcy is recommended.
Arranging a personal plan can be ideal if you are going through a short-term bad patch financially (lack of overtime, etc.). It will give you control of your finances until your situation improves allowing you to get back on track with your creditors.
The IPP debt management solution is an agreement between you and your creditor that can be made when you are in a situation where you can no longer afford to make your unsecured debt repayments in full. However you may be able to make a reduced offer of payment from your disposable income.
An Informal Personal Plan does not involve any legal paperwork or court appearances.
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