What else can I choose?
An agreement or an informal agreement might be a good alternative to an IVA. You can make an alternative agreement with your creditor if you have debts you can no longer pay. You will need to call them and ask for changes to your existing agreement, explaining to them why you ask for these changes to take place. Explain to them that your current situation does not allow you to make monthly payments in full or on time. You may ask for a reduced monthly payment and/or the extension of your credit agreement. You may choose to pay your debt over a longer period of time as a result.
Another alternative is to take out a consolidation loan. This will however make you take out further credit. Further credit means more debt, so a better solution for you would be to look into debt management.
Debt management implies an informal agreement that we negotiate for you. It leaves you free of the hassle that implies dealing with phone calls and threatening legal letters. Your creditors will not contact you anymore, they’ll find out everything they need to know by contacting us directly. Furthermore, you will only have to make one single payment every month, usually lower than your previous one.