If you have a lot of debts, and are not sure how you are going to be able to afford to keep paying the monthly payments, you should most definitely look into taking out an IVA.
An IVA, otherwise known as an Individual Voluntary Arrangement, can help you consolidate every debt you have. This will put it into a loan with a lower interest rate and just one payment every month.
In fact, with so many benefits to an IVA, you should look into applying for on sooner rather than later.
Easy payments -- The most obvious is it makes paying your monthly bills so much easier. Instead of five or six monthly payments to deal with, you only have to remember to pay one.
Consolidation decreases your interest rate -- Depending on how low you can get your total interest rate by taking out an IVA, you can often decrease your interest rate by many points.
Over a year, this can mean a saving of hundreds of dollars. Over the lifetime of your debt, it can be thousands of dollars.
No need to deal with creditors -- If you were becoming unable to pay your many bills, consolidating them into an IVA can mean you no longer have to deal with creditors.
This alone can make life so much less stressful.
Debts paid off faster -- When you take out an IVA, you will also usually be able to pay off your debts faster.
This is because your monthly payment due will be much less due to the lower interest rate. This will allow you to pay more than the minimum amount much easier. Thus paying off your debts faster and, of course, paying less interest in the life of the loan.