Debt management plans and proposals
Combine your debts into a debt management plan
You may be able to combine all your debts into what's called a Debt Management Plan or Creditors’ Pool. You make repayments into this plan, and your creditors are paid from it.
Your local Budget Advisory Service or Community Law Office can help you do this, or you could talk to someone like a lawyer, accountant, or insolvency specialist.
Enter into a proposal
A proposal is a formal agreement between you and your creditors about how and when they'll be paid. It needs to be approved by the court, but you don't have to involve the Official Assignee (unlike the formal insolvency options). Once it's approved, the creditors included in it can't chase you for their debts without the court’s permission.
You'll need help from a lawyer or accountant to draft the agreement. Once your creditors have agreed to it, you'll need to have it approved by the court.
If your creditors won't negotiate or you can't reach an agreement
Consider a debt management plan or a proposal.