Many times I am approached by clients who only have one (1) creditor or one (1) debt they owe.

Now that debt may be substantial in its amount, but they only owe just the one debt and are contact me asking as to what their options are.

Since it is just the one debt/creditor, an IVA is not an option as you need two (2) or more creditors.

A Debt Management Plan is really not an option either as since it is just the one creditor it may be best just to deal one-on-one with them.

With that being said, what are your options?

Contacting the creditor and documenting your situation and inquiring what they may be able to do to assist you; you could also just send token payments of what you can afford.

And as always there is the option of Bankruptcy or if the debt is under 15K a Debt Relief Order.

However, these options should be explored last as a last resort.  If you are working and earning a wage, hopefully the bank/creditor will work with you on some level to repay the debt.

This now also brings up the concept of consolidating debts; getting a loan to pay off two or more debts so you have just one monthly payment.

Consider this: the amount of debt has not changed or been reduced, the payment may be lower, but only if the interest rate has changed to be lowered and the term extended; which just keeps you in debt longer.

The main thing now is that all your debt is with one creditor, and if you have read this far, you now know your options if you cannot pay the debt back, become very limited.