Typically this is a short term option which enables you to restructure your spending habits so you can afford your repayments.
You could continue and struggle on and maintain payments to your creditors or enter into a debt management plan. You can do this by approaching your creditors yourself or employ the service of a debt management company to organise repayment of your debts over a period of time.
Such an arrangement is informal and not legally binding on you or your creditors, consequently they could accept the terms of your offer and then change their minds and ask for repayment in full. Interest is not frozen and so often you do not repay any capital for the duration of the plan.
