Some people in your position ask their creditors to enter into informal arrangements, to reduce the amount they pay. The problem that you may well face if you adopt this route is that you may take longer to pay your debt, and you may in fact be charged a higher rate of interest, which means you would actually owe more money than you do now. The Debt People has a sister company, Hamilton Locke, which can advise on Debt Management Plans (DMPs), which can be an excellent way of reducing your monthly payments if you do not qualify for an IVA - depending on your circumstances.