A debt consolidation loan replaces several debts with one loan, but it may cost more overall and could put you at risk of further borrowing if repayments are unaffordable. A debt management plan (DMP) is an informal arrangement, usually with reduced payments, but creditors do not have to accept it and interest or charges may continue. An IVA is a formal, legally binding arrangement managed by an insolvency practitioner, with fees and significant consequences if it fails. Before choosing, compare the full costs and risks and seek free advice from an FCA-authorised debt adviser or a recognised charity such as StepChange or Citizens Advice.