Debt - The dictionary definition states that Debt is something that is owed, such as money goods or services, in the economic sense, an amount owed to a person or organization for funds borrowed.  It goes on to say that a 'bad debt' is a debt that has little or no chance of being repaid.  It can also be considered as an obligation to pay or perform something, i.e.; being in someone's debt.

In the real sense when we take a look at what debt and being in debt actually means for the consumer subjected to an IVA or a debt consolidation plan, the dictionary definition doesn't go far enough to convey the sense of desperation and the sense of real helplessness that being in debt can cause. Imagine how it must feel to have to make the choice of either paying a late utility bill or funding a child's school trip that all their friends happen to be going on. Of course, the reality is that the utility bill comes first particularly when its hard enough just to make repayments on your mortgage but try and imagine how it feels to look at your child and say that 'they can't go because it can't be afforded'. We always try and protect our families from the harsher realities of the world but unfortunately debt is something that encroaches on that candy floss reality all too often, exposing our families to difficulties we would rather keep hidden, at least for a short while

Its not only protecting your family from debt that can be painful.  Its also the sense that your life is spiraling out of control, that you can't manage your finances and that you can't provide for your family. Consumers afflicted by debt have likened it to the feeling of drowning. Continuos demands from creditors, letters from bailiffs, court appearances, they all add to the feeling of not being in control. It can seem in some cases that there is no help available and that debt is something you are never going to get out of.  of course, there are organizations you can turn to for help and advice and some of those very organizations are mentioned elsewhere in this site, however, in the very short term they do little to decrease the feeling of helplessness engendered by being in debt.  Make no mistake, it takes a long time to manage your way out of debt and for most, until they can get a grip on their finances, that feeling of not being in control of their finances and their life will continue, at least for short while.