The payments are reduced from the orginal amount i was paying yes. I am not currently going through a debt managment company though, these payments are ones i have agreed personally with my creditors.
If bankruptcy is an option, how would one go about this?

I have three debts owing in total around £12,500. I am currently paying £75 pounds a month towards these debts, i cannot afford any more as i am a single parent and only work part time. I am Due to start universtiy in september and would like to know if it is worth trying for an IVA or just to keep ...