If you are struggling to pay your debts, agreeing an affordable payment plan with those you owe money to is a sensible way forward. You can do this through a formal arrangement.
Individual Voluntary Agreement (IVA)
An IVA is a formal agreement and is effectively a contract between you and the your creditors.
To be approved an IVA requires the agreement of 75% (in value) of creditors which vote upon it. It also allows for the orderly realisation of assets by the debtor.