Comparing Debt Solutions

If you are considering an IVA proposal, than your debts are probably spread out over a number of different creditors building up over a number of years.

Your individual financial circumstances are unique to you, which is why we have advisors who can help you through your finances and to come to the best decision.

Below is a simple table detailing the features of four popular debt solutions. To put it simply, the more ‘Yes’ answers the better! To help you understand the options in more detail, simply fill in the enquiry form or call us on 0808 131 9100.

 

	Debt Management	IVA	Consolidation Loan	Bankruptcy
Will my debts be cleared within an set period?	No	Yes	Yes	Yes
Is interest frozen?	No	Yes	No	Yes
Are my creditors likely to accept less than I owe?	No	Yes	No	Yes
Will my debts be reduced?	No	Yes	No	Yes
Will my debts strop increasing?	No	Yes	No	Yes
Is your service Free?	No	No	No	No
Can I avoid selling my home?	No	Yes	Yes	No
Am I protected from my unsecured creditors?	No	Yes	No	Yes
Will my creditors stop harassing me for repayment?	No	Yes	Yes	Yes
Will I be seen to be trying to do the right thing by my creditors?	No	Yes	Yes	No
Do I retain control of my finances?	No	Yes	Yes	No
Is the procedure confidential?	Yes	Yes	Yes	No
Will I avoid the stigma attached to bankruptcy?	Yes	Yes	Yes	No
Will the procedure be administered by an Insolvency Practitioner?	No	Yes	No	Yes

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)