IVAs

The IVA Advantage

  • End to creditor telephone calls and payment demands
  • Legally binding agreement to get rid of your debts so you'll know exactly where you stand
  • All interest rates and late payment charges are frozen
  • A single affordable monthly payment at the end of which your remaining debts are discharged
  • Can help write off up to 60-70% of your debts
  • Repaired credit rating after the agreement ends
  • Retain your car and home

NB. An IVA may NOT be a suitable option for you, depending on your circumstances. Please go to IVA Information for more details

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Debt Management Scheme Consolidation Loan Bankruptcy

If I cannot afford to pay off my debt, is part of it written off? Yes - IVA information No No Yes
Will my creditors stop contacting me? Yes - IVA information No No Yes
Will I be able to keep my home? Yes - IVA information Yes Yes No
Will there be a fixed time scale in which the solution runs? Yes - IVA information No Yes Yes
Will it avoid my financial situation being disclosed in public? Yes - IVA information Yes Yes No


Comparison of Debt Solution Options


Debt Solution

    Advantages

    Disadvantages

IVAs
  • IVAs Write off as much as 60-70% of your debts

  • Be clear of debts included in the arrangement after 5 years

  • Fees are incorporated into the monthly contributions agreed with your creditors.
  • You cannot get credit for the length of the IVA

  • Your credit rating will be affected for another year after the IVA is complete

  • Homeowners may have to re-value their homes in the 4th year and release equity to cover debts if the value has increased.

Debt Management Plan
  • Your monthly repayments will be reduced

  • You may be able to freeze interest on your debts
  • Your debts will not be reduced

  • You may be paying your debts off for a longer period of time

  • Interest may grow if your creditors do not agree to freeze it.

Consolidation Loan
  • Your monthly repayments will be reduced

  • If your debts have very high interest, it may even reduce your overall debt
  • Your debts will run over a longer period of time

  • You will have less flexibility to negotiate your repayments again if your circumstances change

Bankruptcy
  • Your debts will be written off after one year
  • You may be forced to sell assets, such as your home

  • News of your bankruptcy will be published openly