If you are looking for a way to reduce your monthly payments to creditors then you might want to consider what plan is best for your circumstances - Debt Management or an IVA.
Both of these debt solutions mean you make one affordable monthly payment which is tailored to your circumstances. The best way to discover which one is best for you is to speak to our expert Debt Management advisors on 0808 131 9112.
Take the Debts Test which will give you an idea on what debt solutions are right for you.
| Debts Management | IVA |
| Yes, there is no public record for your debts management plan. |
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It it a formal agreement with my creditors? | No. | Yes. |
Can I still keep my business? | Yes.
| Yes, you can still be a company director or practice professional roles involving finance |
Will I have control over my assets? | Yes | Yes. |
Can I keep my bank account? | Yes, although you may have to change your bank account. | Yes, although extra facilities may be removed. |
Will I have to go to court? | No | No, but you will have to answer questions on the phone at the time of the creditors meeting.
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Am I legally protected from my creditors? | No | Yes, court proceedings cannot be brought against you.. |
Will my debts be cleared within an agreed period? | No | Yes |
Will interest be frozen? | Perhaps, this cannot be guaranteed though | Yes, always. |
Are my creditors likely to accept less than I owe? | Perhaps | Yes |
Will my debts be reduced? | No | Yes |
Will my debts stop increasing? | No | Yes |
Is your service free? | No | Yes |
Am I protected from my unsecured creditors? | No | Yes |
Will my creditors stop pursuing me for repayment? | Yes, we will help deal with your creditors. | Yes |
Will I be seen to be trying to do the right thing by my creditors? | Perhaps | Yes |
Do I retain control of the situation? | Yes | Yes |
Will the procedure be administered by a licensed Insolvency Practitioner? | No | Yes |