Debts Management vs. IVA
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 0800 0481 777.
Debts Management or IVA?
|
|
Debts Management |
IVA |
| Is my name kept private? | Yes, there is no public record for your debts management plan. | Yes, an IVA is not advertised. |
| Is 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. |
| 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 | No |
| 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 |
The above are only a few of the common questions that we get asked, if you want more information then you need to take advice from our expert advisors. Call us free on 0800 0481 777.
Terms and Conditions apply. Debt Management Plans are for unsecured debts only, and the main benefit of this plan is the capability to only repay an affordable monthly amount, meaning it will take longer to repay your debts. You will receive allowances to pay Secured/Priority debts. Whilst you pay our initial fee, monies are not distributed to your creditors. Where contractual payments are missed your debt and repayment term could increase.
Your comments are welcome...