If you are struggling with your debt then you might want to consider an IVA or Debt Management Plan. The table below gives a brief outline of some of the main differences, but to see which debt solution is most suitable for your circumstances, you need to get specialist advice. Please contact out professional advisors on 0800 048 1767.
| Debt Management | IVA |
Is my name kept private? | Yes. There is no public record. | Yes, an IVA is not advertised. Although details can be found on a government website. |
Will my IVA remain private? | Yes, only creditors are notified. | Yes, only creditors are notified. |
Can I still run a 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, some assets can be excluded from your proposal. |
Can I keep my bank account? | Yes | Yes, although some extra facilities, such as overdrafts, may be removed. |
Can I avoid going to court? | Yes | Yes, as long as you are available 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 regarding any of debts bound by the IVA. |
Will my debts be cleared within an agreed period? | No | Yes |
Will interest be frozen? | Possibly in the future | Yes |
Are my creditors likely to accept less than I owe? | No | Yes |
Will my debts be reduced? | No | Yes |
Will this definitely stop my debts from increasing? | No | Yes |
Is the service Free? | No | No |
Am I protected from my unsecured creditors? | No | Yes |
Will my creditors stop pursuing me for repayment? | Possibly | Yes |
Will I be seen to be trying to do the right thing by my creditors? | Yes | Yes |
Do I retain control of the situation? | Yes | Yes |
Will the procedure be administered by a licensed Insolvency Practitioner? | No | Yes |