Debt Management or IVA?

Debt Management Plans and Individual Voluntary Arrangements (IVAs) are both debt repayment programmes. If you are trying to decide which one is best for you, then please read through this page and call our expert advisors on 0800 048 1766, who will be able to advise you further. 

Individual Voluntary Arrangement or Debt Management?

Level of Debt:
An IVA is most suitable for debts over £15,000
A Debt Management Plan is most suitable for those with much lower debts.

One affordable payment:
Both of these programmes offer to consolidate your existing debts into one lower monthly payment. These payments will be tailored to your financial circumstances.

Write off my debt:
An IVA is the only debt solution which can write off a proportion of your debt. After you have finished your IVA term, any remaining debt will be written off as part of the agreement.
The best that a Debt Management Plan can do is to ask your creditors to freeze any interest or charges, but this cannot be guaranteed.

Legal Protection:
An IVA is a legally binding contract between you and your creditors. Once your IVA has been accepted, creditors cannot contact you to demand repayment.
A Debt Management Plan is an informal agreement between you and your creditors, therefore you are not legally protected against any further action.