Comparison of debt options

It can sometimes be confusing when considering different debt solutions. The following comparison table should help clear things up.

Question	IVA	Debt Consolidation	Debt Management	Bankruptcy
Will my debts be wiped clear within an agreed period?	yes	no	no	yes
Will interest be frozen?	yes	no	no	yes
Will charges stop?	yes	no	no	yes
Will my monthly repayments be reduced?	yes	maybe	yes	yes
Will I be protected from unsecured creditors?	yes	no	no	yes
Can I keep my house?	yes	yes	yes	no
Are all creditors legally bound to write off debt I can't afford?	yes	no	no	yes
Will creditor action stop?	yes	no	no	yes
Will my credit-rating be damaged?	yes	maybe	probably	yes
Is it a confidential procedure?	yes	yes	yes	no
Will I avoid the stigma of bankruptcy?	yes	yes	yes	no
Is the procedure dealt with by a professionally qualified and licensed specialist in personal debt?	yes	no	sometimes	yes

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Latest news about UK debt

Nationwide welcomes credit card praise
(Fri, 15 Feb 2008) Nationwide Building Society has welcomed the news that it has been named as the best credit card provider in the UK at this year’s Card Awards. With millions of consumers struggling with high levels of debt management, the building society has suggested that the transparency and the quality of the information it provides has played an ... more >>
Brits ‘being hit’ by balance transfer hikes
(Fri, 15 Feb 2008) Many British consumers are facing increased pressure on their personal finances as a result of rising balance transfer fees, according to a recent report. Moneyfacts.co.uk has claimed that since people with credit card debt first started being charged for transferring their balances four years ago, the associated costs have become increasingly difficult to pay off. The price ... more >>
Report highlights UK’s ‘credit culture’
(Thu, 14 Feb 2008) UK consumers are far more comfortable about paying for goods and services using credit card debt than any of their European cousins, according to a new report. Research by Datamonitor has found that at the end of 2006 the average British adult had at least twice as many credit cards as ordinary consumers from any other ... more >>
Statto declared bankrupt
(Thu, 14 Feb 2008) The man known to TV sports fans as ‘Statto’ has been declared bankrupt by Manchester county court, it has been revealed. It is not known exactly how betting expert Statto, real name Angus Loughran, found himself in such serious debt management difficulty but it is believed to be related to unpaid council taxes. The Insolvency Service has ... more >>
Credit card users warned over order of payments
(Thu, 14 Feb 2008) Credit card users have been warned that many of the foremost providers in the UK do not clear the most expensive forms of debt first. Research by Moneysupermarket.com has found that the order of payment patterns used by financial service firms could leave people with credit card debts in the red for longer than necessary. In fact, ... more >>

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IVA FAQs

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ClearDebt Analyser

The ClearDebt Analyser is a unique free tool which shows you your best way out of debt - whether an IVA, debt management, debt consolidation or bankruptcy. Immediate results on screen help you say goodbye to debt worries for good!

Debt Management Comparison

The Debt Management comparison tool compares the likely impact of an IVA or a debt management plan on your debt and your pocket. Once you have input your real figures you’ll get an instant comparison for free. You might be surprised by the result!