It can sometimes be confusing when presented with a number of different debt solutions to decide which one is the best option for you. We've created the table below to help you compare debt solutions, from IVAs and Debt Management Plans to debt consolidation loans and bankruptcy. The following comparison table should help you make your decision.
|Question||IVA||Debt Consolidation||Debt Management||Bankruptcy||Debt Relief Order|
|Will my debts be wiped clear within an agreed period?||yes||no||no||yes||yes|
|Will interest be frozen?||yes||no||sometimes||yes||yes|
|Will charges stop?||yes||no||sometimes||yes||yes|
|Will my monthly repayments be reduced?||yes||maybe||yes||yes||yes|
|Will I be protected from unsecured creditors?||yes||no||no||yes||yes|
|Can I keep my house?||yes*||yes*||yes*||no||n/a|
|Are all creditors legally bound to write off debt I can't afford?||yes||no||no||yes||yes|
|Will creditor action stop?||yes||no||sometimes||yes||yes|
|Will my credit-rating be damaged?||yes||maybe||probably||yes||yes|
|Is it a confidential procedure?||yes||yes||yes||no||yes|
|Will I avoid the stigma of bankruptcy?||yes||yes||yes||no||yes|
|Is the procedure dealt with by a professionally qualified and licensed specialist in personal debt?||yes||no||sometimes||yes||sometimes|
*as long as you maintain your mortgage payments
To find out in more detail which of these options suits your current financial situation complete our short online contact form now.