A Debt Management Plan and an IVA are solutions that are only available to insolvent debtors. Being insolvent simply means that you cannot afford to repay your debts each month. Do not fall into the trap of repaying minimum monthly payments and thinking you can afford your debts, because with the interest and charges applied you could be paying for up to 40 years.
Once it is determined that you are insolvent both Debt Management and an IVA become options for you. Although both are debt solution plans, they each offer different benefits and implications which you must consider.
If you are considering Debt Management or IVA, then chances are that you have a number of debts which are spread over a number of different accounts with different creditors.
Each case is unique as everyone’s financial circumstances differ, which is why One Advice have IVA and Debt Management experts who can provide you with more information and determine which is the best option for you.
See below for the main differences between an IVA and a Debt Management Plan:
If you are unsure about your options, try the One Advice 1 Minute Debt Test, which will show you if you are eligible for an IVA or Debt Management Plan.
With both solutions you will still only make one affordable monthly payment which is tailored to your circumstances. Please call One Advice FREE on 0800 048 1752 or fill in our Quick Enquiry Form and our specialist debt advisors will call you back.