Debt Solutions Comparison

If you are considering an IVA, then the chances are that your debts are spread out over a number of different creditors and have perhaps been built up over a number of years.

We believe that every case is different and your individual financial circumstances are unique to you. This is why One Advice have expert advisors who are able to talk through your finances and help you to come to the best decision.

Below you will see a simple table detailing the features and benefits of the 4 main debt solutions. Put simply, the more ‘Yes’ answers the better! To help you understand the options available to you in more detail, simply fill in the enquiry form so that we can contact you or call us on 0800 019 5870.

 

	Debt Management	IVA	Consolidation Loan	Bankruptcy
Will my debts be cleared within an agreed period?	No	Yes	Yes	Yes
Will interest be frozen?	No	Yes	No	Yes
Are my creditors likely to accept less than I owe?	No	Yes	No	Yes
Will my debts be reduced?	No	Yes	No	Yes
Will this stop my debts from increasing?	No	Yes	No	Yes
Is the service Free?	No	Yes	No	No
Will I be able to avoid selling my home?	No	Yes	Yes	No
Am I protected from my unsecured creditors?	No	Yes	No	Yes
Will my creditors stop pursuing me for repayment?	No	Yes	Yes	Yes
Will I be seen to be trying to do the right thing by my creditors?	No	Yes	Yes	No
Do I retain control of the situation?	No	Yes	Yes	No
Is it a confidential procedure?	Yes	Yes	Yes	No
Will I avoid the stigma of bankruptcy?	Yes	Yes	Yes	No
Will the procedure be administered by a licensed Insolvency Practitioner?	No	Yes	No	Yes

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)