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Compare Debt Solutions

We are aware that choosing the right debt solution can be a daunting task. We have put together a chart below which outlines some of the differences between the various debt solutions available to you.

Each solution whether it be an IVA, debt management, consolidation loan or bankruptcy all depend on your individual circumstances and may not apply to your situation.

IVA Debt Management Consolidation
Loan
Bankruptcy
Protection from all unsecured creditors yes no no yes
Long term, likely to save money yes no no yes
Avoids selling house to release equity yes yes yes no
Unsecured creditors legally obliged to write off the debt. yes no no yes
Creditors stop chasing for payment yes no no yes
Creditors who don’t want to help legally obliged to do so. yes no yes yes
Arrangement runs for a fixed period. yes yes no yes
Avoids the stigma of bankruptcy. yes yes yes no
Stops affairs being made public in my local newspaper. yes yes yes no
Stops interest building up. yes no no yes

 

If you are unsure about the comparison chart above please don’t hesitate to contact us or by telephoning 0800 0122 111.