Debt Management vs. IVA

Debt Management

IVA

Is my name kept private?

Yes.

There is no public record.

Yes, an IVA is not advertised. Although details can be found on a government website.

Will my IVA remain private?

Yes, only creditors are notified.

Yes, only creditors are notified.

Can I still run a business?

Yes.

Yes,  you can still be a company director or practice professional roles involving finance

Will I have control over my assets?

Yes

Yes, some assets can be excluded from your proposal.

Can I keep my bank account?

Yes

Yes, although some extra facilities, such as overdrafts, may be removed.

Can I avoid going to court?

Yes

Yes, as long as you are available to answer questions on the phone at the time of the creditors meeting.

Am I legally protected from my creditors?

No

Yes, court proceedings cannot be brought against you regarding any of debts bound by the IVA.

Will my debts be cleared within an agreed period?

No

Yes

Will interest be frozen?  

Possibly in the furure

Yes

Are my creditors likely to accept less than I owe?

No

Yes

Will my debts be reduced?

No

Yes

Will this definitely stop my debts from increasing?

No

Yes

Is the service Free?

No

Yes

Am I protected from my unsecured creditors?

No

Yes

Will my creditors stop pursuing me for repayment?           

Possibly

Yes

Will I be seen to be trying to do the right thing by my creditors?

Yes

Yes

Do I retain control of the situation?         

Yes

Yes

Will the procedure be administered by a licensed Insolvency Practitioner?

No

Yes