| 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.
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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 | No |
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 |