Is Debt Management better than an IVA?

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. That is the full contractual payment and not the minimum payment. 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.

If you are considering Debt Management or an IVA, then chances are that you have a number of debts which are spread over a number of different accounts with different creditors.

With both solutions you will still only make one affordable monthly payment which is tailored to your circumstances.

Every case is unique as everyone’s financial circumstances differ. This is why we have IVA and Debt Management experts who can provide you with more information and determine which is the best option for you.

Please call us FREE on 0800 0481 775 or fill in our quick enquiry form and we will call you back.

For those who are struggling with their personal finances, an Individual Voluntary Arrangement (IVA) could be a better alternative to a DMP. An IVA is a legal procedure so a great deal of care and attention needs to be applied before making your decision.