On IVA.TV we speak about IVA Alternatives. For your benefit we have produced a table comparing Debt Management Plans, IVA’s, Debt Consolidation Loans and Bankruptcy:
| Debt Management Plans | IVA | Debt Consolidation Loan | Bankruptcy | |
| Is it for a fixed term? | No | Yes | Yes | Yes |
| Are interest & charges guaranteed to be frozen? | No | Yes | No | Yes |
| Will part of my Debt be Written-off? | No | Yes | No | Yes |
| Will it cost me money? | Yes | No | Yes | Yes |
| Will I lose my home? | No | No | No | Yes |
| Will my creditors stop chasing me for payments? | No | Yes | Yes | Yes |
| Do I retain control of the situation? | No | Yes | Yes | No |
| Does it appear in the Local Paper? | No | No | No | Yes |
| Will I avoid the stigma of bankruptcy? | Yes | Yes | Yes | No |
| Is it administered by a licensed Insolvency Practitioner? | No | Yes | No | Yes |
Entering into an IVA will adversely affect your credit rating for 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 by way of a remortgage.
Failure to complete the term of an IVA can result in bankruptcy.
For more information it is important to speak to a qualified IVA Advisor. Please call IVA.TV on 0800 0483 651.
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