Similarities between an IVA & Debt management Plan

• On neither arrangement can you be forced to sell your home.
• All your information will be kept private and confidential and no other party will come to know about your arrangement apart from those who need to know.
• You will be advised by members of the industry who are under the credit consumer’s license and are data protected.
• No matter which arrangement you follow, your credit rating will be or has already been affected.

Differences between an IVA & Debt management Plan

• An IVA arrangement legally protects you from court action and creditor action however a debt management plan does not.
• An IVA arrangement will automatically halt all future interests to be charged and any charges further amounting on your debts whereas a debt management plan requests any further interest to be stopped or reduced.
• With an IVA, a creditor can be compelled to agree with the arrangement unlike a debt management plan
• An IVA plan does not oblige you to pay the full amount back unlike a debt management plan.
• An IVA is an arrangement for a fixed amount of time unlike a debt management plan.
• There are regulatory bodies you can turn to if you are not satisfied with your IVA arrangement unlike with debt management plans.
• Above all, an IVA arrangement can not take place without professional administration by a qualified professional unlike a debt management plan.