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Finding the right way out of debt starts with understanding your options. Compare IVAs, DMPs, DROs and bankruptcy side by side to see exactly how they work. We've covered the costs, the risks and the impact on your credit, giving you the details you need to make an informed choice.

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Key feature	IVA	Bankruptcy	DMP	DRO
Is it legally binding?	Yes	Yes	No	Yes
How long does it last?	Usually five years Sometimes six if you own a home.	Usually 12 months You may be required to make payments for up to three years if you have surplus income.	No set end date It lasts until your debts are repaid.	12 months
Do I make monthly payments?	Yes based on what you can afford.	Only if you have money left over.	Yes based on what you can afford.	No
What happens to the debt?	Any unpaid debt included in the IVA is written off at the end.	Debts included are written off when it ends.	You repay everything you owe, unless creditors agree to freeze or reduce interest and charges.	Debts included are written off after 12 months.
Will I lose my home?	Your home is usually protected.	Your home may be sold if it has enough value.	Your home isn’t affected	You won’t be eligible for a DRO if you own a property.
Can I keep my belongings?	Yes You usually keep everyday items.	Some valuable items may be sold.	Yes	Yes but there are strict limits on the value of assets you can own.
Does it affect my credit file?	Will stay on your credit file for six years from the date it begins.	Will stay on your credit file for six years from the date it begins. After this, it may take up to three months for it to be removed.	Any defaults will stay on your credit file for six years.	Will stay on your credit file for six years from the date it begins.
Will creditors still contact me?	No (apart from annual statements, they’re legally obligated to send).	No	They may still contact you.	No
Are there job restrictions?	Some jobs may be affected.	More job restrictions apply.	Rarely affects your job.	Some roles may be affected.
Can I be self-employed?	Yes You can usually continue trading.	It’s possible, but restrictions apply.	Yes	It’s possible, but restrictions apply.
Is it public?	Yes It appears on the Insolvency Register.	Yes It appears on the Insolvency Register.	No	Yes It appears on the Insolvency Register.
Are there fees involved?	Fees are included in your monthly payment	One-off fee of £680 in England and Wales. Fees differ in Northern Ireland	There may be fees for DMPs not with PayPlan.	No

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