An Individual Voluntary Arrangements (IVA) is a legally binding arrangement between you and your creditors – you pay what you can afford each month for a set period of time (normally 5 years) and providing you keep to the agreement your creditors will write off the rest of your debts.
A DMP is an arrangement between you and your creditors which we manage for you. We will liaise with your creditors and arrange a payment plan that you can afford.
We can only do this once we’ve spoken to you first though, and will only recommend a debt solution if we think it’s suitable for you.
A self-employed IVA is a debt solution that allows you to keep your business operating while repaying your debts usually over 5 years (subject to creditor approval)
Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts.