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Individual Voluntary Arrangements, or IVAs, were introduced by the Government to help people who can’t afford to repay debts above £5,000. Under an IVA, up to 80% of your debt could be written off and your creditors are not allowed to add interest or charges. The typical term is 60 months.
Debt Management involves negotiating agreements with your Creditors to make reduced payments to them each month, usually with the help of a Debt Management company.
Bankruptcy is usually considered a last resort but can be an effective solution for those in severe financial difficulty as all debts included are written off.
A Debt Relief Order, or DRO, is a type of Bankruptcy aimed at people with few assets who have no ability to repay their debts. Like Bankruptcy, all debts included in a DRO are written off but the qualifying criteria is strict.