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An individual voluntary arrangement (IVA) is a debt solution for residents in England, Wales and Northern Ireland. With an IVA your debt will be paid back at an affordable rate over 60 to 72 months, you’ll get legal protection from your creditors and some of your debt will be written off.
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.