Debt Solution Comparison
Let's not make things confusing
There are multiple debt solutions out there. Whilst you may not qualify for every solution, to make things easier we’ve written up some direct comparisons of debt solutions available to consumers in the UK.
IVA or Debt Management Plan
Both of these solutions involve making affordable repayments to your creditors. With an IVA, a portion is also written off.
IVA or Debt Relief Order
These two solutions offer you legal protection with different processes. The qualifying criteria is also more refined for a DRO.
IVA or Bankruptcy
Both of these solutions are legally binding, but there are some significant differences to be considered.
Debt Management Plan or Debt Relief Order
A DMP is an informal solution and is widely accessible. A DRO is legally binding with stricter qualifying criteria.
Bankruptcy or Debt Management Plan
These are two very different solutions. Bankruptcy is a legal process, whereas a Debt Management Plan is informal.
Bankruptcy or Debt Relief Order
These two solutions have very similar processes, but the qualifying criteria for each of them differ greatly.
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Learn more about UK debt solutions below, or speak to Money Advice for guidance on an IVA which could write off large portions of your unsecured debt.
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