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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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To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.