Historically a lot of debt management companies only advised on debt management programs. It is therefore possible that other debt consolidation solutions may be better for you if you are currently on a debt management program.

An alternative to debt management is an IVA (Individual Voluntary Arrangement).

You may be eligible for an IVA if you have debts over £12,000. Historically this limit was in some cases in excess of £25,000. It could be that you considered an IVA but weren't eligible at the time but may now be eligible.

You may also have had a change in your circumstances so a review to make sure debt management is still your best option is also important.

The advantages of an IVA over debt management are that it is a formal arrangement meaning that interest and charges are definitely frozen, creditors cannot chase you for payments and provided that you stick the to terms of the IVA you can be debt free within 5 years. It therefore has a definite term.

An IVA can also lead to a substantial part of your debt being written-off.

IVA's are available if you live in England, Northern Ireland or Wales. The Scottish equivalent is a Protected Trust Deed.

With a debt management program you repay all your debts and this could take many years. You may still be being charged interest and charges by your creditors as well as a fee by your debt management company. The actual term is not therefore known for definite.

Other alternatives to debt management plans include Bankruptcy or if you live in Scotland a Debt Arrangement Scheme, Protected Trust Deed or Sequestration.

If you are currently with a debt management company or unhappy with the debt management program you are on IVA TV can advise if this is your best option.

For a Free Review please contact IVA TV or call 0808 131 0163.

An IVA will affect your credit rating for 6 years. If you own your own home you will be required to release equity by way of a remortgage with funds released going towards your IVA. Failure to comply with the terms of an IVA can lead to Bankruptcy proceedings. 

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