Debt Solutions Pros and Cons

Struggling with personal indebtedness can be immensely stressful, and have a huge impact on your day to day family life whilst you try to find a way to manage to repay your creditors. Many people are able to do this by making some slight, or even major, lifestyle changes to free up more money within their household budget to prioritise for debt repayment. Unfortunately, for some people, a more formal approach may have to be considered using external professional assistance, in which case it is vital that the pros and cons of each debt solution are carefully considered before making important decisions.

Our “Pros and Cons” summary can help you to prioritise what is important relative to your own circumstances and debt repayment strategy.

IVA
DMP
Bankruptcy
DRO
Immediate debt relief
Upon successful completion
No
Yes
Yes
Binding on all creditors
Yes
No
Yes
Yes
Protected from action from unsecured creditors
Yes
No
Yes
Yes
Available for homeowners
Yes
Yes
Yes
No
Credit rating affected
Yes
Yes
Yes
Yes
Employment Affected
Unlikely
Unlikely
Possibly
Possibly
Business can continue
Yes
Yes
Possibly
Possibly
Names listed on public register
Yes
No
Yes
Yes
Interest and charges frozen
Yes
Possibly
Yes
Yes
Ultimate debt write-off
Upon successful completion
Possibly
Yes
Yes
Option if debts are more than £15,000
Yes
Yes
Yes
No
Option if assets are more than £300
Yes
Yes
Yes
No
Option if disposable income is less than £50
No
Possibly
Yes
Yes
Costs payable in advance
No
Probably
Yes
Yes
Duration
5-6 years
Indefinite
1 -3 years
1 year
Flexible to changed circumstances
Yes
Very
Difficult
N/A
Assets can be excluded
Yes
Yes
No
N/A

Advice Line:
(NI & ROI) 02891 814890
(UK Mainland) 02920 346530

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