Although a Debt Management Plan and IVAs are repayment schemes to your creditors, there are many differences between the two debt solutions. The table below shows a brief example of the differences.
| Debt Management | IVA |
| Yes. There is no public record. |
|
Will my debt arrangement remain private? | Yes, only creditors are notified. | Yes, only creditors are notified. |
Can I still run a business? | Yes.
| Yes, you can still be a company director or practice professional roles involving finance |
Will I have control over my assets? | Yes. | Yes, some assets can be excluded from your proposal. |
Can I keep my bank account? | Yes, although you might have to change your bank provider. | Yes, although some extra facilities may be removed. |
Can I avoid going to court? | Yes. | Yes, as long as you are free to answer questions during your creditors meeting. |
Am I legally protected from my creditors? | No. | Yes, court proceedings cannot be brought against you. |
Will my debts be cleared within an agreed period? | No. | Yes. |
Will interest be frozen? | Possibly, although this cannot be guaranteed. | Yes. |
Are my creditors likely to accept less than I owe? | No. | Yes. |
Will my debts be reduced? | No | Yes. |
Will this definitely stop my debts from increasing? | No | Yes. |
Is the service Free? | No. | Yes. |
Am I legally protected from my creditors? | No. | Yes. |
Will my creditors stop pursuing me for repayment? | Possibly. | Yes. |
Will I be seen to be trying to do the right thing by my creditors? | Possibly. | Yes. |
Do I regain control of my financial situation? | Yes. | Yes. |
Will the procedure be administered by an Insolvency Practitioner? | No. | Yes. |