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• Debt Management Home
• Money Coaching
• Debt Management Plans
• IVA's

This is like a debt management plan, but uses specific insolvency legislation and is run by an Insolvency practitioner. They will do an analysis of your incomings and outgoings and propose a repayment plan to the creditors. The creditors are not obliged to accept the plans but it is rare for them to decline. Once agreed, the arrangements are ratified by a court and become legally binding on both parties. Payments are normally made for a period of five years and after that time the debts are written off, whether they have been cleared in full or not. The disadvantages are

• The IVA will be registered on your credit file and will make future credit difficult to obtain.
• An annual review is undertaken by the insolvency practitioner, and if your income has increased then you can be ordered to pay more.