Debt-help-options.php

What Debt Help Options are available?

If you have a lot of debt repayments to make and can’t seem to keep up with them, there are a number of solutions available. Here, we will take a look at the comparative merits of debt management, bankruptcy, IVAs, and consolidation loans. After consulting this convenient chart, you should have a better idea as to what option is better for you.

	Consolidation Loan	Debt Management	IVA	Bankruptcy
Protection from all unsecured creditors.	No	No	Yes	Yes
In the long run, likely to save money	No	Yes	Yes	Yes
Avoids selling house to release equity.	Yes	Yes	Yes	No
Unsecured creditors legally obliged to write off the debt.	No	No	Yes	Yes
Creditors who don't want to help legally obliged to do so.	No	No	Yes	Yes
Arrangement runs for a fixed period.	Yes	No	Yes	Yes
Creditors stop chasing for payment	No	Yes	Yes	Yes
Avoids the stigma of bankruptcy	Yes	Yes	Yes	No
Stops affairs being made public in my local newspaper.	Yes	Yes	Yes	No
People providing the services have to be licensed?	No	No	Yes	Yes

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