Debt Management Plans

Individual Voluntary Agreement

Trust Deed

Debit Relief Order

Bankruptcy

1. It take many more years. 1. It takes 60-72 months. 1. Only for those in Scotland. 1. Only for those in England, Wales and Northern Ireland 1. It takes 1 year
2. Creditors can still take legal action 2. Legal actions are not taken 2. Legal protection from creditor action 2. Creditor calls/correspondence stopped once the order is accepted 2. Legal protection from creditor action
3. Home is less protected 3. Homes are protected 3. Assets can be sold off 3. Homes are protected 3. Assets can be sold off
Interest and charges are not guaranteed to be frozen 4. Interest are frozen 4. Interests are not frozen 4. Additional charges and interest will be frozen on creditor acceptance of a DRO 4. Interests are not frozen
5. DMP will not write-off any unaffordable debt 5. Unaffordable Debts written-off 5. Debts are not written off 5. Majority of any outstanding balances can be written off completely 5. Debts are written off after being declared bankruptcy