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 Ireland1. It takes 1 year
2. Creditors can still take legal action2. Legal actions are not taken2. Legal protection from creditor action2. Creditor calls/correspondence stopped once the order is accepted2. Legal protection from creditor action
3. Home is less protected3. Homes are protected3. Assets can be sold off3. Homes are protected3. Assets can be sold off
Interest and charges are not guaranteed to be frozen4. Interest are frozen4. Interests are not frozen4. Additional charges and interest will be frozen on creditor acceptance of a DRO4. Interests are not frozen
5. DMP will not write-off any unaffordable debt5. Unaffordable Debts written-off5. Debts are not written off5. Majority of any outstanding balances can be written off completely5. Debts are written off after being declared bankruptcy