IVA or Debt Consolidation
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Choosing either an IVA or debt consolidation both mean that you are looking to make reduced payments to the people you owe money to. Both of these alternatives to paying off your debt have implications (good and bad).
Here is a list of what you should think about before deciding:-
| IVA
| Debt
Consolidation | | Will any debt I can not afford to pay back be written off? | Yes
| No
| Will I have control over things I own?
| Yes
| Yes
| Will my charges be frozen?
| Yes
| No
| | Will the people I owe money to accept less than what I owe them? | Yes
| No
| Will I clear what I owe in a set period of time?
| Yes
| No
| Does the law protect me from the people I owe money to?
| Yes
| No
| | Can I keep the details of my plan private? | Yes
| Yes
| Will the people I owe money to stop harrassing me for payment?
| Yes
| Maybe
| | Will my debt stop getting bigger? | Yes
| No
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Dow Jones