Are you unsure whether Debt Consolidation is the right choice for you? We can offer you personalised help and information on a number of debt consolidation alternatives.
| Loan | DMP | IVA | Bankruptcy | |
| Protection from all unsecured creditors. | No | No | Yes | Yes |
| Long term, likely to save money. | No | No | 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 |
| Stops interest building up. | No | No | Yes | Yes |
For further advice and information about what debt consolidation alternatives might be for you, call us free on 0800 048 3674 and let our advisors help.
Debt Consolidation Alternatives:
IVA: IVAs are Government legislation which were introduced as a more practical alternative to bankruptcy. An IVA is a legally binding agreement that allows any unaffordable debt to be written off.
Debt Management: Debt Management is similar to an IVA, as they both require regular payments to your creditors. Debt Management Plans allow you to pay one single reduced payment, no matter how many unsecured creditors you have. Unlike an IVA, it is an informal agreement and no amount of your debt can be written off.
Remortgage: A remortgage still allows you to release equity from your home that you could use to pay off your unsecured debt.