Compare Debt Solutions

Typically unsecured debts over £5,000 and a montly surplus of £85

Unsecured debts that you cannot pay as and when they fall due (For creditor petitions, unsecured debts exceeding £5,000)

No debt limit with something to offer by way of monthly repayment or lump sum

Debts of less than £20,000 with assets of less that £1,000, a car value of less that £1,000 and a monthly surplus of less that £50

No debt limit with something to offer by way of monthly repayment or lump sum

No debt limit with something to offer by way of monthly repayment or lump sum

Yes, if your proposal is approved by 75% or more of voting creditors

Yes

No, creditors could still take action against you

Yes

Only binding on creditors paid in full

No, creditors could still take action against you

Once completed, any remaining unsecured debts which were included in the IVA are written off

Included debts are written off once bankruptcy is discharged after 12 months

Will last until all debts are paid in full. There is no debt forgiveness

Included debts are written off if no change in circumstances after 12 months moratorium

No debt forgiveness

No debt forgiveness, it will be at your creditors discretion to agree to write off any part of the debt but it is not guaranteed

Forzen (You may need to pay interest if the debts are repaid in full)

Frozen (You may need to pay interest if the debts are repaid in full)

Creditors may freeze at their own discretion but this is not guaranteed

Frozen

Interest & Charges will apply as per the contract of the consolidation loan

Creditors may freeze at their own discretion but this is not guaranteed

Usually no contact and no payment requests can be made, but creditors may continue to send statement

None

Possibly

None

The consolidating creditor will still be able to contact you, but as all other creditors will be paid off through the consolidation, their contact will cease

Possibly

Aperture provide initial advice free of charge. The fees & expenses of the IVA are approved by creditors. The specific costs are detailed in the proposal. If the IVA is not approved, there will be no fee charged

It will cost £680 to declare yourself bankrupt in England & Wales, and £647 to declare yourself bankrupt in Northern Ireland. Additional fees & costs will be paid out of asset realisations

Some charities will provide this free of charge and some companies will charge a set-up fee in addition to a handling fee for each payment

£90 application fee

You may have to pay fees for arranging the loan

Possibly, but has the advantage of minimising costs, as there is usually no court involvement

Typically 5 or 6 years for an income based IVA. It is, however, possible to propose a lump sum arrangement thereby reducing the duration

Typically discharged after 12 months, but a Payments Agreement/Order can continue for up to 3 years

No fixed term

Usually 12 months

No fixed term

No fixed term

A lump sum or monthly payments based on affordability for a fixed term. The monthly payment may fluctuate with changing circumstances

May have to make payments from surplus income for 3 years if available

Monthly payments usually made through a DMP provider, reviewed as creditors require

May be subject to an income payment order

As per the contract of the consolidation loan

As per the agreement with creditors

Unless otherwise agreed, assets are protected through the IVA. Typically you will not be required to sell your home, however, you will be expected to attempt to remortgage 6 months prior to the end of the IVA should you have sufficient equity

Assets may be at risk

Asset protection is not guaranteed and your home may be at risk

You cannot apply for a DRO if you have any assets more than £1,000, or a car worth more than £1,000

Yes, if you fail to manage the payments in respect of any unsecured consolidation loan, asset protection is not guaranteed and your home may be at risk

Yes, as this is an informal arrangement with your creditors, asset protection is not guaranteed and your home may be at risk

Generally unaffected but you should check your contract of employment

Can affect current and future employment

Generally unaffected

May adversely affect current and future employment

Unaffected

Unaffected

Yes, will be added to the Insolvency Register

Yes, will be added to the Insolvency Register

No

Yes, will be added to the Insolvency Register

No

No

Yes, will show on your credit file for 6 years after approval of the IVA

Yes, will stay on your credit file for 6 years after the date of the bankruptcy order

Any default notices/CCJS etc issued by creditors remain on your credit file for 6 years after debts are fully satisfied

Yes, will show on your credit file for 6 years after the date of the debt relief order

Possibly

Possibly