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Compare Debt Solutions

Below we look at various debt solutions and we compare these in an easy to understand table by looking at the key features of each solution.

  • Eligibility

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

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

    Debt Management Plan

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

    Debt Relief Order

    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

    Debt Consolidation Loan

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

    Informal Agreement with Creditors

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

  • Creditor Protection

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

    Yes

    Debt Management Plan

    No, creditors could still take action against you

    Debt Relief Order

    Yes

    Debt Consolidation Loan

    Only binding on creditors paid in full

    Informal Agreement with Creditors

    No, creditors could still take action against you

  • Debt Forgiveness

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

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

    Debt Management Plan

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

    Debt Relief Order

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

    Debt Consolidation Loan

    No debt forgiveness

    Informal Agreement with Creditors

    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

  • Interest & Charges

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

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

    Debt Management Plan

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

    Debt Relief Order

    Frozen

    Debt Consolidation Loan

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

    Informal Agreement with Creditors

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

  • Creditor Contact

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

    None

    Debt Management Plan

    Possibly

    Debt Relief Order

    None

    Debt Consolidation Loan

    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

    Informal Agreement with Creditors

    Possibly

  • Costs

    Individual Voluntary Arrangement (IVA)

    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

    Bankruptcy

    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

    Debt Management Plan

    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

    Debt Relief Order

    £90 application fee

    Debt Consolidation Loan

    You may have to pay fees for arranging the loan

    Informal Agreement with Creditors

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

  • Duration

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

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

    Debt Management Plan

    No fixed term

    Debt Relief Order

    Usually 12 months

    Debt Consolidation Loan

    No fixed term

    Informal Agreement with Creditors

    No fixed term

  • Payments

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

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

    Debt Management Plan

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

    Debt Relief Order


    May be subject to an income payment order

    Debt Consolidation Loan

    As per the contract of the consolidation loan

    Informal Agreement with Creditors

    As per the agreement with creditors

  • Asset Risk

    Individual Voluntary Arrangement (IVA)

    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

    Bankruptcy

    Assets may be at risk

    Debt Management Plan

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

    Debt Relief Order

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

    Debt Consolidation Loan

    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

    Informal Agreement with Creditors

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

  • Effect on Employment

    Individual Voluntary Arrangement (IVA)

    Generally unaffected but you should check your contract of employment

    Bankruptcy

    Can affect current and future employment

    Debt Management Plan

    Generally unaffected

    Debt Relief Order

    May adversely affect current and future employment

    Debt Consolidation Loan

    Unaffected

    Informal Agreement with Creditors

    Unaffected

  • Will it be recorded on a Public Register?

    Individual Voluntary Arrangement (IVA)

    Yes, will be added to the Insolvency Register

    Bankruptcy

    Yes, will be added to the Insolvency Register

    Debt Management Plan

    No

    Debt Relief Order

    Yes, will be added to the Insolvency Register

    Debt Consolidation Loan

    No

    Informal Agreement with Creditors

    No

  • Credit rating affected

    Individual Voluntary Arrangement (IVA)

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

    Bankruptcy

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

    Debt Management Plan

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

    Debt Relief Order

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

    Debt Consolidation Loan

    Possibly

    Informal Agreement with Creditos

    Possibly

  • Debt Solutions

    Individual Voluntary Arrangement (IVA)Compare Debt SolutionsFrequently Asked QuestionsBankruptcyDebt Management Plan (DMP)Debt Relief Order (DRO)Debt ConsolidationInformal Arrangement with Creditors
  • Money Advice

    Help Avoiding DebtDebt Collectors & Bailiffs / Enforcement AgentsTypes of DebtDebt HarassmentManaging DebtDebt & Your Credit ScoreJargon Buster
  • Health & Wellbeing

    Mental HealthEffects of DebtHelp & Support Services
  • About Us

    Our StoryReviews & Testimonials Our Vision & Values
  • Legal

    Complaints ProcedureIVA Protocol and ConditionsPrivacy PolicyWebsite Terms of Use
  • Social Media

This website at www.apertureiva.com is owned and operated by Aperture Debt Solutions LLP, a limited liability partnership registered in Northern Ireland, No.NC001303, VAT Number 226953096. A list of members is available from our registered office: Water's Edge, Clarendon Dock, Belfast, BT1 3BH.

Aperture Debt Solutions LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 758482)

Elaine Masters, Carol Sabrina McGurk, Antoinette Thorpe & Jacqueline Westerman are licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. Rikki Burton is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales.

For more information on the Regulations & Guidance policies we adhere to, please visit the Insolvency Practitioner site here. We hold the appropriate Professional Indemnity Insurance and coverage is worldwide.

© 2019 Aperture Debt Solutions LLP. All rights reserved.

Debt Solutions

  • Individual Voluntary Arrangement (IVA)
  • Compare Debt Solutions
  • Frequently Asked Questions
  • Bankruptcy
  • Debt Management Plan (DMP)
  • Debt Relief Order (DRO)
  • Debt Consolidation
  • Informal Arrangement with Creditors

Money Advice

  • Help Avoiding Debt
  • Debt Collectors & Bailiffs / Enforcement Agents
  • Types of Debt
  • Debt Harassment
  • Managing Debt
  • Debt & Your Credit Score
  • Jargon Buster

Health & Wellbeing

  • Mental Health
  • Effects of Debt
  • Help & Support Services

About Us

  • Our Story
  • Reviews & Testimonials
  • Our Vision & Values

Legal

  • Complaints Procedure
  • IVA Protocol and Conditions
  • Privacy Policy
  • Website Terms of Use

Social Media

This website at www.apertureiva.com is owned and operated by Aperture Debt Solutions LLP, a limited liability partnership registered in Northern Ireland, No.NC001303, VAT Number 226953096. A list of members is available from our registered office: Water's Edge, Clarendon Dock, Belfast, BT1 3BH.

Aperture Debt Solutions LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 758482)

Sabrina McGurk, Elaine Masters, Jacqueline Westerman and Antoinette Thorpe are licensed and regulated to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. Rikki Burton is licensed and regulated to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales.

For more information on the Regulations & Guidance policies we adhere to, please visit the Insolvency Practitioner site here. We hold the appropriate Professional Indemnity Insurance and coverage is worldwide.

© 2019 Aperture Debt Solutions LLP. All rights reserved.

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