Debt Management is an attractive solution and can significantly reduce your payments each month. Nonetheless, you will still need to pay the total that is outstanding with your creditors over the period that you are on the programme. So, if you have debts of over 15,000 this will still take a long time to pay off. With an IVA, you can settle your outstanding debts for a reduced amount. In addition, you will definitely be debt free in 5 years.

Because an IVA is a legal arrangement, creditors cannot suddenly change their minds on the terms of the IVA and they are not allowed to make contact with you for the duration of the IVA. With a debt management programme, the terms are essentially controlled by the creditors and they are not obliged to offer any interest reductions .