Individual Voluntary Arrangement (IVA)
A legally binding deal with creditors. Pay what you can afford for 5–6 years — the rest is written off. Typically 50–70% of debt forgiven.
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Debt Management Plan (DMP)
An informal arrangement to repay debts at a reduced rate. No legal protection, but flexible and less damaging than formal insolvency. You repay in full.
Read Full Guide →Bankruptcy
Most unsecured debts discharged after 12 months. Fast but severe: you may lose assets, and your credit is ruined for 6 years. Not a decision to take lightly.
Read Full Guide →Consolidation Loans
Combine multiple debts into one monthly payment. Can lower interest, but you must qualify on credit. This is not debt reduction — it's restructuring.
Read Full Guide →At a Glance
Side-by-side comparison
| Feature | IVA | DMP | Bankruptcy | Consolidation |
|---|---|---|---|---|
| Debt Written Off? | Yes (50–70%) | No | Yes (most) | No |
| Legal Protection | Yes | No | Yes | No |
| Credit Impact | 6 years | Varies | 6 years | Minimal |
| Duration | 5–6 years | Until repaid | 12 months | Loan term |
| Asset Risk | Low | None | High | None |
| Minimum Debt | ~£6,000 | Any | ~£5,000 | Varies |
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Common Questions
Frequently asked questions
What is an IVA and how does it work?
An Individual Voluntary Arrangement (IVA) is a legally binding agreement between you and your creditors to pay back a portion of your debts over a fixed period, typically 5–6 years. After completion, remaining debt is written off. An IVA must be set up by a licensed Insolvency Practitioner and requires approval from creditors holding at least 75% of your debt by value. Read the full IVA guide.
Will my debt solution affect my credit score?
Yes. All formal debt solutions — IVAs, Bankruptcy, and DROs — will appear on your credit file for 6 years. A Debt Management Plan may also affect your score if you reduce payments below the contractual minimum. There is no way to resolve serious debt without some credit impact. Being honest about this is important.
How much debt can be written off?
The amount written off depends on your solution. In an IVA, typically 50–70% of unsecured debt is written off. In Bankruptcy, most unsecured debts are discharged after 12 months. A DMP does not write off any debt. Use our free calculator for an estimate based on your situation.
Can bailiffs be stopped?
Yes. Entering a formal insolvency solution such as an IVA or Bankruptcy provides legal protection from creditor enforcement action, including bailiffs. Informal arrangements like DMPs do not provide the same legal protection. If bailiffs are already at your door, read our emergency guide.
Is my information kept private?
We do not store any personal data from the calculator tool. If you proceed to a consultation, your information is handled by FCA-regulated advisors under strict data protection rules. IVAs are recorded on the Insolvency Register (a public record), and Bankruptcy is published in The Gazette. A DMP is not publicly recorded.
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