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Individual voluntary arrangements (IVAs) and debt management plans (DMPs) both allow you to make affordable payments to your debts. But these debt solutions have a lot of differences and they can affect you in different ways.
An IVA is a form of insolvency and a legally binding debt solution. A DMP is an informal arrangement with your creditors.
Before going ahead with a debt solution, it’s important get free and impartial debt advice, to make sure you understand the options that are suitable for your circumstances and how you may be affected.
An individual voluntary arrangement (IVA) is a formal agreement between you and your creditors that can help you pay off your debts in affordable monthly payments, usually over five or six years. There is also the option of making a one-off payment, known as a lump sum IVA.
In Scotland, a protected trust deed is a similar solution, but has different benefits, risks and fees associated with it.
You can only get an IVA with the help of an insolvency practitioner. As it's legally binding and recorded on the IVA register, you’re protected from further action from your creditors as long as you keep up with your payments.
No matter who arranges your IVA there are associated costs and fees. Our IVA costs and fees follow industry standards and, at StepChange Voluntary Arrangements, there are no up-front fees, and we won’t charge you for debt advice.
If your IVA fails, creditors may request the supervisor of your IVA petitions for your bankruptcy, although this is rare.
At the end of your IVA, the ‘unsecured debts’ included in your IVA will be written off.
Find out more about getting an IVA.
A debt management plan (DMP) is a debt solution that can help you pay back your debts at an affordable rate and over a reasonable period of time, usually no more than 10 years.
A DMP is an informal agreement, so your creditors don’t have to agree to it and they’re not obliged to stop contacting you. However, most creditors will accept your payments and agree to stop or reduce interest and charges while you’re paying them through your DMP.
Find out more about getting a DMP.
You should always get free and impartial debt advice to find out which ways of dealing with your debts are best suited to your circumstances.
There are lots of adverts for companies who make bold claims about “writing off debt with government debt solutions”, such as IVAs. The Advertising Standard Authority has taken action against such advertisers, whose ads can be misleading and often promote the debt solutions that are most profitable for them.
A debt advisor will look at a number of things before recommending a debt solution to you, including:
When you’ve completed your debt advice session with us, you’ll get a ‘personal action plan’ with a guide to setting up your recommended debt solution. We’re on hand to support you as you deal with your debts and can set up and manage both DMPs and IVAs for you.
If an IVA is the best solution for you, we have our own IVA company, StepChange Voluntary Arrangements, who can deal with your IVA for you.
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If your circumstances have changed after you’ve been recommended a DMP and started setting one up, you should contact your DMP provider.
If your circumstances change meaning a DMP may no longer be suitable to you, this could be because you:
Your DMP provider will then need to review your situation again and make revised recommendations, which may or may not be for an IVA.
Find out more about managing a DMP.
"Get in touch with StepChange, you'll wish you'd done it sooner" Rob, Wiltshire