Is There Similarities between IVA and Debt Management Plan ...

People who are struggling to manage their personal finance find debt management plan and IVA as efficient solution to deal with the problem. These solutions are widely used by the debtors in UK.

IVA and debt management plan both are two different ways of similar problem but still there are several similarities in these two options.

People often get confused on these two options as both do the same thing that is reducing your monthly repayments to an affordable level in order to clear debts in full. Both options are available to help debtors having unmanageable debts like credit card bills, store card payments etc. Both options help to make your finance easier to manage.

In debt management plan as well as IVA all unsecured debts combined together so that you will make single payments towards whole debts. Instead of making separate payment to each creditor, you will make single payment to insolvency practitioner in case of IVA and service provider in case of DMP. Further, the amount will be distributed accordingly to your creditors. What you pay every month will be based upon your income and necessary expenses. However, these both options are dissimilar in several ways. That is also necessary to know before selecting any option.

IVA is available only for debtors having debts over ?15000 but DMP is available for everyone who is unable to meet with their payment obligations. IVA is legal binding between debtor and creditor whereas DMP based upon personal negotiation. Terms are strict in case of IVA and once enrolled in the option is difficult to make any changes.

These are some important things about IVA and debt management plan. Select any option that is more suitable according to your debts and financial circumstances. Once enrolled in any plan, try to complete it successfully to avoid any further difficulties.

Daniel Leo is an expert and professional debt advisor of UK. He works a lot to find debt consolidation loans and iva like debt repayment plans for consumers. Get more information on similarities between iva and debt management plan through this article source.

Source: http://www.pressreleasesworld.com/is-there-similarities-between-iva-and-debt-management-plan/

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