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IVA vs. Debt Management

We have already discussed about IVA which is legally binding and cuts around 70% of your unsecured debt

Similar to IVA, Debt Management Program is also an agreement between debtors and creditors but it’s not legally binding and the monthly transactions or payments are set by a commercial debt management broker, whereas full and final IVA is strictly formal.

Unlike IVA which runs for just 5 years and debtor gets free paying a partial negotiated payments and no further legal actions will be taken in future, In DMP the debt may be negotiated to a minimum partial amount but it may run for several years or may be the case you have to pay enough.

Thus the debt can be severely reduced in IVA, but it badly affects your credit history which appears for 6 years and will create trouble in getting loans or mortgages in future

But with DMP, once you have met your debt you are free to get further loans or mortgages.

If you are having enough debt and can’t manage substantial monthly payments and not willing to borrow anything in future, then IVA will be the better option over DMP.

debt consolidation loans, full and final ivaThis article is free for republishing
Source: http://www.articlealley.com/article_201874_19.html


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