Do I qualify for a Debt Management Plan?

The best way that you can determine if a Debt Management Plan is the best debt solution for you is to speak to a qualified advisor. Our IVAs.co.uk advisors are fully trained to help you explore your debt solution options. Call today on 0808 131 9103.  

Basic Debt Management Criteria

You have unsecured debts of over £5,000.
You may not think you have £5,000 worth of debt, but you should always get up-to-date balances from your creditors, as you might be surprised at how much your debt can grow with additional interest and charges!

You are insolvent.
Being insolvent means that you cannot afford to make the required payments to your debt. This does not have to be a problem for a Debt Management Plan as your monthly outgoings will be reduced.

You are employed.
You need to have some form of stable income for a Debt Management plan as you have to make monthly payments to your creditors.

If you have debts over £15,000 then you should consider whether an IVA is your more suitable option. IVAs were introduced by the Government as a more practical alternative to bankruptcy. At the end of your IVA agreement any unaffordable debt can be written off!

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)