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Whats the difference between

swayze
swayze Posts: 229 Forumite
in Debt-free wannabe
a debt management plan, debt management and an IVA?

Comments

  • shinyhead
    shinyhead Posts: 422 Forumite
    Hi swayze,

    1. A debt management plan is an informal agreement between you and your creditors to pay reduced payments due to financial difficulties. It's usually arranged by a third party on your behalf such as CCCS or Payplan.

    2. Debt Management is something that some debt collection agencies call themselves to hide what they actually do. (I think!)

    3. An IVA is a formal legally binding agreement between you and your creditors. There is an excellent article on the subject over on the main site.
  • swayze
    swayze Posts: 229 Forumite
    shinyhead wrote: »
    Hi swayze,

    1. A debt management plan is an informal agreement between you and your creditors to pay reduced payments due to financial difficulties. It's usually arranged by a third party on your behalf such as CCCS or Payplan.

    2. Debt Management is something that some debt collection agencies call themselves to hide what they actually do. (I think!)

    3. An IVA is a formal legally binding agreement between you and your creditors. There is an excellent article on the subject over on the main site.

    Thanks. Can anyone give me anymore detail on this please.
This discussion has been closed.
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