IVA or Debt Management
Choosing between an IVA or Individual Voluntary Arrangement and Debt Management, is not like choosing between two brands of cat food. They each have very specific purposes and will suit some very specific circumstances to each individual debtors particular case.
If you have over fifteen thousand pounds worth of debt and are literally drowning, it might be worth getting out from underneath the stress of all that debt and getting an IVA. This will however have a damaging effect on your credit file for three years or more after the IVA is concluded. Debt Management would also be recorded on your credit file, but does not have the same effect, as it is a professionally arranged commercial arrangement.
The best way to know if the IVA or the Debt Management plan is the best product for you is to speak to a qualified and licensed insolvency specialist. There are plenty of them in the phone book or on the Internet and they would be able to give the best impartial advice to let you know which is the best option for you.
It is important in these cases to be very honest about you entire financial situation, because choosing the right mode of debt relief can really change your life.