An IVA is a legally binding commitment between you and your creditors for you to pay some or all of your debts off over a fixed period of time (typically up to 5 years) with legal protection preventing your creditors from continuing to chase you for the money you owe them.
Debt management is where an informal payment plan is entered into between you and your creditors to repay some or all of your debts over a period of time, with payments being made to creditors each month via an FCA authorised organisation.
If you are an individual with severe financial difficulties, you can petition for your own bankruptcy, or a creditor who is owed more than £5,000 can petition to make you bankrupt.
If your debts are less than a prescribed amount, you may meet the eligibility criteria for a Debt Relief Order.