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Hi, I took out an IVA because Banruptcy was not something I wanted to explore! However Debt Management wasn't really considered by the people I spoke to who arranged my IVA for another company. can anyone explain how the Debt Management compares to IVA...? Thanks. I am a little worried I have gone for the wrong option in an IVA and not DM since a letter arrived from a company saying they knew i was in an IVA and possible I was given the wrong advice....Dr Debt i think the company was and they were suggesting I contact them for help.

Hi AM

Debt Management works on similar principles to an IVA, ie you pay an affordable amount each month to your debt advisory company (or directly to your creditors if you choose to do it yourself), but with some key differences:-

1 Interest will probably continue to be charged by some creditors

2 You will continue to make payments until the debts have been paid in full. Depending upon the amount that you owe, compared to the level of your monthly payments, you can gague how long this would take compared to the normal 5 year period of the IVA.

3 You have no protection from creditors taking any action against you.

I have not heard of Dr Debt - who do they say they are representing? And why do you feel that a DMP would now be more appropriate for you?

Your IP company should have provided you with details of all options available to you, so if you feel that you have been badly advised you should take this up with them directly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks for getting back to me...I think I'm in the right place with an IVA, but just wondered, as you do. I've found their website...it's actually debt dr....here you go http://www.debtdr.co.uk/