What Is the Difference Between Debt Management Plan and Iva
Debt management plan or IVA When it comes to dealing with debt, most people have the same reaction—run away as fast as possible. But these cautious instincts are well-placed, as too much debt can lead to financial ruin and even bankruptcy. However, there are ways to manage your debts without having to sacrifice everything you own. There are several different programs designed to help you get out of debt that you might want to consider if you’re struggling with high amounts of credit card or loan repayments. There are two debt relief options available to people in debt: Debt management plan or IVA Despite their similarities, both programs have their own pros and cons. Debt Management Plans: What Are They? Through a debt management plan, you and your creditors agree on a reduced repayment amount. The plan is supervised by a licensed credit counselor, and it is legally binding on all parties. Since debt management plans often consolidate debts into a single payment, they are...