| Manage as best can | Debt management plan | Short settlement | IVA | Bankruptcy |
| Manage as best you can
|
Spreads payment of your debts over such time as you can afford
|
You or a relative negotiate a settlement with the lender – typically 40p in the £
|
A formal insolvency process involving an insolvency practitioner. Either full and final settlement or 5 year income contributions. | A formal insolvency process to write off your unsecured debts |
| No debt forgiven | No debt forgiven | Some debt forgiven | Often some debt forgiven | Almost all your unsecured debts forgiven |
|
Trade off – control v debt forgiven |
Here’s a link to a tool set up by North East Derbyshire Citizens Advice Bureau. I myself have tried it out, I think it could be the best online tool out there to help you hone in your options for dealing with your debt problems.