What Is The Difference Between Debt Agreement, Personal Insolvency Agreement, Bankruptcy?
What Is The Difference Between Debt Agreement, Personal Insolvency Agreement, Bankruptcy?
Find out the difference
Will it stop further enforcement action from my creditors?
Yes
Yes
Yes
Will the interest on my debts stop?
Yes
Yes
Yes
Will my creditors be forced to write off debt I can’t afford to repay?
Yes
Yes
Yes
Will it stop my creditors from calling & chasing me?
Yes
Yes
Yes
Will it bind all creditors into the arrangement?
Yes
Yes
Yes
Will I be able to buy any assets whilst subject to the arrangement?
Yes
Yes
No
Will the repayments be affordable?
Yes
Yes
POSSIBLY NOT
Will there a review of my income whilst I am in the arrangement?
no
no
Yes
How long will the arrangement take?
3 – 5 YEARS
3 – 5 YEARS
3 – 8 YEARS
Can I keep my house?
Yes
Yes
no
Will I be able to travel overseas?
Yes
Yes
NOT WITHOUT PERMISSION
Will I be able to act as a company director?
yes
no
no
Will it be recorded on my credit file?
Yes
Yes
Yes
Will it avoid the stigma of bankruptcy?
Yes
Yes
no
Do the people providing the service need to be licensed?
Yes
Yes
Yes
Will it affect my job?
no
POSSIBLY
POSSIBLY
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