Comparison of features, debt management, IVA and trust deed (Scotland only) A summary of advantages and disadvantages Debt Management IVA Trust Deed One single affordable payment 1 Reduce or freeze interest and charges 2 Stops demands from your creditors 3  Potential to write off some of your debt   Clears unsecured debt in 60 months (36 for Trust Deed)   7 May prevent legal action and bankruptcy 4 No public notices affecting reputation       Fees payable 5  8  8 Noted on credit file 6 Wider choice of mortgage lender       Possible requirement to release equity        the reduced affordable payment will mean that the repayment period for the monies outstanding to creditors will be extended creditors will generally speaking freeze interest being charged but this is not guaranteed creditors will generally speaking stop demands for payment once a plan is in place but this is not guaranteed creditors always have the right to take this action but will generally not do so if a plan is in place as the monthly fee for management of the plan is deducted from the monthly payment, the amount repaid over the total period may amount to more than the original amount due a record of late payments, defaults and arrears will generally be recorded can be extended for a further 12 months the fess payable for IVA and Trust Deed are agreed by the unsecured creditors and are included in the full amount agreed to be payable on a monthly basis. However, if the IVA fails before completion, then any outstanding fees to your Insolvency Practitioner will be taken from the amounts you have already paid and will not go towards reducing your debt. It is also important to bear in mind that if your receive any windfall during your IVA, you may be required to pay off your debt in full