|Debt Management Plan||Debt Arrangement Scheme (DAS)||Trust Deed||Bankruptcy|
|Cost||Usually no cost||Usually no cost, all debts must be included.||Fees apply, sometimes paid up-front.||£200 application fee or £90 for Minimal Asset Process, other fees may apply.|
|What happens to the interest on my debts?||Usually still accrues||Frozen as long as you complete your DAS Payment Programme||Interest still accrues is included as a debt in the trust deed.||Interest still accrues but is included as a debt in the bankruptcy.|
|What happens to my home if I own it?||Nothing, as long as you keep up your payments. However, creditors may still place an inhibition on your property, meaning you cannot sell or re-mortgage without their consent.||Nothing as long as you keep up your mortgage payments.||Your trustee may sell it. However, a formal agreement to exclude your property from the trust deed may be arranged.||Your trustee may sell it or request you or an interested person buy out the trustees interest in any equity.|
|What is the effect on my debts?||Your debts are not written off, they are usually paid in full.||Your debts are not written off, they are usually paid in full.||Most debts will be written off at the end of the trust deed.||Most debts will be written off at the end of the bankruptcy.|
|Can my creditor take action?||Yes. Debt Management Plans are not formal arrangements. Therefore, creditors do not have to agree to them.||Not if you complete your programme. However, if your programme is revoked (you have not stuck to the conditions of the programme) - all interest, fees, charges will be added back on.||Not if your trust deed is protected as long as you stick to the terms of your trust deed.||No.|
|Will my employment be affected?||No.||No.||Certain professions may be affected, a trustee will be able to advise if your job could be affected.||
Certain professions may be affected, for example, Solicitors, Accountants, and Government Officials. This is not a full list.