Any advice please

[mow]

Hi
This is my story(briefly) [:D]i had a business which failed leaving me approx 45,000 in debt(including 20,000 to my parents). I have done an in income and expenditure plan and i have a surplus of about 220 a month. I do not have any assests as such because i put all i had in to my business, so no house and just a crappy old car.

I have done a lot of reading and i seem to be going round in circles ! The new job i have taken might in the future mean me working with cash, so i dont really want to go down the bankruptcy route but if thats the best solution then so be it. I have also looked at a payment plan but it would take over 20 years to pay off at my current rate.
So any advice would be most appreciated
Thankyou for your time

[Adam Davies]

Hi
If you could ask your parents to stand aside regarding repayment for five years then an IVA may be possible for you.
Your debt to your parents will have to be included within the IVA but they will be asked to stand aside regarding dividend payments.This would give your creditors a much better return than bankruptcy.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp