Can I set up an IVA on just 2 credit cards

[sa7]

I HAVE 2 CREDIT CARDS WHICH ARE CHARGING ME TOO MUCH INTEREST AND I HAVE £3500 ON EACH ONE...CAN I SET UP AN IVA ON JUST THESE TWO CREDIT CARDS I HAVE CONTACTED THEM AND THEY WILL NOT LOWER MY RATE OF INTEREST..I WAS STUPID ENOUGH TO TRANSFER MY LARGE DEBTS TO THESE COMPANIES AS THEY WERE INTEREST FREE BUT I HAVE NOW COME OUT OF THE INTEREST FREE PERIOD AND THEY ARE CHARGING ME £56.00 INTEREST PER MONTH...

[Lisa2009]

Hi sa7 and welcome.
Unfortunately with such a low level of debt, an IVA would not be the right option for you.
Do you own a home or have any assets that might come under threat if you were to declare yourself bankrupt?

[ianmillington]

Mrs S is right - on that level of debt an IVA would not be right for you. If an IP were to prepare a proposal for you it would be seen a bit like a dentist performing unnecessary fillings I'm afraid.

You should investigate:

1. A remortgage or secured loan (if you are a homeowner)
2. A Debt Management Plan. Whilst the creditors have told you that they won't lower the interest a DMP company or the CAB might have more luck.
3. Bankruptcy

If the £56 per month interest is causing you problems, would it be premature to suggest that you have a pretty low disposable income? If that's the case then the Bankruptcy Route looks favourite. However, what do you do for a living please?