Hi lih
In my experiance, if you bring home around £1000 after tax, then as a single person you are going to need around £800 to live on (unless you are living at home with parents and paying very little rent) - more if you have children.
As such, this would leave you with a Disposable income of c£250/mth. You could propose and IVA on this basis but you must be very careful that you do not agree to someting that you can not afford. Remember an IVA lasts for 5 years.
Paying £250 a month, a Debt Mgt Plan would take at least 7 years even if all interest is frozen. This is a long period of sticking to a tight budget and uncertainty about when the debt will be fully paid. As such, if you have no assets (ie no house), then I would also seriously look at the bankruptcy option. It is not as bad as it sounds and would resolve your problem once and for all
James Falla
Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.
For more information visit
www.jamesfalla.com and visit my blog at:
http://jamesfalla.blogs.iva.co.uk