I am now very worried - please help

[lynsey.s]

Hi, we have been advised by blair endersby that we qualify for an IVA with debt of just under 15,000 paying back 201 a month & giving 50% of any overtime my husband gets in this time. We non home owner & are renting privatly and have 2 small children ages 5 & 3. We have just sent all our proposal forms etc back to Blair endersby and I have just entered our details into this sites "qualify for an IVA" section and found it only advises bankruptcy? Have we been ill advised?? We first contacted Baines & ernest whom put our details to Blair endersby - I am now very worried - please help Lynsey.

[MelanieGiles]

Hi Lynsey and welcome to the forum

If you have debt of less than £15,000 and an ability to pay at £200, and IVA would work for you, but perhaps a DMP might be better as you could pay all of your debts within 6-7 years so long as the creditors would agree to freeze interest.

Did the IP explain all of the options to you when you first took advice, and what made you decide that an IVA was the right way forward?

[ianmillington]

Hi Lynsey

As Melanie says the key point is whether all the options were put to you so that you can make an informed decision as to the right option.

Ian