I am unable to give my daughter a quality life

[a.j]

Please advice - I am currently in debt and owe the bank and credit card companies 12 K. I am looking after my baby and have approx 800 £ per month - repayments are 350£. Would I qualify for an IVA and if not what are my options?? I am unable to give my daughter a quality life with the income i have.
Thanksfor you help.

[Adam Davies]

Hi
12k is not a large enough debt to enter into an IVA[although I realise that its a large debt for you].However there are a few other options open to you,such as a debt management plan or even bankruptcy.
Can you work out your disposible income[All money coming in less rent/mortgage,utility bills,food,travel etc,etc but do not include the debt repayments]and post these details along with the breakdown of your debts.
Then we will be able to help you.
Regards


Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[MelanieGiles]

Hi a.j and welcome to the forum

You will not really qualify for an IVA with such low debts. You could try a Debt Management Programme if you feel that you have sufficient disposable income to offer to creditors, or if you are really struggling then perhaps bankruptcy would be a better option.

Your daughter is the most important thing to worry about, so choose the option which enables you to provide for her as much as possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

Excellent advice given above. Remember that there are solutions to every debt problem. If you do not have enough money to afford to reasonably live and pay your creditors it's important to do something about it as soon as possible. Post with more details as outlined by Andy or contact your local Citizens Advice Bureau for more help.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[gimmewine]

Sorry to move away from the strictly topic but are you claiming working and tax child credit? It strikes me that on such a low income you should be entitled to receive a fair monthly payment in respect of these which may then enable you to pay back the debt in the original time scale.