An IVA may be the right move for you. Are you struggling to pay the bills? If you look on www.iva.com and contact 2 or 3 of the companies listed on there for some free impartial advice they will be able to advise on your best move.
What you pay depends on your outgoings. If you look on www.beatmydebt.com there is an expenses guide - but it is just a guide as to what you can possibly claim as an allowable expense. Take that away from your income and that would probably be your IVA payment.
If you own your own home you may be expected to try to release equity in the final year. If not possible, you may have to make a further 12 months payments.
You need to speak to a professional - either one of the experts who post on here or visit www.iva.com and give one or two a ring.
How much you pay will be dependent on your disposable income per month after your normal bills have been paid.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would always say try everything else before an IVA. Have you spoken to your bank manager? Make an appointment with them, sit down and explain you want to get it sorted before it gets out of hand. They can only say no. I wish I had done that, instead I reached £69K then it was too late.
A consolidation loan for 18k would only cost you around £380 (maybe around £450 with PPI) a month for 5 years and you would keep your credit score good and avoid all the negative things that come with an IVA.
Chopper
"Do the next right thing, as opposed to doing the next thing right." ~ Bill Murray
That is really good advice from Chopper. I often see clients in my practice who think that their problems are far worse than they actually are, and with a bit of support from creditors debts can be restructured to suit changed circumstances. However if you feel that this is not possible, professional advice can also be reassuring and sensible.
