Hi b.t
Before you decide to go for an IVA you need to look at all the options.
Option 1
Debt Management Plan
Informal arramgement with your creditors. Ther are advantages and disadvantages to this type of plan.
Advantages -- informal, flexible repayments
Disadvantages -- interest may noyt be frozen, creditors can still chase you, could get cc, could take many years to to clear debt
IVA
Formal arrangement with your creiditors
Disadvantages -- Faliure to maintain paymnets could result in bankruptcy,
Advantages -- payments based on what you can afford, fixed term of 60 months. If you were a home owner equity may have to be released.
Bankruptcy
Advantages -- all debt is disolved on bankruptcy, fresh start.Discharged from bankruptcy after 12 months
Disadvantages -- public advertising, stigma,
As you are not a home owner there is no chance of property being take by the OR to release equity to pay creditors, your landlord may be informed of your bankruptcy, if you have a car the OR may force sale dependent on value. If you have a car on finance the finance company may ask for the car back.
Depending on your job there may be inplications.
For further advise will no doubt be posted but I recomend you contact and Insolvency Practitioner who will offer best advice for your situation
