is it worth trying for an IVA

[r.gp]

I have three debts owing in total around £12,500. I am currently paying £75 pounds a month towards these debts, i cannot afford any more as i am a single parent and only work part time. I am Due to start universtiy in september and would like to know if it is worth trying for an IVA or just to keep paying my regular payments as i am at the minute?
I am just worried that come september i may have to reduce the amount i pay my creditors and they may start getting akward.

[carlmcmullen]

I think maybe an IVA would not be suitable on your current debt level and contribution.

When you say you are paying £75 a month towards your debts, am i right to think this is a already reduced amount, are you doing this through a debt managmen company.

Have creditors agreed to freeze interest on your accounts.

If you feel that £75 is causing you a problem now, and you anticipate your income to be reduced, then it maybe that Bankruptcy is somthing you need to look into.

[r.gp]

The payments are reduced from the orginal amount i was paying yes. I am not currently going through a debt managment company though, these payments are ones i have agreed personally with my creditors.
If bankruptcy is an option, how would one go about this?

[Adam Davies]

Hi
Bankruptcy will cost you £485 and the forms can be downloaded from The Insolvency website
Regards

[carlmcmullen]

You can now complete the forms on line aswell.

Once you have completed the forms and found the fee then you need to contact your local court to book a date, there is usually a waiting list.

You can contact Paul Johns through the expert panel who can assist with bankruptcy he goes under the ID of Reviva Uk