All we can do is outline the options which are available to you. If you cannot pay your debts as they fall due, and are therefore deemed to be insolvent, there are generally three options:-
1 Declare yourself bankrupt
2 Enter into an IVA with creditors
3 Enter into a DMP with creditors
£70 per week gives you disposable income of approximately £300 per month, so an IVA could work if that is what you want to do. If you have no assets that would be lost in a bankruptcy, then this is a solution you should give careful thought to.
The only person who can decide what is the best option is you, so try and find out as much as you can about each option - perhaps have a chat with one or two IP or debt companies - and take time to think things through carefully.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
