I am a law student hoping to become a successful except for i have one issue, im aware that lawyer cannot declare themself bankrupt otherwise cannot practice in the profession.
I have been reading the information on IVA and not too sure where i would stand. I have a debt of around £10,000 and only on a low income due to being a student i earn about £500 per month where my outgoings are more than my income. can you please tell me whether a IVA is a form of bankruptcy? the information does not state anything about it but appears to be links with bankruptcy under the Insolvency Act 1986. i clearly need assistance to get rid of my debt but willing to pay it back but at the amount i can afford without having stress by getting letters from creditors etc.
Hey lisad13, welcome to the forum. As Plasticdaft has says, a debt management plan or an informal arrangement with your creditors will be better as you would not qualify for an IVA. You can find some template letters on this site that you can send them or you could go to the CAB and they will be able to help you there. Good luck with the studying. X
I agree, you cannot do an IVA because of the low level of debt, so DMP looks to be a good option.
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
An IVA, for reference, is an alternative to bankruptcy, but is a form of Insolvency.
As others have intimated though, an IVA isn't the right product for you and a much less formal DMP would seem to be better. You can either try and do it yourself or approach a professional company to do it for you.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
