We have debts of nearly 50k.
We both earn relatively good wages but see none of it.
Have looked at DMP but we are still no better off.
Bankrupcy - it seems we would have to do an IPO/IPA which again we would be no better off.
HELP ADVICE NEEDED.PLEASE.
Ladyh is right without the appropriate financials it would be hard for anyone to offer you advice as trying to assess purely on debt level would not be best advice.
Consider this when looking at Bankruptcy, an IPO/IPA would only last for 3 years at the most, with an IVA taking 5 years with relatively the same disposable income.
Also, please bear in mind that even if you think you won't be any better off in an IVA or BR you won't be paying interest, and there will be an end in sight.
If you go BR and get an IPA you won't be paying all of your disposable income, only a percentage of it.
I would recommend talking through your options with an IP who will be able to give you advice about all of your options.
Have a look on www.iva.com for reviews of IPs, or you could contact any of the experts who post on here. Their details are available on the experts section at the side of the page.
Hypothetically, how much do you feel you could afford to set aside for debt repayments on a monthly basis, having made proper allowance for all household and general expenditure you incur during the month?
dee dee iva payments normally over 5 years would depend on your disposable income with a lump some equity release if available through home ownership normally in the 4th year,bankruptcy could result in a repayment order over 3 years at a lower amount but your home would be at series risk if you are a homeowner .
Last edited by MRBLUESKY on Mon Jul 13, 2009 11:27 pm, edited 1 time in total.
