If your debts are only £6,000 in total, it may be better to engage with the creditors directly to see if you can come to some compromise to pay smaller ongoing payments until they are discharged. I would hate to see anyone go into a formal insolvency plan for such a small amount.
If you have no assets, and limited disposable income - ie less than £50 per month, you could also consider a Debt Relief Order - which is a form of bankruptcy but much cheaper to effect.
Susan, going into IVA or even worse, bankruptcy for £6000 seems to be quite worrying. Could you vaguely explain if you are working, have a mortgage, off sick etc. IVA for £6000 .....wow. I am sure your creditors would help if they knew of the sickness impact of this on you. But if you are serious about IVA for £6000 please investigate this forum for some true stories, cracking advice but also horror stories from those that have been in, or are in, an IVA. By the way, my wife and I had an IVA which is now completed - We owed over £120,000
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
I agree with Mel that a Debt relief Order might be the way to go. You're unlikely to get an IVA with debts of £6,000.
A DRO will only cost you £90 and you will be debt free in 12 months as long as you have no assets over £300, less than £50 a month DI and a car worth less than £3k
My situation is I work 37.5 hours a week and. Earn £1100 a month I support my disabled partner who recieves low rate DLA which is just under £90 however we are disputing this as my partner has a paralized hand and arm as well as various other issues, I fell in arrears with my council tax as an ex Landlord fraudulently put my name on the bill for the flat I was letting from him and I was paying my council tax in with my rent anyway the just of the story is it got me in a lot of debt and I got my debt was being arrested from my wages which ment I couldn't pay the following years council tax and now I'm in a big mess as it keeps happening my wages are arrested and I barely have anything to live on once IV paid my rent am stressed out and ill all the time I do have other debts which in total all amount to about 6 or 7k I don't own a car or a property and basically feel like an emotional wreck all the time I need help , I'm not a bad person and I genuinely wanna clear my debts but I just don't know what to do
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
