www.iva.co.uk

I am in approx £8,000 of debt. I live alone in a rented property. I earn £21,000 per year. My outgoings are spiraling out of control and I am looking for a solution.

I know little about IVAs. Would this be a solution for me? Much of my debt was incurred after a disastrous relationship and I had to move on quickly taking much of my ex partner’s debt with me and having to rebuild my life with credit.

What would the consequences be? Would I be restricted in getting a mortgage or credit in the future etc?

Some basic advice would be helpful to help me decide whether IVA is a route to consider.

Hi and wecome.
An IVA would not be a sollution for you as your debts are a little low.
A Debt Management Plan may be a better sollution.I would speak with a proffessional about this.

An iva would not really be viable as your debt is not over £15k, I think a debt management plan or bankruptcy would be the best options to consider.
Andrew from Brightoak does dmp's and he posts regularly on the forum so hopefully he can advise further.

In bankruptcy and an iva it is on your credit file for 6 years from the date started, after then it drops off and you have to rebuild your credit rating back up again. not sure about dmp's but wait for further advice.

Good luck
Emma

Unfortunately DMP's as well go on your credit file. Your debts are not too much and once you get a grip on your expenditure you should be OK. A DMP looks good for you - but speak to an expert - visit www.iva.com for reviews on experts. Good luck