www.iva.co.uk

Hi all i am looking for some advice i have debts of around 20,000 and dont know what to do i have been paying very little payments what options are there for me. any help would be much ablidged

Hi needadvice and welcome.

I recommend that you speak to an Insolvency Practitioner as soon as possible. They will listen to your circumstances and advise a solution that is right for you. They will inform you of the three options available - Debt Management, IVA or Bankruptcy.

If you visit www.iva.com, there are companies on there who you can phone, or Melanie Giles, Andy Davie and VikiW come recommended by posters on here. You can find their details on the left hand side of the page under 'experts'. Give one of them a call, the advice is free.

Hi Kallis and thanks for getting back to me so quick ... amazing . Is there a certain criteria i have to meet to enter into an iva . if so what is it

Normally you will need in excess of £15,000 unsecured debts with either three seperate creditors or three lines of credit with two creditors.

You can't get an IVA if you are on benefits. Your payments will be determined by the amount of disposable income you have left once priority debts are paid.

If you have your own house, you will be required to try and release equity in the 4th year. Your IVA can run for either 5 or 6 years usually.

You can also consider debt management where you will pay off the whole of your debts, but usually over a longer time and you are not guaranteed to have interest and charges stopped.

thanks a lot ok , well i work i rent my property through the council and i have around £300 left for my self at the end of each month . what would you suggest

Hi 'needadvice'
The best advice I can give you is to speak to an IP who can look at your personal situation and give you the correct advice for your particular circumstances. As Kallis3 has stated have alook on iva.com, read some reviews and chat to a couple of the companies on there. Each company should go through all your options with you to enable you to make an informed decision that is right for your particular situation. Most companies provide this service free of charge, so you have nothing to lose and everything to gain as knowledge is key when you are faced with a difficult situation such as debt.
Hope this helps
Melanie.n

I agree with Melanie needadvice. You really do need to speak to a professional.

They will go over all of your income and expenditure with you (and it's amazing what you forget to put down!) and point you in the right direction.

has anyone got a number i can call or has anyone got a web address where i can speak to someone please

Sorry needadvice we are not allowed to put phone numbers or web addresses of IP's in the posts.

Go to www.iva.com and you will be able to find numbers or web addresses out from there.

thankyou very much for all your help

You can also contact any of the experts on the sit by looking to the left of the screen trawl down to 'forum' select 'experts'and you will be able to contact people from there.

Given that you have debts of only £20k and disposable income of £300 per montgh, a DMP might be more suitable for you and more acceptable to your creditors than an IVA. As the others have already stated, and IP can give good alround advice on all debt solutions, so that would be a sensible first port of call.

You have taken the first positive steps to address your financial issues - Melanie is right in that your debt is relatively low compared to alot of us and therefore a DMP may be more appropriate - a IP will be able to give you more comfort and advice so make that call !

As long as your debts are with 3 or more creditors and amount to £12,500 or more and you have a disposeable income of around £165 then an IVA might be the most appropriate solution.

In your case it appears that a meaningful dividend is available to your crediors- I believe an IVA might be the most appropriate advice. Speak to an IP for free and give him/her the full facts or go online and fill out one of a variety of Analysers which will indicate a solution for you. Don;'t necessarilly think that a DMP (with interest continuing etc etc) is necessarily the correct way forward.

so relaisticly david i only have 2 options . i reli apperciate your advice . as i said before20,00 is my debt thats with barclays , welcome finance and provident ! cheers