www.iva.co.uk

Hello, i have debts of 41000 (47000 if you include my student loans) They break down as follows
Natwest loan 20000
Natwest credit card 5900
Halifax credit card 11000
benficial credit card 950
GE capital loan 2500
Student Loans 6000
I am no longer going to be able to keep up payments after the new year as all overtime has been stopped permanently and we are now on basic wages.
I now have 550 per month disposable income. I have a house with a mortgage and there is approx 15000-20000 equity. Can anyone suggest what my best options are.

Hi Patrick

Did you not post this earlier, and I am sure I have responded.

The options available to you include proposing an IVA, entering into a DMP or petitioning for your own bankruptcy. With equity in your house, you may wish to avoid the latter, and an insolvency practitioner can give you advice on all of the options available - tailored to suit your own individual circumstances.

sorry melanie, i posted the question this morning and its only just been posted. I did get your reply thank you. I shall be contacting your office tomorrow.

That is odd!! I wonder why it has taken so long to filter through onto the forum?

A slightly extended version of this was posted at 13.37.

Seek advice from an IP who will give you the appropriate solution tailored to your circumstances. An IVA looks promising though!