www.iva.co.uk

We have contacted a IVA expert and have given them our figures and have been told because we don't earn enough to repay any more than £100.00 per month that we could be repaying our debts of £23,500 for 19 years do you agree with this? It's unfair Illness & losing our job caused this we want to pay our debts will no one help us?

£100 per month would repay £6000 over 5 year. That's just about 25% if you had no IP fees. Could Citizens advice bureau help out for free?

Good idea nicrbk1. Just be prepared to wait when using them as they are very busy at moment. However, if they can help then it will be worth the wait.

I doubt any IP would do an IVA with contributions of less than £100 per month - I rather think it is a DMP which has been suggested to you rather than an IVA.

Hi,

Do you have any assets, such a s house, which you need to protect? If not, then I would seriously consider bankruptcy. Your debts will be written off and although you may have to pay a little across monthly if your disposable income is over £50 a month, ths is only for three years.

If you have any questions you need to ask about it, fire away.

Hi
Try dropping into a Debt Management Plan for now with a view to going into an IVA if and when your disposible income increases.
Regards

Your debts may total £23,500 jointly but if individually they are less than £15k either or both of you may qualify for a debt relief order.