www.iva.co.uk

Hi I'm new to the sight so bear with me!!
I'm currently on a DMP with debts of circa £110k(made up from using credit cards O/D's to keep my old business afloat)anyhow I need to sort out my future and need to know if an IVA is the best way forward.I have equity of circa £150k but this is split with my wife,would it be possible to try a F&F offer via an IVA as a family member has tentatively offered funding if the creditors accept(dependant on the amount they would accept it would also save going through 72 months of pain?)

Hi Tom

It is possible to try for a f&f at the outset. I would speak to 2 or 3 companies to get some free and impartial advice on the matter.

You could either go to the ask the experts a question section of this website or look at www.iva.com.

It sounds to me as if an IVA could be perfect for you, but the level of your equity would be taken as a comparison when comparing the outcome in bankruptcy proceedings. The costs associated with bankruptcy would however be much higher so a lower offer would be acceptable.

Take specialist advice from an insolvency practitioner to discuss all options, as unless you are paying a chunky contribution into your DMP it might take you ages to settle if you remain in that process.

Hi why not take a look at the comprison site www.iva.com Do always talk to 2 or 3 companies to ensure case specific impartial advice. As Melanie says you can discuss all options through with them.