www.iva.co.uk

I currently am currently with a Debt Consolidation Company (All Clear Finance) but I have missed one payment so my creditors are writing to me again demanding payments. My debt totals roughly £7,500 and according to your IVA Wizard I do not qualify for an IVA which is what I was hoping for. I work full-time, live in a privately rented home and have a young daughter. I am becoming very worried about this as it seems to get harder and harder each month.

Hi becc

I am afraid that your debts are too low for an IVA. If you are struggling to make your payments under your DMP, then you should consider whether bankruptcy proceedings are a better option. I am always sad to see people go bankrupt who only have a relatively low amount of debt, but if you cannot pay then at least this will bring immediate relief from the ongoing pressure you find yourself in.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk