www.iva.co.uk

I currently have a debt management programme with the Consumer Credit Counselling Service and I pay 103 pounds a month.This will take me the rest of my life to pay off my debts Im 51 now and owe approx 60,000, they suggested bankruptcy but would I be able to take out an IVA, I could afford to pay approx 300 pounds each month, I dont own my own home, but I lodge with someone so my outgoings are reasonable.I dont particularly want to go bankrupt as I suffer with ill health and I feel the stress would affect my health.Firstly am I able to get an IVA and would you suggest it as oppose to going bankrupt.I would greatly appreciate your advice

Hi CNi and welcome to the forum. Only my opinion so wait for other answers. It would be a low return for the creditors in an iva, bankrupcy may be the better option for you, you would be probably discharged within a year and would make payments for up to three years at about 70% of your disposable income. Read skippys blog on bankrupcy. All debt is stressful, there will be a solution.
Only my opinion as said, wait for more answers.

Ang

You will probably need to pay upwards of £350 per month if you have no assets for an IVA to be viable to your creditors and depending on the profile of your creditors, some require a greater dividend. Bankruptcy is a serious option for you. Clearly if you are not expecting a serious change of personal circumstances (eg a large salary increase etc) the debt management plan is not appear ideal for you.

If you could afford payments of £300 in my professional opinion this could work as an IVA, with a relatively low dividend - but Ang makes some very good points about bankruptcy proceedings as well. Either option provides you with a better solution than the current DMP.