www.iva.co.uk

Not sure of the best course of action! I'm fortunate (if you could call it that) to owe to only one lender. At the moment it's 11k on an unsecured loan and 7k on a credit card. Current repayments on both total approximately half of my monthly pay and I do not own a house or car.

At the moment I am getting by, though barely. The problem is that my mother is ill and now requires 24 hour care; I plan on returning to the States in August to look after her and have given my notice to my workplace.

I do plan on finding work and my cost of living will be significantly decreased. However, with the dollar performing so poorly I'm not certain what I will be able to afford in monthly payments.

My bank has not been helpful at all with advice. Should I look into getting a third loan to consolidate my debt? File for bankruptcy? Look into an IVA? I'm feeling completely and utterly swamped.

Hi ann and welcome to the forum

If you are going to return to the US, with lower paid employment and you are already unable to manage the repayments to your loan and credit card, bankruptcy might be a sensible option for you. An IVA is not an option, given that you only have two debts, and if you were to take out a consolidation loan - even if your application were to be successful, this would leave you with a long-term repayment plan - with no guarantee that you will be able to maintain payments to that.

Personally, I would give serious consideration to bankruptcy proceedings.

Good luck Ann ... do let us know what you decide to do ... I hope your Mum is ok.

Debbie