www.iva.co.uk

i have debts over £25000 and dont know what to do i have offered creditors payments but they refuse the amounts eg: goldfish
c c i owe £2500 & have offered £50 per month not that i can afford it
and they refused dont know what else to do.

You have to firstly establish exactly what your financial position is, and then seek appropriate professional advice.

There are generally three choices available to people who cannot afford their debts. They are:-

1) Come to an informal arrangement with your creditors to repay smaller payments but usually over a longer time period. You may hear these arrangements referred to as "Debt Management Arrangements.

2) Propose an IVA to your creditors

3) Declare yourself bankrupt.

Specialist advice can then be sought from a reputable firm of insolvency practitioners or debt counsellors, when you have worked out how much you can afford to pay back to your creditors.



Regards, Melanie Giles, Insolvency Practitioner for 20 years.