www.iva.co.uk

I have spoken to a debt management comapany about an iva and they told me that because I only have two creditors and one of them holds 65% of my debts the iva would fail at the meeting and said that an iva is not an option for me.

My total debts are arounnd £42000 and I do not have any asssets

Looks like my only option is to go Bankrupt as I am robbong peter to pay paul and cannot continue any longer.

Do I have to apply for bankcrupcy myself ? Or is there an agenct that would help me ? I don't have a clue what to do and need to do something fast as i am now in a desperate situation.

Can anyone offer me any advice on what to do please

Hi AMH and welcome to the forum.

You can apply for bankruptcy yourself. It costs £495. You can use an agent, but they would probably charge you.

If you click on this link, it will take you to the sister forum to this and you can get info on there.


http://www.bankruptcyhelp.org.uk/

Hi there and welcome to the forum

That is probably good advice. Bankruptcy is not your only option - you could enter into an ongoing affordable repayment plan so long as your creditors agreed to this. Why not present them with a copy of your monthly income and expenditure, showing them how much you could afford to pay them each month, and ask them to freeze interest and charges for you. Depending upon the amount of disposable income you have, this may take some time to repay, but it is an alternative to bankruptcy.

You can get good free advice about bankruptcy from the Citiizens Advice Bureau, or if you want to pay for this why not try Gill Hankey of the Bankruptcy Advisory Service or Paul Johns at Reviva. Paul is a regular poster on this forum. Before deciding to pay for bankruptcy advice, could I encourage you to read the Insolvency Service's website which provides a lot of information, and even enables you to fill out your forms online - and completely free of charge.