will take me the rest of my life to pay off debts

[CNi]

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

[aguise]

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

[abc]

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.

[MelanieGiles]

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.